Are you struggling with your mortgage payments? Have you suffered an unexpected life event such as divorce, loss of your job, illness or a short-term or permanent disability that prevents you from working? Are you experiencing difficulty managing your household debt and struggling with your mortgage payments?
If you are experiencing short term or long term financial difficulties and struggling with your mortgage payments and as a result, missing your mortgage payments, foreclosure will be inevitable. The stress of your financial situation may cause you to ignore your financial problem. Don’t. If you would like to to get your mortgage payments back on track, you may still have options with your mortgage lender:
If you are temporarily unable to pay the mortgage payments in full, your lender may be willing to enter into a forbearance agreement with you whereby you and your lender work together to potentially avoid a formal foreclosure proceeding.
Your lender will delay their right to exercise foreclosure if you can catch up your missed payments in a certain time period. The time period and the payment plan of the forbearance agreement will depend on the details that are agreed upon by you and your lender.
If you can’t pay your full mortgage payment indefinitely, your lender may agree to offer a modification of mortgage. Your lender may agree to adjust your monthly payments and the loan period to reflect changes in your financial situation. The interest rate may be modified from an adjustable rate to a fixed rate and penalties may be waived.
What if my lender will not enter into a forbearance agreement or modification agreement and I can’t pay my mortgage loan? I still have mortgage problems and need solutions, what are the options?
If your lender will not enter into a forbearance agreement or modification agreement with you and if you are struggling with Mortgage payments and need an immediate solution, consult with a Mortgage Problems and Solutions professional at our Company, GVCPS. Our Company is a well-established real estate investment Company and we can help you.
The Canadian Press
Published Thursday, February 2, 2017 11:46AM PST
VANCOUVER - Home sales in Metro Vancouver last month dropped by almost 40 per cent from the year before with the sale of detached houses falling hardest.
The Real Estate Board of Greater Vancouver says the townhome and condominium markets are more active than sales for detached homes.
Just over 1,500 residential properties sold in January, down 39.5 per cent from about 2,500 sales that were recorded in January 2016.
Board president Dan Morrison says it has been a “lukewarm” start to the year.
“While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017,” he said in a statement.
Sales last month were also down about 11 per cent from December, when about 1,700 homes sold.
The benchmark price for detached properties was about $1.5 million in January, down 6.6 per cent over the last six months. The board says townhouse and condominium prices have remained steady.
The B.C. government brought in a 15-per-cent tax on foreign buyers in the Vancouver area last August but some analysts have said the market was already showing signs of softening after months of scorching sales.
Mortgage Professionals Canada has asked theDepartment of Finance for a moratorium on mortgage rule changes until the effects of the current changes are known.
Speaking before the Standing Committee on Finance this week, MPC CEO Paul Taylor spoke to the association’s key concerns about the new rules and its hope that certain aspects will be revisited.
“The recent changes are having a cumulative negative impact on the mortgage market and ultimately on the Canadian consumer,” MPC president and CEO Paul Taylor said. “We are asking for slight amendments to the portfolio insurance eligibility guidelines, and to wait for the remaining existing changes to make their way through the market before implementing any further changes.”
The federal government is tightening mortgage rules, which are clearly aimed at slowing down the Toronto and Vancouver housing markets.
As of Feb. 15, there will be additional down payment requirements for homes that sell for between $500,000 and $1 million. The current 5% minimum down payment for the first $500,000 of the house price will be maintained, while requiring a 10% minimum down payment for the portion of the house price in excess of $500,000.
For example, someone buying a $700,000 property would be required to make a down payment of 5% on the first $500,000 ($25,000) and 10% on the remaining $200,000 ($20,000). That would equal a total minimum down payment of $45,000, or 6.4% per cent of the total purchase price.
The 5% minimum down payment for properties up to $500,000 remains unchanged and Canadians who already have a mortgage won’t be affected.
Without house insurance, you are extremely vulnerable to the cost of repair and replacement in the event of an incident; and most of us have a home insurance policy. However, there are many elements located in and around your home that make your policy more expensive.
1. Precious items: Wine collection, jewelry, art items, musical instruments, precious watches, expensive furs – anything that can potentially increase the size of your loss will result in higher rates. Consider a separate policy or rider for your luxury items.
2. Stove / Fireplace: Fire is great when it is contained, but fireplaces and wood stoves could cause fire and smoke damage. Rather than pay extra in your premium or have to undergo an inspection, switch to the safer gas or electric options.
3. Oil-based heating: Insurers prefer electric or forced-air gas furnaces, since oil-based heating systems are more likely to cause environmental and fire damages e.g. via oil tank leakage.
4. Business at home: If your house is also your head office, you are considered a greater risk as your personal and business property both require coverage. If your home is also used for particular types of business, such as bed and breakfasts, daycare, etc. it also means an additional risk in eyes of insurers.
Paying your property taxes through your mortgage can offer the convenience of one less bill to deal with each month. However, what is the real cost of this option and is it worth it for you?
Quick Property Tax Refresher
Property taxes are typically paid to your municipality on a quarterly, semi-annual or annual basis. The total taxes for the year are calculated based on your property’s assessment multiplied by the municipality’s