What is a Modification of Mortgage With My Mortgage Lender?

If you are experiencing difficulty making your mortgage payments due to financial hardship resulting in long-term inability to pay your mortgage, there are options available to you that you need to act on immediately in order to avoid foreclosure.

A modification of your mortgage is one option that may be available to you depending on your situation and how many mortgage payments you have missed. What is a Modification of a Mortgage? A Modification to your Mortgage is a change made to the terms of your existing mortgage loan by your lender as a result of your long-term inability to repay your mortgage loan debt.

A Modification of a Mortgage is generally used when a mortgage borrower is not in a position to adhere to the original terms agreed with their mortgage lender, however, a Modification of Mortgage can also be used to pay off your mortgage in lesser time by making higher payments.

If you are struggling and have fallen behind on your monthly mortgage payments and cannot keep up with your monthly payments, foreclosure will be inevitable. Fortunately your lender may provide you with the option of a modifications of mortgage to prevent foreclosure through a settlement procedure in the case of a potential foreclosure.

Not everyone will qualify for a modification of mortgage. It’s not so easy to convince the bank that your mortgage agreement should be modified from it’s original terms. Additionally, you will have to provide proof that you will be able to make all future mortgage payments on the newly modified mortgage loan before your lender will attempt to help you. 

You are much more likely to be approved for a modification of mortgage if you work with an experienced modification of mortgage attorney or modification of mortgage advisor who can present your case professionally to your lender. Our Company, GVC Property Solutions, has experienced attorneys and Real Estate Consultants who can help you with a modification of mortgage. 

If you are in default with your mortgage payments, some of the common modifications that can be made to your mortgage agreement are:

  • The monthly payments and the loan period can be adjusted to reflect changes in your financial situation
  • The interest can be modified from an adjustable rate to a fixed rate
  • Penalties can be waived

In some cases, your mortgage lender may allow you to suspend your payments for a period of time. Such a measure is aimed at giving you time to resolve your financial difficulties and the payments are resumed at a later time at an agreed upon date. Once you start paying your lender again, you may ask for an extension of the re-payment period or make larger re-payments so that the mortgage can be brought back on schedule.

What is the Purpose of Modification of Mortgage? The purpose is to bring your monthly mortgage payment down to a level that you can pay consistently, help you avoid foreclosure and help you protect your credit from being further damaged from late mortgage payments.

It is possible to work with your lender and arrange for a modification of mortgage on your own, however, it may be in your best interest to contact a loan modification attorney or financial counselor who can help protect your interests and obtain the best possible outcome in regards to the changes that you should seek in your current mortgage agreement terms with your lender.

Most lenders would rather negotiate a modification of mortgage with you than foreclosing on the property, however, not all lenders will immediately agree to a mortgage loan modification and you will have to convince your lender through credible evidence that you will be able to adhere to the modified terms.

Our real estate investment company GVCPS, can help you with counseling in regards to your modification of mortgage. Our goal is to provide you with valuable information if you are trying to obtain a mortgage modification or if you need to stop foreclosure. If you are eligible for a mortgage modification, the modification will make it easier for you to manage your mortgage payments and pay your payments on time to avoid foreclosure. We can  help you with a mortgage loan modification and we can verify if there can be any changes made with your lender in relation to the original terms of your mortgage loan.

Your lender will be the one who ultimately determines what assistance, if any, to offer you through mortgage modification. In most cases, a lender will attempt to modify your mortgage to lower your interest rate, sometimes all the way to 0%, in order to bring your payment in line with what you can afford. Lenders have tests for determining what you can afford in terms of house payments. In general, your mortgage payment will not exceed 36% of your gross income in order to be considered affordable. If this isn’t enough to bring your payments in line with your income or the property is worth significantly less that the balance of the loan, the lender, through modification of mortgage, may forgive a portion of your principle balance. A lender can also extend the term of your loan to decrease your monthly payment or waive any accumulated fees.

