Do you need to save your property from foreclosure with a Mortgage? The prospect of losing your home is terrifying and stressful. Sadly, this is happening to Canadians, but some might not know what their options are.
As a home owner, we can provide some guidance to take the appropriate actions to save your home. Certain precautions and steps can be taken to prevent foreclosure.
Preventing Mortgage Foreclosure in Canada
The first solution is to avoid conditions that trigger it. Excessive debt, inadequate emergency funds, adjustable-rate or exotic mortgages, a lack of insurance, or purchasing a house you cannot afford all increase the risk of foreclosure.
However, if you could not prevent foreclosure, and are in need of assistance, you have several options for preventing your lender from foreclosing and selling your home.
If you can save enough money to pay back your missed mortgage payments in one lump sum, you will be able to reinstate your mortgage. This is the most popular, and easiest solution to foreclosure.
But if you do not have the funds to reinstate your mortgage, you can opt for a short refinance. In a short refinance, the lender may agree to forgive a portion of your debt while refinancing the remainder into a completely new loan.
During the foreclosure process in BC, and other parts of Canada, Most lenders will want to work with you, if the circumstances of missed payments are understandable. They may consider granting a forbearance that stops the foreclosure process but can pick up again if you are unable to meet the terms of the agreement.
Depending on your financial situation, your lender can agree to a repayment plan that temporarily reduces or even eliminates your payments for a set period of time. However, in order to secure this deal, you must promise your lender that you will stick to the new repayment plan without fail.
Sometimes lenders are stringent and do not help the borrower. These are the kinds of situations that cause banks to turn their backs on you.
However, at Freedom Capital, one of the things that we truly excel in is assisting individuals in saving their homes and avoiding mortgage foreclosure in Canada.
Save your home with Freedom Capital
If you’ve missed a few payments or are facing mortgage foreclosure in Canada for some reason, whether it’s a medical emergency, a divorce, a business partnership dispute, or you’ve lost your job, you need assistance to avoid foreclosure.
At Freedom Capital, we specialize in commercial, construction, and private financing options. We can stop your foreclosure after it starts and save your property from foreclosure with a mortgage.
We believe every person deserves a second chance or even more diverse financing options.
We have an extensive network of lenders who are always ready to approve mortgages immediately, no matter how complex they may be. Our private financing experts will help you every step of the way to secure approval for a private financing loan in as little as 48 hours.
While the banks imposed impossible conditions, Freedom Capital offers fast, easy funding even for the most challenging cases. If you don’t fit in the conventional financing box, apply now at www.freedomcapital.com, your creative financing solutions provider.