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/

 

 

 

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. 

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.

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

Best Mortgage Companies, Mortgage Brokers Near Me

Best Mortgage Companies, Mortgage Brokers Near Me – GVCPS:

Buying a property and being personally responsible for a mortgage is one of the biggest investments you’ll ever make and it can also be one of the most complicated. This is why it is important that you work with the best mortgage companies that will give you professional, unbiased advice that you know you can trust.

The Best Mortgage Companies operating today serve a valuable role in the real estate industry, originating and serving mortgages by providing beneficial options for prospective homeowners, those looking to refinance their mortgage and for those who are experiencing mortgage payment problems and need immediate solutions.

Our Company, GVC Property Solutions Inc., (GVCPS) is a well-established real estate investment Company. We are pioneers in the mortgage industry and our team of specialized mortgage brokers offer you financial tools and expertise advice to help you understand your options to your individual mortgage needs so you can make the best possible decisions. We specialize in getting the best mortgage available for your needs when you are purchasing a property and we are here to work for you, not the banks.

We also specialize in;

  • 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

Our Mortgage Brokers near you have access to more than 40 lenders including Canada’s largest Banks, Credit Unions, Trust Companies and private lenders.

Are you experiencing mortgage payment problems and need an immediate solution? Is your mortgage behind on payments? Have you been issued a demand letter from your mortgage lender? We can help. We will explain your situation to you in plain english and provide mortgage refinancing options that might be right for you.

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. Contact us 604-812-3718 or info@gvcps.ca. We offer Free Consultation and do not charge you any fees or commissions.

Our specialized mortgage brokers near you are also on top of all the latest trends and innovations in the mortgage industry – 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. The guidance we offer and information we provide is deeply researched, objective and independent.

Finding the best mortgage companies and mortgage brokers near me in the Lower Mainland BC, Fraser Valley BC and Squamish BC

Finding the Best Mortgage Companies – the one’s who are committed to finding you the best mortgage financing options available to you that are tailored to your specific financial goals, is essential. You want to work with Mortgage Brokers near you who have access to a wide range of lenders that will be competing for your business therefore offering a variety of products for you to choose from and the best interest rates possible.

If you are looking for an independent mortgage broker in your neighborhood, contact our highly specialized team of mortgage brokers at GVCPS 604-812-3718. For more information regarding our Company, please visit www.gvcps.ca

You can go to a local bank and accept one of their products only available to that institution or you can contact an Independent Mortgage Broker at GVCPS that can offer a variety of products for you to choose from and the best interest rates possible. Our Brokers have access to over 40 lenders including Canada’s largest Banks, Credit Unions, Trust Companies and private lenders. Our Brokers give you unbiased advice and take the time to go through all your financing options.

We will make sure that you are provided with the best mortgage financing options available to you. We are here to work for you, not the banks. Our Company will provide many options to your individual mortgage needs that will turn your dream into a reality that is realistic.

Who are these mystical, magical people who help you move into your new house or provide immediate solutions to your mortgage problems? They are the Best Mortgage Companies who you can rely on with  the best Mortgage Brokers near you:

  • Service: Our licensed mortgage brokers who works for you offers personalized, one-on-one service. They are very communicative and proactive, anticipating requests for documentation and other conditions. Our mortgage brokers are paid by the lenders that they place the mortgage with and do not get paid until they close a loan. Apart from their good ethics, our mortgage brokers have a great incentive to fight to get your mortgage loan closed. Our mortgage brokers are very friendly, positive people who will keep you constantly updated as to the status of your loan application.
  • Experience: Even if you have great credit, steady employment, satisfactory income, low LTV (loan to value), and an acceptable property value, you will be asked to provide many documents before underwriters approve funding.Knowing what the banks will ask for in advance is one of the big bonuses of using the services of our experienced mortgage brokers. Anticipating a lender’s loan conditions can save hours of frustration. One of the most important things a good mortgage broker can do is assemble a comprehensive document package from the borrower before submitting the loan to a lender. When the underwriter gets a complete package, it eliminates time wasted going back and forth as the underwriter demands documents from the borrower, who must respond with the documents or risk losing the loan.
  • Lower Rates: A good broker shops lenders to find the best rates. Since our mortgage brokers get wholesale rates from the big lenders, our brokers can pass these savings to you. Usually, the mortgage broker makes his/her money from the rebate paid by the lender to the broker for selling an interest rate that is higher than the “par” pricing rate. But the fact is that these rates are still much lower, on average, than a borrower can get when he goes directly to the lender. A borrower in a bank pays that bank’s retail rates, which are usually higher than wholesale rates.
  • Trust: Canadian laws require that all mortgage brokers be licensed and have a knowledge of financing. Because of the strict licensing requirements, all licensed mortgage brokers pass rigorous testing and background checks, including fingerprinting and criminal background checks. Professional and licensed mortgage brokers will have good financial history and no criminal convictions. It is very important you trust your mortgage professional since you will be trusting him or her with your most private financial information when applying for a loan. Ask your mortgage broker to see written testimonials and speak with your mortgage professional directly with any questions or concerns you may have. After having an open conversation with your mortgage broker professional you will clearly see if he or she is the right fit for your needs. Using the services of an experienced, trustworthy, licensed mortgage broker offers benefits to homeowners seeking a mortgage refinance or new mortgage that a bank just does not provide.