The process of Modifying a Mortgage is somewhat lengthy. In most cases, a modification of mortgage will take between two and three months. This is partly due to the fact that many people are attempting to work through the same process as you. While you are going through the modification of mortgage process, you will not be expected to make monthly mortgage payments until it is complete. This will give you some additional time to get your financial affairs in order before having to make mortgage payments again.

I Can’t Pay My Mortgage, What Do I Do? Contact Us. We Can Help

If you are having trouble making your mortgage payments each month, you might be exploring various options and looking for an answer to your problem – “ I can’t pay my mortgage what do I do?”. Most people do not plan on missing any of their mortgage payments, however, there are a number of unexpected situations that can happen to you such as; you cannot mange your debt load, divorce, loss of your job, illness or a short-term or permanent disability that may prevent you from working or any other unforeseen financial situations that may arise that impact your ability to make regular mortgage payments.

  • We are a well established Real Estate Investment Company that specializes in helping people who are experiencing difficulty paying their mortgage payments each month. Our Company, GVC Property Solutions Inc. (GVCPS), can provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. If you are looking for a solution to your problem – I “ can’t pay my mortgage what do I do?”, contact us.

If you are experiencing short term financial difficulties or long term financial difficulties due to any reason and struggling with your mortgage payments and as a result, missing your mortgage payments, foreclosure will be inevitable. There are alternatives to foreclose that are available to you when you act quickly at the first sign of financial difficulty. The key is to know what your options are as well as taking immediate action when the unanticipated happens.

“I can’t pay my mortgage what do I do?” can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties:

1) Talk to your mortgage professional

  • To increase the chance of successfully managing your financial situation through early intervention, call a mortgage professional at the first sign of financial difficulty and communicate that I “can’t pay my mortgage what do I do?”  Our Company, GVCPS, has a team of professional mortgage consultants who have  extensive hands-on experience that can help you with your mortgage payment difficulties and help you get back on track with your mortgage payments.

2) Clarify your financial picture

  • In order to help your mortgage professional as well as yourself fully understand your financial situation, prepare a detailed list of your financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.

3) Stay informed

  • The more information you have at your disposal on managing your finances, the easier it will be to make the right decisions. Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers lunderstand debt problems and includes information on making a budget, budget counselling, collection agencies, credit, and credit repair. To view this tool, log on to www.ic.gc.ca (Industry Canada) and search for “Take Charge of Your Debts”.

With early intervention, cooperation and a well executed plan, this can help you prevent foreclosure, will help you get your mortgage payments back on track and will help protect your credit from being damaged any further from previous mortgage payments that you have missed.

When you are in the situation I “can’t pay my mortgage what do I do?”, you may need answers to the following questions:

1) I “can’t pay my mortgage, what do I do?” Will my lender help me resolve my financial difficulties to get my payments back on track or will my lender just foreclose?

In most situations, your lender doesn’t want to repossess (take back) your property. (A lender can be a bank, credit union, insurance company, private individual, or loan company.) Foreclosure can be a long and expensive process for your lender. They would rather have you get your payments back on track and keep paying them.

But if you default and do not get your payments back on track after your lender has given you a second chance, your lender will take legal action to repossess or sell your property through foreclosure.

2) I “can’t pay my mortgage” How many mortgage payments can I miss before my lender starts the foreclosure process?

When you default (don’t make a payment) on your mortgage, you don’t automatically lose your property. On default, your lender has the right to accelerate (speed up) your mortgage contract. This allows your lender to claim the full balance owed on your mortgage debt plus interest and other costs, even though the mortgage term hasn’t yet expired. Your lender can use the legal process of foreclosure to repossess (take back) your property or sell it to pay the mortgage debt.

As soon as you miss a mortgage payment, most lenders act quickly. They often will either call you and/or send a reminder letter to you first in regards to your missed payment. If your lender doesn’t hear from you or if your lender does not receive your missed payment after that, the lender’s next step is to send you a demand letter. In BC, your lender or their lawyer must send you a demand letter before starting foreclosure proceedings.

