Facing Pre-Foreclosure or Foreclosure? We Buy Houses Fast. Contact Us to Stop Foreclosure

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If You Are Facing Pre-Foreclosure or Foreclosure, You May Be Able To Stop Foreclosure

Foreclosure is an extremely stressful situation and the process is unknown to many people. It is important for you to know the process you are facing. Information in this article is a general overview of the Foreclosure process and mainly applies if your first mortgage is in Foreclosure and your first mortgage is with a larger banking institution or credit union. (If you have a second, third or fourth mortgage that is in Foreclosure with a smaller  credit union or private lender, some information in this article applies but the Foreclosure process can be different).

Our Company, GVCPS is a Real Estate Investment Company that specializes in helping people who are experiencing difficulty making their mortgage payments each month and people who are in Pre-Foreclosure. If you are in Pre-Foreclosure, we can reinstate your mortgage to bring your mortgage back into good standing with your lender and stop Foreclosure. We can provided 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. Contact us.

1. If you have fallen behind on mortgage payments, your Bank/Lender will send you a letter and also call you to make you aware of the missed payment(s). If you don’t respond or attempt to bring your payment(s) up to date, the Foreclosure may start immediately without any further notice to you. There is no general rule on the number of missed payments it takes for your Bank/Lender to start the Foreclosure and is solely at the discrepancy of the Bank/Lender.

2. The Foreclosure Process in British Columbia is by Judicial Sale and is under the supervision, authority and control of the BC Supreme Court. The Court decides when to start selling, decides the sales price, the terms of sale and any commission paid to a Realtor. The Bank/Lender who holds your mortgage starts the legal process by obtaining the Court’s permission to sell the property.

3. The Bank/Lender’s Foreclosure Lawyer will send you a “Demand Letter”. This letter informs you of the total amount remaining on the mortgage debt that you owe and includes missed mortgage payments. You will also be informed of legal costs plus interest on the outstanding debt amounts that you will be responsible for.

4. The Demand Letter will indicate a deadline date (approximately two weeks after you initially receive the letter), that the Bank/Lender will allow you to catch up on all missed mortgage payments that are behind to bring your mortgage back into good standing. You will also be responsible for legal costs to date (in some cases under $1,000.00 at this stage), plus you will have to provide proof that your property taxes and property utilities are up to date and that the property is currently insured for the full replacement value.

5. If the amount of money you owe in missed payments, property taxes and utilities is provided in full to the Foreclosing Lawyer by the deadline date along with the proof of required property insurance, the Foreclosure will stop. It is in your best interest to stop the Foreclosure at this point in the processes and bring your mortgage back into good standing with your Bank/Lender. You will protect your equity, credit and avoid further Legal costs from the Foreclosing Lawyer. Any time after the Demand Letter stage, there still may be solutions but you are taking a greater risk of losing everything to the control of the Bank/Lender and Court if you do not have the funds to bring your mortgage back into good standing.

6. If the Lawyer does not receive the money you owe by the deadline date, the Lawyer can commence immediate legal proceedings without further notice to you. A Foreclosure petition will then be filled in the Supreme Court.  In this process, the Bank/Lender is named the petitioner and you (the borrower of the mortgage), are named the respondent(s).

7. An Order of Nisi is then established. The Court will determine the amount you owe to the Bank/Lender and will decide how much time to give you to pay back the outstanding balance.  This period of time is known as the Redemption Period. You can sell the property at this time as long as sell it for the full outstanding balance owed to Bank/Lender or try to obtain a Foreclosure Mortgage from another Lender.

8. If you can’t sell the property or obtain another mortgage by the time the Redemption Period has expired, the Bank/Lender will seek an order approving sale of the property called a Court Ordered Sale (or Judicial Sale). The property is now in control of the Bank/Lender who will sell the property with a Realtor of their choice. If the Bank/Lender does not obtain the amount of money from the sale that you owe for the mortgage debt, mortgage payment arrears, the Realtor’s commission for selling the property, accumulated Lawyer fees, plus applicable interest, the Bank/Lender and your mortgage insurer (CMHC or Genworth), can legally sue you for any amount outstanding that you owe.

9. The final stage if necessary is an Order Absolute. This is what may happen if your second, third or fourth mortgage is in Foreclosure with a smaller credit union or private lender. The Lender seeks an order absolute, which means the Lender becomes the new registered owner and you are removed from the title.

It is in your best interest to stop the Foreclosure when you initially receive the Demand Letter from the Foreclosure Lawyer. Anytime after this stage in the process, there still may be solutions but you are taking a greater risk of losing everything to the control of the Bank/Lender and Court if you do not have the funds to bring the mortgage back into good standing.

We help people who are experiencing difficulty making their mortgage payments each month and people who are in Pre-Foreclosure. If you are in Pre-Foreclosure, we can reinstate your mortgage to bring your mortgage back into good standing with your lender and stop Foreclosure. We can provided 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. 

*Information in this article is for information purposes only and in not intended as legal advice.

Pre Foreclosure Homes Take Over Payments. We Can Help. Contact Us

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If you are experiencing difficulty paying your mortgage payments or have fallen behind on a few payments, we can take over your payments and the house, townhome or condo associated with your mortgage debt in any location of  Vancouver, BC, the Lower Mainland, BC and the Fraser Valley BC.

Through your Pre Foreclosure Homes Take Over Payments Program:

1) Do you explain the details of  the Pre Foreclosure process?

2) How do you take over mortgage payments on a house, townhome or condo that is in pre-foreclosure?

3) What benefits do I receive if you take over my property in pre-foreclosure?

Pre-Foreclosure

If you miss a mortgage payment, your lender will initially either send you a reminder letter or call you. If your lender doesn’t hear from you or receive your missed payment(s), your lender will then follow up with a demand letter.

