I Can’t Pay My Mortgage, What Do I Do? Ask 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.

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 staff and business associates with extensive hands-on experience that 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. Contact one of our mortgage professionals at GVCPS today for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

 

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)

Our Real Estate Investment Compnay, GVCPS specializes in helping clients reinstate their mortgage to bring your mortgage back into good standing. Our Company also buys houses on Terms through our Mortgage Take Over Program where 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 looking for an solution to your problem – I “ can’t pay my mortgage what do I do?”, contact one of our mortgage professionals for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

 

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. Speak to one of our mortgage professionals at GVCPS to find a solution to your financial difficulties. Our Mortgage Problem and Solution Professionals at GVCPS offer free consultation to help you keep your mortgage in good standing with your lender and/or help reinstate your mortgage to avoid foreclosure. Various options will be provided to you depending on your individual financial circumstances. Contact one of our mortgage professionals for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

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


Refinance

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. Contact one of our Mortgage Problem and Solution Professionals at GVCPS today to help you reinstate your mortgage and get your payments back on track to avoid foreclosure 604-812-3718 or info@gvcps.ca.

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 it. 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 can help, contact one of our mortgage professionals today for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

References:
Canada Mortgage and Housing Corporation
Law Foundation and Legal Services Society of BC
Image Credit:
https://precondo.ca/

 

 

 

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 info@gvcps.ca.

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.

Taking Over Someone’s Mortgage Payments

 

Taking Over Someone’s Mortgage Payments – The Do’s & Dont’s

Anyone can sell you a mortgage; We can show you how to use your mortgage effectively to your financial advantage even if you are having difficulty paying your mortgage payments or have negative equity in the property.

Are you experiencing difficulty making your mortgage payments each month, experiencing difficulty selling your property or do you just want out of your real estate situation for any reason? Our Company, GVCPS, is a well-established Real Estate Investing Company that specializes in taking over mortgage payments and the property associated with the mortgage.

We take over mortgage payments for houses, townhomes, condos and multi-family residential projects that are any price, in any condition, any situation and in any location of Vancouver, BC, the Lower Mainland and the Fraser Valley, BC. When we are taking over your mortgage payments and property, we utilize innovative and creative mortgage strategies that provide you with immediate financial relief and peace of mind regarding your real estate situation.

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.

We have earned a reputation for fair dealing with 25 years of experience and we have handled hundreds of purchase situations, helping clients facilitate a non-stressful real estate transaction that benefit all parties involved. Contact us for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or visit our website for more information gvcps.ca.

Are You Thinking About Taking Over Someone’s Mortgage Payments?

If you are planning on taking over someone’s mortgage payments, it is recommended that you seek the counsel of a mortgage professional or a legal adviser first.

There are many advantages of taking over someone’s mortgage payments, however, taking over someone’s mortgage payments is a big decision to make. Going about it the wrong way can prove costly in the long run with future legal disputes that may affect your ability to borrow in the future and putting you under financial and emotional strain if you already own your property that you are making mortgage payments on each month.

The Do’s and Don’ts of taking over some ones mortgage payments:

DO the Following:

  • Prior to taking over someone’s mortgage payments, seek counsel from a professional mortgage consultant at a Real Estate Company or legal advisor
  • Before you make the commitment to take over someone’s mortgage payments, ensure that you are financially capable of taking on this extra monthly expense, especially if this will be a long-term arrangement
  • Ensure that there is a legal agreement in place between you and the person(s) who owns the mortgage debt and the person(s) who are registered on the property title that clearly outlines all of the terms and conditions that you and the other party(ies) have agreed to
  • Verify through the mortgage and property title documentation who all persons are that are registered on both the mortgage loan and the property title

DON’T Do the Following When Taking Over Someone’s Mortgage Payments:

  • Don’t commit to taking over someone’s mortgage payments until you know the exact amount that the mortgage payment is each month. Verify the mortgage payment amount with the mortgage statement
  • Don’t pay the person who owns the mortgage debt directly. Pay the mortgage lender directly to ensure that the mortgage payments are being applied to the mortgage loan each month
  • Don’t take over mortgage payments from someone who has an outstanding judgement or any other charge registered against them on the property title if this will affect the amount of funds you are to receive when the property sells
  • If there is more than one person on the mortgage loan or property title, don’t execute an agreement to take over someone’s payments with only 1 of the parties. Ensure that all parties on the mortgage loan and property title agree to you taking over the mortgage payments and ensure that all parties execute the legal agreement with you