The demand letter must state exactly what you owe, and that:

  •  you have to pay a certain amount by a certain date to catch up on arrears (what you owe) to reinstate (restore to good standing) your mortgage, or
  • you have to pay the whole amount you borrowed (not just the arrears) plus daily interest and other expenses to redeem (pay off) your mortgage

The exact requests in the demand letter depend on the wording in your mortgage and what your lender wants to do. If you don’t do what the demand letter asks, your lender can start foreclosure proceedings in court by filing a BC Supreme Court form called a petition. Your lender will serve you with (give you) a copy.

You (the respondent) can respond to a reminder or demand letter by doing one of the following:

  • Solve the problem (by reinstating or redeeming the mortgage)
  • Go to court (after you receive the petition — to fight the foreclosure, to get more time, or to cooperate)

3) I “can’t pay my mortgage, what do I do?” What will happen if I do nothing?

You may want to just ignore the demand letter from your lender, but be sure you know what the consequences are first. Doing nothing not only has serious consequences, this will also ruin your credit.

You can live in your property without making mortgage payments while the foreclosure proceedings are going on. This could take several months or longer. But it also means that; you don’t get any say in the court proceedings, which will go ahead without you, you may get little or no notice if the property is sold, or if you have to move and you may have to leave your property much earlier than if you had appeared in court

The court may order your property to be sold. If the money from the sale doesn’t pay all of your  mortgage debt, your lender will have an enforceable judgment (court order) made against you for the shortfall (remaining amount). Your lender can try to collect this from you for up to 10 years.

It’s very important that you talk to your mortgage professional about your options as foreclosure can be prevented if you take immediate action at the first sign of financial difficulty that impacts your ability to make regular mortgage payments. Contact one of our mortgage professionals at GVCPS to find a solution to your financial difficulties. 

The following options may also help you if you are in the situation – I “can’t pay my mortgage what do I do?”:


You can pay off your whole mortgage with one lender by getting another mortgage from another lender (refinance). The new mortgage has to be big enough to pay the other mortgage plus any costs that you owe.

Redeem the mortgage

If your mortgage term has ended, you can do one of the following to pay your lender:

  • get a new mortgage from another lender (refinance), or
  • sell your property yourself

You have to pay off the whole amount you borrowed plus daily interest and other costs. You should know beforehand what those costs might include.

Reinstate the mortgage

If you missed making some payments but think you can manage paying regular mortgage payments in the future, call your lender right away. Try to work out a way to reinstate your mortgage. This means you pay all of the outstanding mortgage amounts to bring the mortgage back into good standing. You also have to pay anything it costs your lender to collect from you, and may include legal fees. You can reinstate a mortgage if the mortgage term hasn’t expired and your lender agrees to reinstatement. Most lenders don’t want to own buildings. Lenders would rather have you keep the property and keep paying them. 

Consolidate your debt into one easy payment

, home equity loan or line of credit.

Sell your property

You may want to sell your property right away and pay your lender if:

  •  you can’t reinstate your mortgage
  •  your property is in good condition and can be sold
  •  your property is worth at least as much as the amount you owe your lender (plus any other mortgage or judgment registered against your title), and
  • you don’t want to or can’t get a new mortgage

You reduce the legal costs and interest you have to pay if you sell your property as soon as possible. This option may be more attractive if you have equity in the property.

If you are in the situation, I “can’t pay my mortgage what do I do?contact our Company, GVCPS. We are a well established real investment Company that buys houses, townhomes and condos quickly. We also take over mortgage payments and the property associated with the mortgage. We understand the stress and hassles that you face when you are experiencing unmanageable or unwanted mortgage payments, experiencing difficulty selling your property through traditional methods or when you just need relief from your property situation for any reason. 

We don’t know how many months you’ve been trying to sell or have been looking for a solution to your situation. Don’t procrastinate. Don’t let your property situation become a liability or a burden. Contact us to discuss your situation in more detail and what solutions we can provide. We have handled hundreds of purchase situations and have helped many people facilitate a non-stressful real estate transaction.

