The Foreclosure Process
If you're in foreclosure or looking for specialty or alternative mortgage financing...give Penny a call at 604-787-3809.
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Foreclosures Can Be Reversed
Are you under threat of foreclosure? If you’re not sure where to begin, we can help to arrange financing that may stop the foreclosure process. If you live in a major centre, you may be eligible for up to 70% of your home’s value.
We understand that foreclosures happen for many reasons – illness, job loss, caretaking of loved ones, marital separations, and many more. Contact us for help, and we can potentially halt the foreclosure and get you back to a bank soon.
If Your Lender Refuses to Re-instate Your Mortgage
There are private mortgage options that may satisfy your current lender’s demands, if we act quickly. A full mortgage application is a requirement and from that point, we would set up an appropriate lender for your particular situation.
Yes, there are associated costs when stopping your home from entering foreclosure, however, it may be the best temporary option to keep you in your home, while working on your credit, income, etc. In a year, we can revisit your financial position and hopefully get you back to a bank with conventional financing and lower interest rates.
If this option sounds good to you, please don’t hesitate to give me a call to discuss your possible options.
What to Do Next in Foreclosure
Foreclosures are confusing for the best of us so reaching out to a professional who is familiar with all options can give you the best chance to turn a negative into a positive outcome for you and your family. The smartest thing you can do is act quickly and directly with a knowledgeable mortgage broker who can guide you through the difficult times and show you a way out. We have lenders who handle both judicial and non-judicial foreclosures and we will match you with the one who will work best in your situation.
Your Home’s Location Makes a Difference
Major centres like Vancouver, Abbotsford, Chilliwack, Surrey, Richmond, Kelowna, Kamloops, or Greater Victoria, are easier for lenders to work with as the population is higher within the area. If you are in a more rural area, the mortgage lender choices decrease based on relative risk. If you are concerned about this, please give us a call to determine the best course of action.
Time is of the Essence with Foreclosures
If you’ve missed a mortgage payment, you are now in the pre-foreclosure stage and you will usually have 120 days before foreclosure commences. At this point, borrowers have limited options and it is imperative that you act quickly to avoid any further damage. Many lenders will allow you to bring your 1st mortgage loan up to date during this stage. If you act immediately, you can apply for a 2nd mortgage that can bring your arrears up to date. It is generally more cost effective to add a 2nd mortgage than refinancing your 1st mortgage. We can help you through this process and look at the cheapest options for you. This would stop the foreclosure in it’s tracks and give you an opportunity to build your credit throughout the upcoming year. Please let us guide you and negotiate for you through this difficult but not impossible procedure.
If you're in foreclosure or looking for specialty or alternative mortgage financing...give Penny a call at 604-787-3809.