If You Are Taking Over Someone’s Mortgage Payments, Your Documentation Checklist Should Include:

  • The executed legal agreement between you and the person(s) who owns the mortgage debt and the person(s) on property title
  • Up to date contact information of the person(s) who owns the mortgage debt and person(s) registered on the property title
  • The mortgage lender’s contact information
  • A copy of the mortgage loan
  • A copy of the property title
  • Any current tenancy agreement that is in place for the property

Taking over someone’s mortgage payments isn’t something that most people are aware of and isn’t something that most people would consider in today’s challenging real estate market.  Many owners who bought or refinanced in recent years, owe more than what they could sell the property for now.  If you are considering taking over someone’s mortgage payments, there are many do’s and don’ts that you should be aware of.

Our Company, GVCPS, is a Real Estate Investment Company that specializes in taking over mortgage payments and the property associated with the mortgage in Vancouver, BC, the Lower Mainland and Fraser Valley, BC.

If You Are Taking Over Someone’s Mortgage Payments, You Should Also Ensure the Following:

  • Confirm all of the details of the legal documents relating to the mortgage including; the mortgage balance, interest rate and mortgage term renewal
  • Research the current market value of the property and establish a purchase price upfront that is reasonable in relation to the amount of the mortgage payment that you are taking over
  • Ensure that you have enough funds in reserve to make the mortgage payments in the event that you experience unforeseen financial circumstances that may impact your ability to make regular mortgage payments to ensure that you honor your agreement with the mortgage holder
  • Ensure that your lawyer covers all of the terms and conditions of the transaction in the case of default and the remedy that will be available to each party

If You Are Taking Over Someone’s Mortgage Payments, You Should Not Do the Following:

  • Don’t take over someone’s mortgage payments if their mortgage lender will not renew their next mortgage term due to the mortgage debt holder missing too many previous mortgage payments in hopes that the lender will change their mind about the renewal
  • Some people’s mortgage payments are extremely high if they were unable to qualify for a low interest rate. Don’t take over someone’s mortgage payment that will leave you with cash flow difficulties at the end of each month
  • If you are experiencing financial difficulties, don’t stop paying the mortgage payment altogether and don’t ignore your contractual obligations with the mortgage debt holder. If you are experiencing difficulty making the mortgage payment, it’s important for you to take quick action to find a solution and avoid potentially getting sued for damages by the person(s) who owns the mortgage debt as well as the person(s) on the property title

We specialize in taking over mortgage payments and the property associated with the mortgage. 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 provide immediate monthly cash flow management solutions to your unmanageable or unwanted mortgage payments along with protecting equity you may have in the property and protecting your credit. Contact us for Free Consultation: 604-812-3718 Email: info@gvcps.ca or vist our website for more information gvcps.ca

If You Need Help Taking Over Someone’s Mortgage Payments, Contact One of Our Professional Mortgage Consultants.

If you are considering taking over someone’s mortgage payments, through consultation, we can advise you through the detailed process step by step. We can show you and the person(s) who hold the mortgage debt how to utilize the mortgage so you can both financially benefit from the mortgage and property even if it’s currently a non-performing asset or has negative equity.

If You Are Taking Over Someone’s Mortgage Payments, You Should Also Keep In Mind That:

  • Anyone can pay the mortgage payments on a property in someone else’s name
  • You can take over someone’s mortgage payments without having to go through the mortgage assumption qualification process
  • There are a number of steps that you can take to help someone with their mortgage payments in a way that protects both of your interests in the property
  • You should seek the counsel of a mortgage professional or a legal adviser before you take over someone’s mortgage payments

When Taking Over Someone’s Mortgage Payments You Do Not Need To:

  • Alter the underlying mortgage loan documents and change the ownership status of the mortgage loan to include your name
  • Takeover the mortgage title
  • Assume the mortgage loan

Mortgage Payment Difficulties and Taking Over Someone’s Mortgage Payments   

If you are having difficulty paying your mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your mortgage payment difficulties to prevent foreclosure.

One of the best foreclosure prevention options is to takeover someone’s mortgage payments to help them keep their mortgage in good standing with their lender.

Is It Safe Taking Over Someone’s Mortgage Payments and What is the Process?  

