24 Aug Mortgage Payment Problems? We Assume Mortgage Payments
An assumable mortgage is a type of financing arrangement where an outstanding mortgage debt and it’s terms are transferred from the current mortgage holder to a buyer. Our Company, GVCPS, is a Real Estate Investment Company that specializes in assuming mortgage debt and mortgage payments from mortgage holders. We are Assuming Mortgage Payment Experts that can help you if you are experiencing difficulty with your mortgage payments in Vancouver, BC, the Lower Mainland, Fraser Valley, BC.
WE ASSUME MORTGAGE PAYMENTS AND THE PROPERTY
If you need relief from unmanageable or unwanted mortgage payments, we can assume your mortgage payments and take over the property associated with it. 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 your mortgage payments and mortgage debt.
Talk to our mortgage experts, it is important to understand that a mortgage that has been assumed by a third party does not mean that you, the original mortgage holder, are not still responsible for the mortgage debt and the mortgage payments. You may still may be held liable for the mortgage debt and payments, which, in turn, could affect your credit rating. To avoid this, you must release your liability in writing at the time of the mortgage assumption and the lender must approve the release request by releasing you from all liabilities in regards to the mortgage loan. Our well established mortgage experts can help you to ensure that the process is performed correctly with your mortgage lender.
An assumable mortgage transaction is where the lender will allow our Company to take over or “assume” your mortgage without changing any of the terms of the mortgage. An assumable mortgage allows us to assume your current principal balance, interest rate, repayment period and any other contractual terms of the mortgage.
When we assume mortgage payments, 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. If you are in a situation where our Company assuming mortgage payments will provide you with solutions, our mortgage experts will review your original mortgage documents to ensure that your mortgage debt is assumable. We will discuss assuming your mortgage debt with your mortgage lender in detail and also provide you with further support throughout the remaining assuming mortgage payment process.
Some mortgage lenders have option clauses in their mortgage contracts that expressly forbid assumptions of the mortgage, or, the mortgage contract specifies that the mortgage must be paid out on the sale of the property. If this is the case with your mortgage loan, we can still provide you with solutions to your mortgage debt and your mortgage payments even if your mortgage is not assumable.
When we assume mortgage payments, our mortgage experts will consider the following:
- Compare interest rates: It may make financial sense to assume the existing loan at a lower interest rate than the current rate.
- Compare loan fees: Lenders are required to give borrowers a loan estimate, which is an estimate of closing costs which consists of all the costs associated with obtaining a mortgage. We will help you with the loan assumption fees.
- Obtain a copy of the property title and copy of the mortgage agreement: We will verify if there are any other charges registered against the property and verify if the mortgage debt is truly assumable, if the mortgage debt is not assumable, we can still provide you with alternative solutions to your mortgage debt and mortgage payments.
We know the real estate and mortgage industry. If you are facing difficulties paying your mortgage payments each month, we can offer immediate and professional solutions to your situation. Contact us today 604-812-3718 or firstname.lastname@example.org.
If you need relief from unmanageable or unwanted mortgage payments, we can assume your mortgage payments and take over the property associated with it. Our Company, GVCPS, is a Real Estate Investment Company that specializes in assuming mortgage debt and mortgage payments from mortgage holders.
When we assume mortgage payments, 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.
If you are in a situation where our Company assuming mortgage payments will provide you with solutions, our mortgage experts will discuss assuming your mortgage debt with your mortgage lender in detail and also provide you with further support throughout the remaining assuming mortgage payment process.
ARE YOU FACING MORTGAGE PAYMENT PROBLEMS?
If you are facing mortgage payment problems, ensure that your mortgage lender is abiding by your mortgage contract in regards to charging you late fees, penalty fees and higher interest rates on your mortgage payment arrears.
If you are experiencing mortgage payment problems, it can be an overwhelming experience, leaving you feeling uncomfortable and unsure of what to do. When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. A wider variety of solutions will be available to you the sooner you act.
To increase the chance of successfully managing your financial situation through early intervention, call your mortgage lender at the first sign of financial difficulty. Ask your mortgage lender about information on the options available for managing your financial situation.
If you are having trouble making your mortgage payments each month, defaulting on your mortgage may add to the cost of various fees imposed by your mortgage lender on the amount that you already owe, depending on your mortgage contract.
Section 8 of the Federal Interest Act is intended to protect property owners against abusive lending practices, while recognizing that generally speaking, parties are entitled to freedom of contract. The prohibition against extra charges on arrears remains in place for loans secured by a mortgage.
While the Interest Act provides some protection for consumers with regard to interest and prepayment charges, banks have taken advantage of loopholes and gaps in the law to the detriment of consumers, which has resulted in an unregulated system. In 2010, the federal government’s budget included a promise to bring clarity to the subject of mortgage penalties. Despite the promises made by the federal government in the 2010 budget, still no progress has been made.
The federal Interest Act which prohibits any fine, penalty or an interest rate in a mortgage that has the effect of increasing the charge on arrears higher than the mortgage rate which would apply if the borrower was in good standing.
If you are experiencing mortgage payment problems and are facing foreclosure, be sure to review the fees and charges that are being charged to your account by your mortgage lender as they may not be enforceable.
Our Company buys houses, townhomes and condos. 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 specialize in providing you with immediate monthly cash flow management solutions if you are experiencing difficulty making your mortgage payments each month to ensure that any equity you may have in the property is protected along with your credit. Contact us today 604-812-3718 or www.gvcps.ca.