 

The best Mortgage Brokers Near you have three things in common:

 

They are widely available:

A mortgage company doesn’t have to be countrywide to be good. If you have heard excellent reviews and the best professional services about a local mortgage broker near you, you should contact them. Local mortgage brokers near you will process fewer loans every month than a countrywide broker, however, they will be able to provide you with more detailed personal service that you need when making important financial decisions regarding your mortgage.

They are creative:

Our mortgage brokers know how to overcome lender obstacles creatively without adding any unnecessary stress to the situation. Underwriters often respond to loan packages with conditions that defy reason and common sense. When nonsensical conditions are passed to borrowers without explanation, as is often the case in big banks, borrowers become confused and frustrated and often respond with documents the underwriter did not ask for.

Our mortgage brokers aren’t rattled by strange condition requests and give careful attention to the request before planning a precise response to clear the condition. This may mean helping a borrower to write a letter of explanation, or calling a credit card company with the borrower to get an item cleared from a credit report. Our mortgage brokers go the extra mile for our clients. You have your own personal advocate working strictly on your behalf.

They provide you with options:

Brokers are paid on commission, generally speaking, and brokers usually have no preference which loan you choose. At banks, executives offer incentives to their loan officers to push certain loans. These loans are lucrative for the company, but may not benefit the you. You are served best when you are presented with different options in an objective manner.

Experienced brokers offer a variety of loan options tailored to you and explain the pros and cons of each. The options the mortgage broker presents should be based on their conversations with you and the mortgage broker should know how to ask the right questions to find precisely what the best options are that provide the most benefit.

Just remember we are a phone call, online application or an email away and we are happy to answer any of your questions. Or, if you are ready, we can process your application or explore all of your options regarding servicing your existing mortgage. We have a genuine interest in real estate and have been operating for 25 years. Contact us anytime with any questions that you have to discuss what solutions we can provide to your mortgage situation.  We provide free consultation to discuss the different options that are available to you | 604-812-3718 or info@gvcps.ca

Can Someone Take Over My Mortgage? We Can

Can Someone Take Over My Mortgage – Yes We Can – We Take Over Mortgage Payments and the Property Associated With It: If you are facing unmanageable or unwanted mortgage payments or if you have been struggling to pay your mortgage payments and have fallen behind on your mortgage payments and need financial relief, you may be asking yourself – Can Someone Take Over my Mortgage?

Our Company, GVC Property Solutions Inc. (GVCPS), is a real estate investment Company that is headquartered in Vancouver, BC. We specialize in taking over mortgages and payments and the property associated with it. If you have been wondering “can someone take over my mortgage?”, our Company, GVCPS, can take over mortgages for any property type that includes; houses, duplexes, town homes, condos and multifamily residential projects that are any price, in any condition and in any location of the Lower Mainland, BC, Fraser Valley, BC and Squamish, BC.

We understand the stress and hassles that you face when you are experiencing unmanageable or unwanted mortgage payments, when you need to sell your property but cannot sell through traditional methods or when you just want out of your real estate situation for any reason. Contact us today with any questions that you have 604-812-3718 or info@gvcps.ca. We offer free consultation and we do not charge any real estate fees or commissions.

Mortgage Problems and Solutions – Can Someone Take Over My Mortgage

Finding a solution to your financial difficulties requires early intervention and a well-organized plan.  The first step is to ask your mortgage lender or mortgage professional about options that are available to you for managing your current financial situation.  Your mortgage lender may be able to assist you by arranging more flexible payment options, particularly if you have paid previous lump sum pre-payments or if you have previously chosen an accelerated payment schedule.