Yes it is safe, Anyone can pay the mortgage payments on a property in someone else’s name. Mortgage lenders do not care where the mortgage payment money comes from. As long as the lender’s mortgage payments are paid on time each month and are being applied to the correct mortgage loan, the lender is happy.

If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. You can make a big difference in resolving your financial difficulties and preventing foreclosure if you speak with your lender or a mortgage professional at the first signs of difficulty.

If you have missed mortgage payments, the longer you wait to find a solution, the fewer options you will have available to you to bring your mortgage back into good standing with your lender.

If you continue to miss your mortgage payments without attempting to resolve the situation with your lender, foreclosure will be inevitable.

The General Process of Taking Over Someone’s Mortgage Payments Includes: 

  • Prior to taking over someone’s mortgage payments, seek counsel from a professional mortgage consultant at a Real Estate Company or legal advisor
  • Research the current market value of the property and establish a purchase price upfront that is reasonable in relation to the amount of the mortgage payment that you are taking over
  • Verify through the mortgage and property title documentation who all persons are that are registered on both the mortgage loan and the property title
  • Confirm all of the details of the legal documents relating to the mortgage including; the mortgage balance, interest rate and mortgage term renewal
  • Before you make the commitment to take over someone’s mortgage payments, ensure that you are financially capable of taking on this extra monthly expense, especially if this will be a long-term arrangement
  • Ensure that there is a legal agreement in place between you and the person(s) who owns the mortgage debt and the person(s) who are registered on the property title that clearly outlines all of the terms and conditions that you and the other party(ies) have agreed to
  • Ensure that your lawyer covers all of the terms and conditions of the transaction in the case of default and the remedy that will be available to each party

Our Company, GVCPS Inc., specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage. We provide immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting equity you may have in the property and protecting your credit. We provide the best value for your property and can provide you with more money with none of the hassles normally involved in selling. Our Company provides immediate solutions that enables people who need to move on from their situation to keep their former monthly mortgage payment in their pocket or bank account. Contact us for Free Consultation: 604-812-3718 Email: info@gvcps.ca or vist our website for more information gvcps.ca

Facing Mortgage Problems in Vancouver, BC?

A mortgage is a long-term responsibility and most likely the largest loan that you will need to pay back. Because of the amount of money that you borrow for a mortgage and the time it takes to pay it back, getting a mortgage comes with certain risks including unexpected life events like job loss, a serious illness or divorce that cause unforeseen financial circumstances that can impact your ability to make regular mortgage payments.

If you find yourself facing mortgage problems in Vancouver, BC, for any reason, it’s important for you to take quick action to avoid your mortgage lender commencing legal foreclosing proceedings against you along with the possibility of ruining your credit in the process.

Many mortgage difficulties and mortgage problems in Vancouver, BC will arise when you can’t pay your mortgage. When financial circumstances impact your ability to make regular mortgage payments, address the issue immediately with a Mortgage Problem Solution Provider. With early intervention, cooperation and a well-executed plan, you can work together with a Mortgage Problem Solution Provider to get your payments back on track, protect any equity you have in the property as well as protecting your credit.

If you have missed mortgage payments, your mortgage lender may call you to attempt to resolve the payment issue or your lender will send you a formal demand letter that initiates the formal foreclosure process. If you have received a demand letter from your mortgage lender, it is imperative that you act fast. Depending on your situation, your lender and how many payments you have missed, there may still be the option available to you to reinstate your mortgage and avoid foreclosure. When you default on your payments and you act fast, a Mortgage Problem Solution Provider can help you minimize any loss and help manage your risk.

The more time you wait to find a solution to your situation, the less options your mortgage lender will be willing to provide. You need to show your mortgage lender that you are immediately willing to take action to resolve your missed mortgage payments when it comes to protecting your mortgage, your equity and your credit.

There are many mortgage difficulties and mortgage problems. If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it 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. Contact a Mortgage Problem Solution Provider to discuss your situation in detail.
  2. Clarify your current financial situation – what is your current financial reality?
  3. Stay informed – the more information you have access to to in regards to help manage your finances, the easier it will be to make the right decisions in regards to financial planning and managing your debts.

If you are facing mortgage problems in Vancouver, BC – ask a mortgage problem solution provider to explain your options to you. For people who require a solution to their mortgage and property situation, mortgage problem solution providers specialize in taking over mortgage payments and the property associated with it. They provide immediate solutions that enable people who need to move on from their situation to keep their former monthly mortgage payment in their pocket or bank account.