Canada Mortgage and Housing Corporation
Law Foundation and Legal Services Society of BC
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Do I Have Bankruptcy Options? Yes, Contact Us. There Are Alternatives

Personal Bankruptcy Options Vancouver – Facts & Alternatives | BC

No one wants to file for bankruptcy. It’s important to look at all other bankruptcy options and obtain all of the facts before taking such a drastic step.

Personal Bankruptcy Options in Vancouver, BC – Bankruptcy might be the first thing you think of when you realize that you can’t keep up with your mortgage payments, other debts and bills. You may think that bankruptcy might be the right debt solution for you., however, before declaring bankruptcy, you need to know what your options are, how the process works and how it will affect you and your family in the years to come. You should never take a step as serious as filing for bankruptcy without an accurate understanding of your bankruptcy options first.

Types of Debts – What Bankruptcy Won’t Do For You

Bankruptcy can get rid of some of your debts, however, did you know that there are some debts that you might still have to repay because they can’t be included in your bankruptcy?

3 common kinds of debt that are excluded from bankruptcy are:

  • Secured debts, like a mortgage or car loan
  • Child and alimony support payments that aren’t up to date
  • Student loans, if they are less than 7 years old

Also, if you recently racked up credit card bills and now want to go bankrupt, creditors may stop you or ask that you pay more, before they let you get rid of your debt through bankruptcy.

Contrary to popular belief, when you file for bankruptcy, you will not ‘lose everything.’ Each province and territory has its own exemptions to the bankruptcy law that outline which of your assets, and how much equity, you are allowed to retain.

Can I keep my property?

There are exemptions that allow you to keep some of the equity in your property when you file for bankruptcy. Generally speaking, however, if you’ve already paid off a large portion of your mortgage (ie. you have built up equity in your home), filing for bankruptcy might not be the best solution for you—the law requires you to use that equity to pay off some of the money you owe to your creditors.

To keep your property after filing a bankruptcy, you would need to pay a Licensed Insolvency Trustee (LIT) the amount of property equity you have—minus any provincial exemptions. Property equity is calculated by subtracting the remaining amount of your mortgage, along with any outstanding taxes you owe, from what your property is currently worth on the market.

For example: If the current market value of your property is: $500,000


Your remaining mortgage amount $440 000
Your property tax arrears $4,800
Your total liens $444,800
Your estimated property equity $55,200

Depending on which province you live in, you would have to pay up to $55,200 during the bankruptcy process in order to keep your property. This is one of the reasons why bankruptcy is only considered after all other bankruptcy options have been explored. If you can afford to repay a portion of your debt, but not the full amount of equity in your property, you may wish to consider another bankruptcy option.

Our Company, GVCPS, is a well established Real Estate Investment Company that can provide you with bankruptcy options. We specialize in protecting your equity along with protecting your credit in these types of situations.Office: 604-812-3718 Email: info@gvcps.ca or visit our Website for more information: www.gvcps.ca

In British Columbia, property owners’ exemptions are higher if you live in Vancouver or Victoria. In this case, $12,000 of the equity in your property is protected in Greater Vancouver and Victoria. In all other areas of the province, $9,000 in property equity is exempt from bankruptcy.

Bankruptcy Options – There are Good Alternatives to Bankruptcy

A lot of people don’t realize it, but regardless of how bad your situation may seem to be, there are often ways to avoid bankruptcy. There are consumer proposals, debt management programs, and other bankruptcy options. It is important to go over your financial situation and take an objective look at all your bankruptcy options. Between financial difficulty and bankruptcy are many options, and we specialize in helping you explore those options to figure out what will work best for you to protect all of your equity in your property and protect your credit moving forward.

Property and Mortgage – If you are not paying your monthly mortgage payments, your mortgage lender can still foreclose regardless of whether you are bankrupt or are planning on filing for bankruptcy. Bankruptcy does not stop the foreclosure process because a mortgage is a secured debt. If you are experiencing difficulty paying your mortgage payments each month and want to avoid foreclosure, protect your equity in the property and protect your credit, contact us today. We provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit.

