Are you behind on your mortgage payments?
Is the bank threatening foreclosure?
What happens now?
You need to take steps to avoid a power of sale by your lender.
- Contact your lender as soon as you realize there’s a problem. Explain your situation and be prepared to provide financial information, such as your monthly income and expenses. They have options to help you through tough financial times.
- Stay in your home. You may not qualify for assistance if you abandon your property.
- Know your mortgage rights. Find your loan documents and go over them very carefully.
- Know your options. You could be eligible for:
- Second mortgage: the best option for most foreclosures
- Deed-in-lieu of foreclosure: you can voluntarily ‘give back’ your property to the lender. You won’t save your house but it isn’t as damaging to your credit as foreclosure
- Special forbearance: your lender can arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments
- Mortgage modification: you may be able to refinance your debt or extend the term of your mortgage loan
- Pre-foreclosure sale: Sell your property for an amount more than the amount necessary to pay off your mortage loan
That’s where First and Second Mortgages comes in.
We’ll help you secure a second mortgage, consolidate your debts or sell your home quickly. We’ll buy your home and rent it back to you, so you don’t have to move.
We never require a proof of income or look at your other debts. We consider your needs based on the equity in your house or land.
First and Second Mortgages works with you Â– one-on-one Â– through each step of the lending process.
Call us now!
Calgary (403) 543-0927
Edmonton (780) 428-1222