With extensive experience providing Mortgage Solutions for people with credit or income challenges, Mortgage Problem Solution Providers offer services for Best Rate Mortgages, Bad Credit, Self Employed, Private Mortgages, 1st 2nd & 3rd Mortgages, Foreclosure, Debt Consolidation and Home Equity loans for Vancouver, BC, the Lower Mainland and Fraser Valley, BC.

Our Company, GVC Property Solutions Inc. (GVCPS) is a Mortgage Problem Solution Provider in Vancouver, BC, the Lower Mainland and Fraser Valley, BC. We have extensive hands on experience in helping people who are experiencing difficulties paying their mortgage or people who are experiencing difficulty with their real estate situation for any reason.

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. If you are experiencing difficulty paying your mortgage, contact us, we provide free consultation to discuss different options that are available to your situation 604-812-3718 or info@gvcps.ca.

Facing Mortgage Problems? We Provide Solutions

While the process is meant to be convenient for you to own your own property, some people can’t make their mortgage payments. People who have fallen behind with their payments inevitably face foreclosure and possible bankruptcy.

If you are having trouble making your payments, contact your mortgage provider to discuss your options as soon as you can. The longer you wait to talk to your lender to work towards a solution, the fewer options you will have. Many mortgage providers are expanding the options available to mortgage borrowers who are having problems making their mortgage payments – it’s worth calling your mortgage provider even if your request has been turned down before.

Mortgages are typically long term loans and until you pay off your mortgage in full, you need to renew the outstanding balance for the next term of your mortgage when your current mortgage term reaches its maturity date. Your mortgage lender will not renew your mortgage term if you have not been making your mortgage payments or if you currently have fallen behind on your mortgage payments.

If you’re having problems paying your mortgage, you must take action quickly to avoid foreclosure, possibly falling into debt and damaging your credit.

“Help, I have no equity or I have negative equity”

If the market value of the property has fallen below the outstanding amount of your mortgage balance, then you are underwater. Depending on the decrease in value of the property since the purchase, the property will also have no equity or negative equity.

If you have found yourself in a situation where you can’t pay your mortgage, there is help available through Mortgage Problem Solution Providers. They will help you speak to your lender in regards to finding a solution through a modification of mortgage, a forbearance agreement, a refinance or finding you a new mortgage lender. If you are underwater with your mortgage, in some cases, you can still get a new mortgage at a more affordable interest rate with the help of Mortgage Problem Solution Providers.

If a borrower with a $500.000.00 mortgage debt sees their home value decrease to a market value of $475,000.00, the mortgage is considered to be an underwater mortgage. If the borrower had paid $50,000.00 of the principal on their mortgage loan resulting in a principal balance of $450,000.00 then they are still considered to have $25,000 in positive equity that may be utilized in a home equity loan.

“Help, I’m having a problem making my payments”

If you’re having a problem making your payments, Canadian Mortgage and Housing Corporation (CMHC) has a variety of default management tools which can be used to effectively manage many loan default situations. CMHC is also willing to consider other alternatives proposed by the mortgage lender to resolve or avoid mortgage payment default. CMHC’s Claims and Default Management Team is available to assist Approved Mortgage Lenders at anytime, from early delinquency to filing a mortgage insurance claim and CMHC has the expertise to help lenders manage unusual or complex accounts.

CMHC will not directly give money to people to make their mortgage payments. Instead, the Government may ask a distributing organization or Mortgage problem solution provider companies like GVCPS Inc., a real estate investment company to provide mortgage payment solutions to the mortgage borrower. CMHC can help banks and other mortgage lenders manage their residential mortgage lending business. When a borrower default occurs, CMHC works with your mortgage lender to help manage your mortgage lender’s risk of delinquent mortgages and GVCPS Inc., takes over the mortgage borrower’s mortgage payments.

If you are having difficulty paying your mortgage payments, contact your mortgage lender to discuss the options for an extension of repaying your missed mortgage payments.

“Help, I’m 2 payments behind”

If you are falling behind with your mortgage payments, a modification of your mortgage may be available. A modification of your mortgage is generally used when the mortgage borrower is not in a position to adhere to the original mortgage terms agreed to with the lender, however, it can also be used to pay off your mortgage faster by making higher monthly payments.

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

The Mortgage problem solution provider companies can help you with a modification of your mortgage. Mortgage loan modification can save you from facing foreclosure, which is inescapable if you do not keep up with your mortgage payments. You may request your lender to change the terms, like reducing the size of monthly payments to align it with the change in your income, which in turn would also mean an extension of the total repayment period.