If you default on your mortgage payments, your lender has the right to “accelerate” (speed up) the mortgage. This allows your lender to claim the full balance owed under the mortgage, plus interest and other costs, even though your mortgage term hasn’t yet expired.

Under the law in BC, your lender must send you a demand letter before they can start legal foreclosure proceedings to take your home.

The demand letter must say exactly what you owe. It must also say that:

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

If you want to prevent Foreclosure, it is imperative that you abide by the lender’s demand letter.  If you don’t reinstate your mortgage (by paying the amounts you owe) as per the demand letter or if you don’t redeem your mortgage (by paying the mortgage off fully) within the time set out in the demand letter, your lender can then start foreclosure proceedings.

How Can We Help You Through Our Pre Foreclosure Homes Take Over Payments Program?

Our Company, GVC Property Solutions Inc. (GVCPS), is a well established Real Estate Investment Company that has been providing professional solutions to property owners for 25 years who are experiencing difficulty paying their mortgage payments each month, difficulty selling their property through traditional methods and people who require relief from their property situation for any reason.

How do you take over mortgage payments on a house, townhome or condo through your Pre Foreclosure Homes Take Over Payments Program?

Our Company specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage regardless of your situation and regardless of the age or condition of the property. We offer fast, professional and confidential solutions to your property situation regardless of your circumstance. Contact us to discuss your situation in more detail and how we can help.

What benefits do I receive through your Pre Foreclosure Homes Take Over Payments Program?

  • We provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting your equity in the property and protecting your credit through our Pre Foreclosure Homes Take Over Payments Program
  • You receive immediate financial relief that enables you to move on from your house, townhome or condo situation with peace of mind
  • 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
  • We do not charge any fees or real estate commissions through our Pre Foreclosure Homes Take Over Payments Program
  • We also provide Free Consultation

When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. There are alternatives to foreclose that are available to you when you act quickly at the first sign of financial difficulty.

Regardless of your situation or the age and condition of your property, we take over house payments and the house, townhome or condo associated with the mortgage in any location of Surrey BC, Delta BC, Coquitlam BC, Port Coquitlam BC, Port Moody BC, Vancouver BC. Burnaby, BC, Richmond BC, New Westminster BC, Langley BC, Pitt Meadows BC, Abbotsford BC, Maple Ridge BC, Mission BC and Chilliwack BC.

We understand the stress and hassles that you face when you are in a difficult real estate situation. We don’t know how many months you’ve been trying to sell or have been looking for a solution to your mortgage payment situation. Don’t procrastinate. Don’t let your property situation become a liability. Contact us for Free Consultation to discuss how we can help you avoid foreclosure through our Pre Foreclosure Homes Take Over Payments Program. We have handled hundreds of purchase situations and have helped many people facilitate a non-stressful real estate transaction.

Foreclosure Prevention Assistance. Contact Us. We Can Help You Prevent Foreclosure

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If you default on your mortgage, your mortgage lender can go to Court to take the property you mortgaged or sell the property to pay the mortgage debt. This process is called foreclosure.

Unexpected financial circumstances can happen to anyone. We can help you prevent foreclosure if; you are experiencing difficulty making your mortgage payments each month, if you have already missed one or two of your mortgage payments or if you have received a demand letter from your mortgage lender in Vancouver, BC, the Lower Mainland, BC or the Fraser Valley, BC.

As soon as you miss a payment, most mortgage lenders act quickly. They will either call you or send you a reminder letter. If your lender doesn’t hear from you or if your mortgage lender doesn’t receive your missed payment(s), your mortgage 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.

In Order to Prevent Foreclosure, You Need to Act Quickly

If you have already received a demand letter from your mortgage lender, it is imperative that you do what the demand letter asks if you want to stop foreclosure. If you don’t do what the demand letter asks, your lender, without your consent,  can start foreclosure proceedings in court by filing a BC Supreme Court form called a petition.

It is in your best interest to find a solution to prevent foreclosure prior to  the deadline that is set forth  in the demand letter

We Can Help You Prevent Foreclosure

If you are experiencing difficulty paying your mortgage payments and are about to miss a payment or if you have already defaulted on your mortgage payments and have received a demand letter from your mortgage lender that has not passed the deadline to reinstate your mortgage, contact us.

We are a well-established Real Estate Investment Company that can help you prevent foreclosure by reinstating your mortgage with your lender by making over payments and the house, townhome or condo that is associated with your mortgage in any location of Vancouver, BC, the Lower Mainland, BC, and the Fraser Valley, BC.

For the past 25 years, we have been providing immediate monthly cash flow management solutions to property owners who are experiencing difficulties paying their mortgage payments each month along with protecting property owner’s equity in the property and credit.

We provide flexible, pre-negotiated terms when we take over payments and the house, townhome or condo associated with your mortgage that can give you the best value for your property that can provide you with more money with none of the hassles normally involved in selling.

We Provide Free Consultation Through Our Foreclosure Prevention Program 

Unforeseen financial circumstances can impact anyone, affecting their ability to make regular mortgage payments. For foreclosure prevention to occur, it is important that you take quick action at the first signs of financial difficulty. The longer you wait to find a solution, the fewer options will be available to you. The options that are available to you to prevent foreclosure will vary according to your individual circumstances.

We don’t know how long you have been looking for a solution to your situation. Don’t procrastinate. Don’t let your property situation become a liability. Contact us to discuss foreclosure prevention solutions in more detail that will help protect your equity in the property and your credit. We provide Free Consultation to discuss the various options that are available to you to prevent foreclosure and we do not charge any fees or real estate commissions.