At times, a debt consolidation loan is advisable and your mortgage professional can arrange a loan that meets your needs.  In every case, the options available to you will depend upon your individual financial circumstances. You may also want to discuss your situation with other related financial professionals, such as your financial planner or accountant.

It is important to be honest with your mortgage lender if you are having financial problems and to immediately discuss any mortgage payment difficulties you are having with your mortgage lender.

If your mortgage lender cannot offer you a solution to your mortgage difficulties of struggling to pay the mortgage, YES, Someone can take over your Mortgage. If you require financial relief from unmanageable or unwanted mortgage payments for any reason, our Company can take over your mortgage payments real estate and the property associated with it. Contact us today to discuss what solutions we can provide to your situation. We offer free consultation 604-812-3718 or www.gvcps.ca

If you cannot pay your mortgage, unfortunately, foreclosure will be inevitable. Clients facing these difficult times are usually confused with the Foreclosure Process in BC. Furthermore, you are often left with few options such as refinancing and tend to avoid doing anything to stop mortgage foreclosure. This is the wrong thing to do.

If you are facing pre-foreclosure and need help to stop foreclosure, our Company can take over your mortgage payments foreclosure and the property associated with it. We have a highly experienced team of mortgage brokers that can help you take the first step towards a financial solution. Our Company also has many lenders who may be able to help you with your situation. Time is of the essence when you are facing foreclosure, contact us as possible to stop mortgage foreclosure 604-812-3718 or www,gvcps.ca

What Options Do You Have to Stop Foreclosure? Can Someone Take Over my Mortgage?

Acting fast keeps the best options open to you, however, options are few at this point and fast action on your part is imperative to keep your best options viable. If you take action immediately, options available to you may be that our Company will either take over your mortgage  or we can help you reinstate your mortgage, if your mortgage lender will still allow you to bring your mortgage up to date. Depending on your individual circumstances, reinstating your mortgage may be achieved by applying for a 2nd mortgage or utilizing alternate funds to bring your mortgage payments up to good standing.

When our Company takes over your mortgage or helps you to reinstate your mortgage, these 2 options are usually the least expensive options because a 2nd mortgage is more cost effective than refinancing your 1st Mortgage. By bringing your 1st mortgage up to date with alternate funds or applying for a 2nd mortgage, we will essentially stop foreclosure in its tracks.

If you have come to the realization that selling your property is the best option, it may be worth listing your house on MLS through a realtor or contact a Real Estate Investment Company that buys property without charging real estate fees or commissions. Our Company, GVCPS, buys property quickly and we do not charge any real estate fees or commissions. We buy property that is any price, in any condition and in any location in the Lower Mainland, Fraser Valley and Squamish, BC.

Our Company will also take over mortgage payments real estate and take over mortgage payments foreclosure and provide you with flexible, pre-negotiated terms 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.

Our mission is to counsel our clients to understand their individual needs and then provide our clients with the best solution to their situation. We can either buy your property quickly for cash or in most cases, we 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 and monthly strata fees if your property is a strata. We provide free consultation to discuss the different options that are available to you. 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 Form (click here).

We Take Over Real Estate Mortgage Payments

If you are struggling to pay your mortgage payments in Vancouver, BC, the Lower Mainland, Fraser Valley, North Vancouver, West Vancouver or Squamish, BC., our Company, GVC Property Solutions Inc. (GVCPS) can help. We are a real estate investment Company that take over Real Estate mortgage payments in Vancouver, BC and no matter what your situation is, we take over real estate mortgage payments and the property associated with it. We also take over mortgage payments foreclosure and the property associated with it.

In most cases, we 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 and monthly strata fees. We provide free consultation to discuss the solutions that we can provide to your situation. For more information, please visit our website www.gvcps.ca or call us directly 604-812-3718. We are available 7 days per week including evenings until 9:00 pm.

Take Over Real Estate Mortgage Payments in Vancouver, BC

When we take over mortgage payments, we provide you with monthly cash flow management solutions to an unmanageable or unwanted mortgage and property situation. We help relieve your financial stress around real estate along with protecting any equity you may have in the property without charging you any real estate fees or commissions.

Take Over Mortgage Payments Foreclosure, Vancouver BC

When we take over mortgage payments foreclosure, we help protect your credit record regarding your missed real estate mortgage payments along with protecting any remaining equity you may have in the property. Your credit record along with any of your remaining equity in the property is less likely to be affected if you are proactive in the pre-foreclosure stage rather than the later stages of the foreclosure process.