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

“Help, I’m facing foreclosure”

If you fall for behind with your mortgage payments and you have received a demand letter from your mortgage lender”s lawyer, there are still a number of strategies to help you stop foreclosure, manage your debt load and help renegotiate any of your complex financial entanglements.

Mortgage lenders want homeowners to pay their mortgages. The foreclosure process can be time consuming and costly to your mortgage lender so they have a vested interested in helping a client through a financial crisis. There may be an opportunity to renegotiate the mortgage over a longer period of time, or at a lower interest rate, or for you to pay a smaller monthly amount for a short period if you’ve had employment difficulties.

The most important step is to contact the mortgage problem solution provider company immediately and explain why you’re having a problem making your payments. In some cases, the foreclosure process might even be stopped by some mortgage lenders when back payments, interest and legal charges are repaid in full by the defaulting borrower. There are many repayment scenarios and this is why it is so important to speak to your lender immediately about your financial problems.

When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage problem solution provider to find a solution to your financial difficulties. Contact GVCPS Inc., a mortgage problem solution provider with 25 years of experience helping people who are facing difficulties paying their mortgage. GVCPS Inc. can help you by protecting any equity you may have in the property as well as help you protect your credit. Contact GVCPS Inc. 604-812-3718 or info@gvcps.ca.

Struggling With Mortgage Payments? We Can Help

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:

Short-Term Financial Difficulty – Struggling With Mortgage Payments, Can’t Pay Mortgage Option:

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.

Long-Term Financial Difficulty – Struggling With Mortgage Payments, Can’t Pay Mortgage Option:

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.

We will explain your situation to you in plain english and provide mortgage refinancing or other options that might be right for you. Depending on your circumstances, mortgage refinancing or second mortgage options may help in managing your financial situation and may help you prevent foreclosure. We offer Free Consultation and do not charge you any fees.

Our specialized mortgage brokers near you are also on top of all the latest trends and innovations in the mortgage industry and help you come out of the situation – “Struggling with Mortgage Payments”.

Our brokers have knowledge from the status of interest rates to the availability of alternative financing options. With our superior technology and commitment to taking care of our clients during and after the transaction, you can be assured that not only now, but in the future, you will always have the best rates and mortgage products available by using our Mortgage Professionals at GVCPS.

We can help you Stop Foreclosure, reinstate your mortgage and consolidate your debts. Using your home equity, we can find manageable solutions to your mortgage financing needs. If you have minimal or no equity, we still have many options available to meet your needs. We can help make sense of your current situation and provide an immediate plan of action.

Our Company can also help relieve you of your financial stress if you can’t pay mortgage through our Mortgage Take over Program. Through our Mortgage Take over Program, our Company can take over your mortgage payments and the property associated with it.

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.

In most cases our Company will take over your 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 and maintenance costs. We have a solution to your “Struggling with Mortgage Payments” situation.

We provide free consultation to discuss the different options that are available to your real estate situation. We are available 7 days per week including evenings until 9:00 pm. Call 604-812-3718 or email: info@gvcps.ca. You can also contact us 24 hours a day through our Confidential Sell to Us Form (click here).

If you are missing your mortgage payments and experiencing short term or long term financial difficulties, our mortgage professionals at GVCPS can help relieve you of your financial stress if you can’t pay your mortgage. We can help you either prevent foreclosure, stop foreclosure and if required, reinstate your mortgage through our Mortgage Take Over Program.

We will analyze your current situation and provide an immediate plan of action and the best solutions to your mortgage financing needs, even if you have minimal or no equity.

In its annual 2018 mortgage consumer study, Canada Mortgage and Housing Corp. (CMHC) stated that an extremely high number of first-time home buyers are having trouble making their mortgage payments. The latest survey by CMHC shows one in four people are struggling to pay their mortgage.

If you are struggling to pay your mortgage, the following information can help you with your financial situation as well as help you avoid foreclosure and protect your equity and your credit.

Q: What should I do if I am having trouble paying my mortgage and struggling to pay the mortgage?

A: To increase the chance of successfully managing your financial situation through early intervention, contact your lender as soon as possible.

Ask your mortgage lender about information on the options available for managing your financial situation and

Keep your mortgage lender informed as your circumstances evolve.

