Avoiding Foreclosure

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 – one-on-one – through each step of the lending process.

Call us now!

Toll-free: 1-866-405-1228

or

Calgary (403) 543-0927
Edmonton (780) 428-1222

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