Take Over Mortgage Vancouver BC

Our job is to provide you with immediate financial relief and peace of mind regarding your mortgage and property situation. When we buy homes on Terms (take over mortgage, take over mortgage payments real estate and take over mortgage payments foreclosure), 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 take over mortgage payments from clients who need relief from their mortgage or property situation for any reason. Common situations we take over mortgage payments from clients include;

  1. You are having difficulty making your mortgage payments each month
  2. You are making payments on two or more properties
  3. You have a house that is too costly to maintain
  4. You have a house that is too stressful to manage
  5. You are tired of being a landlord and dealing with landlord tenant disputes, tenancy issues and tenant problems
  6. You are an out of town owner and you don’t want to be a long distance landlord
  7. You are making payments on a vacant property
  8. You are dealing with the stress of an unwanted rental property
  9. Your property is in need of extensive repair that you do not have time or money for
  10. You need an immediate and flexible solution due to a job transfer or for any other reason
  11. Your property has been listed with a Realtor for many months and hasn’t sold
  12. You are divorcing and need to sell
  13. You are facing pre foreclosure
  14. Financial stress that requires an immediate sale of your residential property
  15. You want to avoid bankruptcy or a consumer proposal
  16. Your listing has expired with your Realtor
  17. You have minimal equity but need to sell now
  18. Your house is too big or too small and you need a convenient and flexible solution
  19. Your strata property has Rental Restrictions and you are experiencing difficulty selling due to strict Strata Bylaws
  20. Stigmatized properties

We take over mortgage payments in Vancouver, BC, the Lower Mainland, Fraser Valley, North Vancouver, West Vancouver or Squamish, BC. Our Company offers a wide range of creative solutions to help relieve financial stresses around real estate without charging fees or commissions.

Contact us to discuss what solutions we can provide to your real estate situation.  We provide free consultation to discuss the different options that are available to you. 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 Form (click here).

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

 

 

 

Mortgage Problems and Solutions. Contact Us

Mortgage problems and difficulties can affect anyone, regardless of where you live or how much equity you have in your property.

Although interest rates do play a part in creating mortgage problems, more often than not, some of the most common causes of mortgage problems are due to unexpected life events such as; job loss, prolonged unemployment, illness, injury, divorce and separation. Mortgage problems can also be caused by how well you manage your finances in general. Below are common types of mortgage problems and solutions.

Mortgage Problems and Solutions:

Mortgage Problem: I can’t pay my mortgage what do I do?

  • The most important thing you can do if you can’t pay mortgage, is to contact your mortgage lender immediately while there is still time to turn your situation around.
  • Finding a solution to your financial difficulties requires early intervention and a well-organized plan. Ask your mortgage broker about options that are available to you for managing your current financial situation.
  • If your mortgage is insured with either CMHC or Genworth, both Insurers offer home owner assistance programs designed to help customers experiencing temporary financial difficulties.
  • Contact our Company, GVCPS. We are a Real Estate Investment Company that can help relieve you of your financial stress if you can’t pay mortgage through our Mortgage Take Over Program. Through our Company’s Mortgage Take Over Program, we can take over your mortgage payments and the house, townhome or condo associated with the mortgage. 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 specialize in mortgage problems and solutions. In most cases, we will 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 and maintenance costs. Contact us for more information. Office: 604-812-3718 or Email: info@gvcps.ca

Contact Your Mortgage Lender Regarding Your Mortgage Payment Problem

The most important thing you can do if you can’t pay mortgage, is to contact your mortgage lender immediately while there is still time to turn your situation around. Your mortgage lender has as much interest as you do in finding an early solution if you can’t pay your mortgage payment because missed payments on your mortgage loan can cause problems for your mortgage lender as well.

Your lender may offer one of several solutions to support a payment recovery plan that may include: temporarily reducing your monthly payments to cover the interest only; deferring payments altogether and adding the unpaid amounts to the loan balance or increasing the length of the loan to lower the amount of the monthly payment. The earlier you contact your lender to find a solution, the more options your lender may have available to resolve your mortgage payment problems. In every case, the options available to you will depend upon your individual financial circumstances.

Talk To Your Mortgage Broker

Finding a solution to your financial difficulties requires early intervention and a well-organized plan.  Ask your mortgage broker about options that are available to you for managing your current financial situation.  Your mortgage broker may be able to assist you by arranging more flexible payment options, particularly if you have paid previous lump sum pre-payments or if you have previously chosen an accelerated payment schedule. In some situations, a debt consolidation loan is advisable and your mortgage broker can arrange a loan that meets your needs.  In every case, the options available to you will depend upon your individual financial circumstances. You may also want to discuss your situation with other related financial professionals, such as your financial planner or accountant.