Your mortgage lender wants to establish and maintain a positive relationship with you over the long term. Most mortgage lenders have the flexibility to make timely decisions when working with you to find a solution to your unique financial situation.

Q: What options can mortgage lenders provide me if I am struggling to pay the mortgage?

A: Your mortgage lender can provide you with the following alternatives to resolve or avoid you committing mortgage payment default:

  • Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
  • Offering a temporary short-term payment deferral. Your mortgage lender may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.
  • Extending the original repayment period (amortization) in order to lower your monthly mortgage payments.
  • Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period.
  • Offering a special payment arrangement unique to your particular financial situation.

In every case, the options available to you will depend upon your individual financial circumstances and how quickly you have taken action to avoid defaulting on your mortgage.

Q: Is there anywhere I can get some free advice when struggling to pay a mortgage?

A: If you have missed making a mortgage payment and are struggling to pay the mortgage, contact the mortgage professionals at GVCPS. Mortgage professionals at GVCPS understand the stress and hassles that you face when you are experiencing difficulty making your mortgage payments.

For 25 years, mortgage professionals at GVCPS have been providing people with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting equity in the property and protecting home owner’s credit.

If you are struggling to pay your mortgage, contact a mortgage professional at GVCPS to help you get your payments back on track and to find a solution with your mortgage lender. GVCPS offers free consultation to discuss the different options that are available to your situation.  GVCPS Office: 604-812-3718 Email: info@gvcps.ca

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

I don’t have the money to make my mortgage paymentI Can’t Pay My Mortgage What Do I Do?

It’s Important That You Take Quick Action at the First Signs of Financial Difficulty

When financial circumstances or other unexpected life events impact your ability to make regular mortgage payments, address the issue immediately. With early intervention, cooperation and a well-executed plan, you can work together with a mortgage professional to find a solution to your financial difficulties.

Our Company, GVCPS, is a well-established Real Estate Investment Company. Our staff and business associates at GVCPS have extensive hands-on experience in all areas of real estate ranging from legal, financial advisors, real estate agents, mortgage advisors and financial investors. We also specialize in taking over mortgage payments and the house, townhome or condo associated with the mortgage that are any price, in any condition, in any situation and in any location of Vancouver, BC, the Lower mainland and the Fraser Valley, BC. Contact us for Free Consultation in regards to your situation. By working together, we can help you come up with a plan in regards to your mortgage payment difficulties and create a solution that works for everyone. Office: 604-812-3718 Email: info@gvcps.ca or visit our website for more information: gvcps.ca

I Can’t Pay My Mortgage What Do I Do? – What Options Do I Have When I Can’t Pay My Mortgage?

We offer Free Consultation regarding different options to keep your mortgage in good standing with your lender to avoid foreclosure and we also help you protect equity in the property as well as protect your credit. In every case, the options available to you will depend on your individual circumstances.

Two Ways That We May Be Able to Help You Stay In Your Home While You Resolve Your Financial Difficulties:

  • Short-Term Financial Difficulty Can’t Pay Mortgage Option: If you are temporarily unable to pay mortgage payment 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.
  • Long-Term Financial Difficulty Can’t Pay Mortgage Option: 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, a modification agreement or create a special payment arrangement with you and you still can’t pay your mortgage payments, ask a Mortgage Problems and Solutions professional at GVCPS about other mortgage options that may be available. Depending on your circumstances, mortgage refinancing or second mortgage options may help in managing your financial situation or our Mortgage Take Over Program at GVCPS may be the best solution in regards to your circumstances. Contact us for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or visit our website for more information: gvcps.ca

When Is It Too Late?

Address any difficulties you are having with your mortgage payments immediately. Acting fast will help to keep your best options open to resolve your situation and to avoid foreclosure. Do not wait until you receive telephone calls from your mortgage lender or a formal demand letter from your mortgage lender’s lawyer regarding your missed mortgage payments. By then, the formal foreclosure proceeding has started and depending on your payment history with your lender, your lender may be unwilling to accept any outstanding payments from you to reinstate your mortgage. If this happens, the foreclosure process will continue against you. If your lender will not reinstate your mortgage, you will have to attempt to obtain a court order from the Judge who is handing your foreclosure case to reinstate your mortgage to protect your equity in the property as well as protect your credit.

Our Company specializes in taking over mortgage payments and the property associated with the mortgage. We 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. We provide the best value for your property and can provide you with more money with none of the hassles normally involved in selling. We provide immediate solutions that enable people who need to move on from their situation to keep their former monthly mortgage payments in their pocket or bank account.

