Behind on your mortgage payments?
If you own a home and find yourself falling behind on your mortgage payments, we can help you.
Denial is the biggest problem. Unfortunately, so many people who get into financial strain don't admit they need help soon enough. They just don't believe that their home would be taken from them in such a supportive country as Canada.
The harsh reality is that if you get too far behind in your mortgage payments, the Sheriff will come with a moving van and empty your house. Any resistance will result in arrest. In addition, your credit rating will be severely damaged for seven years.
Don't wait for foreclosure. Contact us to discuss your options right away!
How the foreclosure process works
In Ontario, the foreclosure process that is used most often is the Power of Sale. This allows the lending institution to sell the property without having to go through the courts.
Often, you will find the Power of Sale provisions already built in to the mortgage agreement you signed. This way it is quicker for the lenders to pounce on delinquent mortgages and sell the properties.
Notice is normally given to the mortgage holder following 15 days of default. The notice must be given to anyone having an interest in the property.
The notice advises of the lender's intention to exercise the power of sale. Then you normally have about 4 – 6 weeks to pay the missed payments and get out of default. However, if you don't, the lender can sell the property. Usually the property is listed on the market for sale with a realtor.
If ever you find yourself in this predicament, don't get caught in denial. Act swiftly — the problem won't go away!
Give us a call at 1-800-743-8710, and explain your situation to us.
You have some big decisions to make, and of course you need to know your options.
You may first want to ask yourself:
- Do I want to sell my home, and be rid of the problem associated with it?
- Or, do I want to find a way of keeping my house?
Once you are clear on your preference, review your choices listed below:
What are your options?
There are eight choices available to you when you’re behind in your mortgage payments.
- Talk to your bank to try and work something out — maybe they can be flexible.
- Find another bank or mortgage company to refinance.
- List the house with an agent.
- Sell the house yourself.
- Sell to us — we can normally get an offer to you within 48 hours.
- Friendly foreclosure — volunteer to send your keys back to the bank and keep your credit intact.
- File bankruptcy — it may buy you some time, but check with your lawyer first.
- Do nothing, lose the house and ruin your credit – obviously your worst option.
If you are behind in your mortgage payments, please contact us immediately! The longer you wait, the more difficult it becomes to stop a foreclosure. We can only help you if you contact us first.
Our advice is free, and you won't be under any obligation.
Please, contact us right away!
E-mail us now at info(ät)real-ontario.com...
...or call us at 1-800-743-8710 to talk to us in person.