CMHC and Genworth Financial Insured Mortgages

If your mortgage is insured with either CMHC or Genworth, both Insurers offer assistance programs designed to help customers experiencing temporary financial difficulties.  Working in partnership with mortgage lenders and mortgage brokers, these programs are available to you at no cost.

CMHC and Genworth Financial offer a variety of temporary alternative options designed to assist mortgage holders to meet their mortgage obligations and keep their mortgage in good standing.  For more information on these programs please visit: http://www.genworth.ca/content/genworth/ca/en/services/for_brokers/hoa.html and http://www.cmhc.ca/en/co/co_005.cfm 

Contact our Company, GVCPS Regarding Taking Over Your Mortgage Payments and the Property 

We can help relieve you of your financial stress if you can’t pay your mortgage payments through our Mortgage Take Over Program, We provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments. Depending on your individual situation, we may be able to preserve any equity that you may have in the property, help you avoid foreclosure and damage to your credit rating.

Assess Your Current Financial Situation

In order to help yourself, you need to first understand your financial situation. Sit down and create an honest budget based on your current financial situation and goals.  Create a budget and stick to it. A budget will help you take control of your money and make sensible decisions on how you spend. It will also give you a financial roadmap to follow and allow you to cut back on your spending. Your budget should include a detailed list of all of your financial obligations including credit cards, loans, household bills and their due dates.  Also include information about your current income, savings accounts, investments and any other assets.

Sell Your Property

Perhaps you have come to the realization that selling your property is the best option given your financial situation.  You can list the property on the market through a realtor or sell the property yourself.

 What You Should Not Do:

  • Do not ignore letters or telephone calls from your mortgage lender. If you are not sure what a letter from your lender means, ask your lender or one of our real estate consultants to help you with your questions. Office: 604-812-3718 or Email: info@gvcps.ca
  • Do not stop making payments altogether. If you can’t afford the full repayment, talk to your lender.. If your lender can not provide you with any solutions regarding your mortgage payment difficulties, contact one of our real estate consultants to help you find a solution to your mortgage payment problems.
  • You may be thinking about abandoning your property or sending the keys to your lender. You should not do this without talking to your lender first or one of our real estate consultants – it’s important that you understand the consequences of foreclosure if you stop paying your mortgage payments.
  • Do not do anything to the property that will adversely affect the value of the property.

Other Solutions if You Can’t Pay Your Mortgage:

If you are having problems paying your mortgage, contact your mortgage lender to inquire if you are eligible for a loan modification in regards to your mortgage.

If You Are Eligible, Your Lender May Modify Your Mortgage Loan By:

  • Adjusting the monthly payments and the mortgage loan period to reflect changes in your financial situation
  • Modifying the interest rate from an adjustable rate to a fixed rate
  • Waiving penalties

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.

Negotiations With Your Mortgage 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 Company, GVCPS, has been operating for 25 years, buying residential properties. We buy houses, duplexes, townhomes and condos that are in any situation, in any price range, in any condition and in any location in Vancouver, BC, the Lower Mainland and the Fraser Valley, BC.

Facing Foreclosure? Can A Foreclosure Mortgage Help You?

FORECLOSURE MORTGAGES 

Written by Kristen White

A mortgage is a contract to repay a loan, secured with a charge on land that is registered against your property at the Land Title Office. If you fall behind with your mortgage payments, the lender may start to Foreclose. If you can’t pay the mortgage loan in full, either by selling your house or pay the mortgage in some other way, the lender can sell your property to pay off the loan.

If your Mortgage is currently in Foreclosure, you can apply to obtain a Foreclosure Mortgage. This mortgage will pay out your current Bank/Lender and stop the current Foreclosure.

Please keep in mind when obtaining a Foreclosure Mortgage, during the application process, your new lender will look at your current employment, your credit and other current loans including any other mortgages registered against the property being Foreclosed on.  If your Bank/Lender will not allow you to reinstate your mortgage, and you still have equity in your property that you need to protect, I have Lender’s who may be able to help.

We specialize in Pre – Foreclosure. In most cases, we can reinstate your mortgage, stop the Foreclosure and make monthly payments towards your mortgage.

If you have questions, contact us today: 604-812-3718. We are here to help and we do not charge any fees or real estate commissions, saving you thousands of dollars.