I Can’t Pay My Mortgage What Do I Do?

Most of us don’t plan on missing our mortgage payments, however, unforeseen financial circumstances or unexpected life events can impact our ability to make regular monthly mortgage payments and can cause us to fall behind on mortgage payments, leaving us feeling uncomfortable and unsure what to do.

If you can’t pay your mortgage, contact your mortgage lender immediately to see what solutions your lender can provide. Refinancing your mortgage with your lender may help you consolidate debt and lower your current monthly payments on all debts. As well, consolidating debts can help you improve your credit score.

If you can’t pay your full monthly mortgage payment, pay what you can towards the mortgage payment. Show your lender that you are proactive and willing to work towards finding a solution to your situation rather than avoiding the situation and avoiding your lender.

Contact one of our professional mortgage consultants at GVCPS for Free Consultation. We will discuss the different options that are available to you in regards to your lender. We can help keep your mortgage in good standing with your lender and we can help you lower your mortgage payment by utilizing innovative and creative mortgage strategies that provide you with immediate financial relief and peace of mind regarding your real estate situation. Contact us today for Free Consultation: Office: 604-812-3718 Email: info@gvcps.ca or visit our website for more information: gvcps.ca

If you are having mortgage payment problems, there are many alternatives available to you rather than wait for your lender to foreclose. The key is to know what you can do when the unanticipated happens.

If you can’t pay your mortgage payment, other options include:

  • Talk to your mortgage lender about a short term solution. Your lender may be able to offer you a temporary short-term payment deferral. Your mortgage lender may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule. With this option, you don’t have to go through the foreclosure process and this will not affect your credit.
  • Sell the property through a realtor: Depending on the current real estate market, you may be able to sell the property to pay off your entire mortgage debt in full. Rather than facing foreclosure, list your property with an experienced realtor who can help you sell the property as quickly as possible. Depending on your mortgage lender, they may commence foreclosure proceedings against you immediately if you are behind on your mortgage payments and it is important that your realtor is aware of your situation and timeline to sell the property if you already have missed mortgage payments and are facing PRE-foreclosure.
  • If you can’t pay your mortgage, an alternative option would be to talk with your mortgage lender to see if they are willing to add any missed payments (arrears) to the mortgage balance and spread them over the remaining mortgage repayment period or to extend the original repayment period (amortization) in order to lower your monthly mortgage payments. You can also ask your mortgage lender if they are willing to offer you a special payment arrangement unique to your particular financial situation until you resolve your financial difficulties.
  • If you can’t pay your mortgage, another option would be to contact our Company, GVCPS. We buy houses, duplexes, townhomes, condos and multi-family residential development projects that are any price, in any situation and in any location in Vancouver, BCthe Lower Mainland, and Fraser Valley BC, When a default occurs, we help you minimize your loss and reduce the risk. In most cases, we buy your house, townhome or condo as-is even if the property requires extensive repair or renovations, we will buy it.
  • We buy property on terms through our Mortgage Take Over Program – we take over house payments and the property associated with the mortgage. 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. Contact us for Free Consultation to discuss what solutions we can provide to your real estate situation. Office: 604-812-3718 Email: info@gvcps.ca or visit our website for more information: gvcps.ca

Unable to Pay Mortgage Options

Homeowners can often run into problems that can affect their ability to make their mortgage payments. If you are going through a difficult time and are unable to pay your mortgage payments, contact your mortgage lender right away to address your situation. Most lenders can find the best way to deal with almost any default situation that includes the following:

  • converting a variable rate mortgage to a fixed rate
  • offering a short-term mortgage payment deferral
  • extending the amortization period
  • spreading out missed payments over the total repayment period
  • creating special payment arrangements

If your financial hardship is temporary, your lender may be willing to apply a forbearance to your mortgage. Forbearance is a temporary postponement of mortgage payments. It is a form of repayment relief granted by the lender or creditor in lieu of forcing a property into foreclosure.

If your lender will not agree to create special payment arrangements, refinance your mortgage, enter into a forbearance agreement or modification agreement, we can still provide you with options and solutions. Our Company can help you lower your mortgage payment by utilizing innovative and creative mortgage strategies that provide you with immediate financial relief and peace of mind regarding your real estate situation. Contact us for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or visit our website for more information: gvcps.ca