Check your travel medical
New orca rescue attempt
Student's killer on parole
Alberta braces for drought
Premiers want co-operation
Joly urges de-escalation 
Trump jurors express anxiety
Iran fires at attack drones 
World's largest election 
Apple pulls apps from China
Oil and gas leases restricted
Indigo needs turnaround 
Warriors ready for Round 2
Kalamalka Bowl cancelled
Rockets live to fight on
Hilton teams up with Sia
Swift still 'can't forgive' Kim
Grimes to ‘cap the disarray’
You could be facing foreclosure if you have found yourself in one of these situations:
- You are about to miss a mortgage payment because you don’t have the funds to pay
- You have missed one or two mortgage payments
- You have received a notice or demand letter from your mortgage lender
- Or you have been serviced a Petition for foreclosure
If any of this applies to you, this is a serious situation and you may be on your way to foreclosure.
The easiest thing to do is ignore any phone calls from your lender or the demand letter that they may have sent to you but doing so is really the worst thing you can do and here are some of the consequences of ignoring the situation.
- You won’t have any say in the court proceedings and they will go on without you
- If the home is sold you will get little if any notice that you have to vacate the property
- You may have less time to stay in your home than if you had appeared in court
You may have some options to solve this problem but speaking early to a mortgage broker is really your best course of action if you are unable redeem your mortgage by bringing your payments up-to-date along with any legal costs incurred by your lender.
Here are some ways that a mortgage broker can advise you:
- Perhaps you can refinance to lower your monthly payments to keep you within your budget.
- We can see if we can obtain a new mortgage with another lender and pay off your current lender
- We can take a look and see if there is enough equity in your home to make selling it yourself worthwhile
- Or if we can’t solve your problem then going to court may be the best option
If you fall behind on your mortgage the interest and costs can accumulate very quickly and it is critical to seek assistance early before things get out of your control so please give me a call at 250-826-3543 for a confidential conversation or email me at [email protected]
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