BDO Canada Limited
Credit Counseling Society of BC

The Best Mortgage Brokers Near Me

If you are buying a personal property, an investment property, refinancing or if you are facing unmanageable or unwanted mortgage payments, it is in your best interest to have access to knowledgeable mortgage advice from the the best mortgage brokers and real estate consultants in regards to your situation. Our Company, GVCPS, is a well established Real Estate Investment Company that utilizes the services of the best mortgage brokers and real estate consultants in the real estate industry in Vancouver, BC, the Lower Mainland and Fraser Valley, BC.

We understand that it’s not easy to qualify for your own mortgage or even to be approved to be refinanced in today’s challenging real estate market with the new lending rules that have been recently applied. We also understand the stress and hassles that you face when you are experiencing difficulty paying your mortgage payments each month or when you just want out of your real estate situation for any reason. Discussing your mortgage situation and options with a good mortgage broker and real estate consultant is the key to finding the best solution to your situation and/or the best mortgage product that will suit your investment needs.

How Can Mortgage Advice Help You?

If you are experiencindifficulty making your mortgage payments each month, experiencing difficulty selling your property or if you just need relief from your mortgage and real estate situation for any reason, your mortgage broker or real estate consultant can help you find an immediate solution to your individual situation.

Through our Company’s Mortgage Take Over Program, we take over house payments and the property associated with it. We provide flexible, pre-negotiated Terms that can give you the best value for your property and can provide you with more money with none of the hassles normally involved in selling.

In most cases, we take over the entire mortgage payment as well as all of your other monthly financial obligations regarding the property on your behalf that may include; property taxes, property insurance, monthly strata fees as well as any repair or maintenance costs.

Through our Mortgage Take Over Program, you are provided with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. Contact us today to discuss the solutions that we can provide to your situation 604-812-3718 or info@gvcps.ca.

Are You Looking to Refinance or Purchase a Property?

If you receive independent advice regarding your mortgage from a mortgage broker rather than just your individual bank, a mortgage broker will have access to multiple lenders with a wide variety of mortgage products rather than just one bank that will only be able to offer you a limited amount of mortgage products. The best mortgage brokers and real estate consultants can make a difference in finding an immediate solution to your individual mortgage situation and/or getting your mortgage application approved. Knowledgeable mortgage advisors and consultants will also get you a significantly better valued deal, potentially saving you thousands of dollars over your mortgage term. They will also help you choose the right mortgage solution and product to meet the needs of your individual situation.

One of the largest loans you will ever take on in your life is your mortgage. The loan is so big and getting approved with the lowest possible interest rate is not always simple. Previously, mortgage loans used to be limited only to banks and other lenders in your local area, but now, with the internet and modern banking regulations, you can expand your search online to find the best mortgage brokers and real estate consultants.

The best mortgage brokers are not restricted to any particular bank or lender and they will act solely in your best interests, providing you with peace of mind that the mortgage product they recommend will be the best available mortgage for your circumstances. When you are purchasing a property, the mortgage broker specializes in getting the best mortgage available for your needs. The mortgage broker will explain the various mortgage products and advise you on how much you can qualify for and help you prepare your application to increase your chances of being approved for a mortgage or a refinance.

We are pioneers in the mortgage and real estate industry and our specialized team of mortgage brokers and real estate consultants can offer you financial tools and expert advice to help you understand your options to your individual mortgage needs so you can make the best possible decisions.

Our Company’s Best Mortgage Brokers and Real Estate Consultants Specialize in the Following:

  • lowering your monthly payments
  • consolidating your debt
  • refinancing your property
  • providing second mortgages
  • bad credit refinance
  • reinstating your mortgage
  • helping you stop foreclosure
  • providing home equity loans, and
  • home equity lines of credit
  • new mortgages for a personal or investment property

Contact us today to discuss the solutions that we can provide to your individual mortgage and real estate situation 604-812-3718 or info@gvcps.ca.