Are You Facing Bankruptcy? There Are Options Available

We Can Help

When faced with financial problems, some people are left questioning their next move and are misled about what to do. If you find yourself facing a possible bankruptcy, it’s important that you know how bankruptcy will affect you and your family in the years to come and it is important to research all of your bankruptcy options before you declare bankruptcy.

Your Credit Rating & Bankruptcy Options in British Columbia

Bankruptcy is one of the worst things you can do to your credit rating. There is no easy way to obtain credit after you have legally eliminated your debts through bankruptcy. It takes time and patience before creditors will trust you enough to lend you money again. Not being able to take out a loan, renew your mortgage or apply for a low interest rate credit card can impact your financial plans and put your life on hold for years. It is important that you research all of the bankruptcy options that are available to you.

Not all debts can be included in bankruptcy, e.g. secured debts will survive a bankruptcy because they can not be included. Unsecured debts, which some people call non secured debts, can be eliminated, however, debts that are included in a bankruptcy are not always discharged. Many people are also not aware that creditors, their bankruptcy trustee or the Office of the Superintendent of Bankruptcy (OSB) have the option to oppose someone’s discharge from bankruptcy.

If You Facing Bankruptcy, There Are Bankruptcy Options Available To You 

If you are having trouble paying your mortgage and you are worried that you might be facing foreclosure, your mortgage lender can still foreclose regardless of whether you are bankrupt. Contact us for help right away as you will have more bankruptcy options available to you and you will avoid foreclosure if you obtain help sooner than later. We have helped many clients with bankruptcy options by helping our clients keep their equity in their property while protecting their credit from being ruined. Contact us or Free consultation to discuss the different bankruptcy options and bankruptcy foreclosure options that are available to you. Office: 604-812-3718 or info@gvcps.ca.

Secured Debts Not Discharged In Bankruptcy

A debt secured by a mortgage on an asset, such as your house or car, will not be discharged by bankruptcy. However, bankruptcy and secured debts complicate each other.

Property and Mortgage – Are your payments on the mortgage up to date? If not, your mortgage lender can foreclose regardless of whether you are bankrupt. In the case of a house, are your payments on municipal taxes and utilities up to date? If not, the city or BC Hydro can place a lien on the house, changing those debts from unsecured to secured.

Equity in the Property – If you have positive equity, beyond any limit on its bankruptcy exemption value, the excess is considered an asset to be included in your bankruptcy estate. This can happen by your Licensed Insolvency Trustee’s seizing and selling the asset. However, if you can get the amount from some source like your family, you could keep the asset.

A general summary of the equity you are able to keep is – Equity in your primary residence in Greater Vancouver and the Greater Victoria Regional District = $12,000. Outside these districts, the amount is = $9,000.

We provide Free consultation to discuss the different bankruptcy options and bankruptcy foreclosure options that are available to you. You can get more information about avoiding bankruptcy and avoiding foreclosure by calling us at 604-812-3718 or emailing us info@gvcps.ca.

Debts That Can Be Included In Bankruptcy

  • Credit card debt including retail store cards
  • Unsecured lines of credit
  • Personal loans not secured by any asset
  • Income tax, HST and property taxes
  • Unpaid utility bills, cable and phone bills, insurance or membership payments
  • Medical bills
  • Payday loans

Unsecured Debts Not Discharged In Bankruptcy

  • Student loans if it has been less than 7 years since your ceased being a student
  • Government over-payments, e.g. if you were paid too much in EI benefits, you will still need to repay the surplus
  • Alimony and child support
  • Fines and penalties imposed by the court
  • Debts due to fraud

Our Team of Legal Experts Can Advise You With Bankruptcy Options Including:

A Consumer Proposal is a formal, legally binding process which involves a reduction of unsecured debt, or an extension of time for repayment of the debt, or both. The term of a Consumer Proposal must not exceed five (5) years, and no interest accumulates during the term of the Consumer Proposal. A Consumer Proposal is legally binding on all types of unsecured creditors (including government debts such as unpaid taxes and student loans) provided that the Consumer Proposal is accepted by creditors holding the majority in dollar value of proven claims. A Consumer Proposal is administered by a Licensed Insolvency Trustee.

A Debt Management Plan (“DMP”) is an informal (i.e., not legally binding) debt repayment plan which is arranged through a licensed, accredited, non-profit credit counselling organization. A credit counsellor works with the debtor and creditors to develop a more manageable and affordable debt repayment plan. Under DMP, credit card and similar unsecured debt payments are consolidated into one affordable payment which is made to the credit counselling service, who then distributes the payment to the creditors. Licensed, accredited, non-profit credit counsellors are effective in negotiating with creditors to reduce or eliminate interest, which helps reduce overall costs. Many types of debts, such as unpaid income taxes, student loans and other government debts cannot be part of DMP.

A Consolidation Loan is a loan provided by a bank, credit union or finance company to pay out other debts and consolidate several monthly payments into one monthly payment. A consolidation loan requires an application and approval by the lender, who will consider the debtor’s credit rating, income, assets and debts. Many lenders require the debtor to provide security or collateral for a consolidation loan. Interest rates on consolidation loans can be high and will vary from lender to lender.

Consolidate your debts with a home equity line of credit (HELOC): A home equity line of credit gives you access to the equity in your property and it is secured against your property. The interest rate is low because you are using your property as collateral. Alternatively, if you have little or No Equity and need to sell your property but cannot sell through traditional methods or if you are having mortgage payment problems, we can either buy your property for cash or take over your mortgage payments and the property associated with it.

Our Company, GVCPS, is a real estate investment Company who has experience and knowledge regarding the Bankruptcy laws in BC and we specialize in providing you with bankruptcy options and bankruptcy foreclosure options. Our interest is in helping our clients to resolve their financial burdens and to help them gain a fresh start on their financial future. Our mission is to counsel our clients to understand their individual needs and then provide our clients with the best solution to their situation.

There are certain bankruptcy rules that need to be followed. For more detailed information regarding bankruptcy laws in BC:

http://www.bclaws.ca/civix/document/id/complete/statreg/96078_01

http://www.bclaws.ca/civix/document/id/complete/statreg/28_98

We provide Free consultation to discuss the different bankruptcy options and bankruptcy foreclosure options that are available to you.

Facing Mortgage Problems in Coquitlam, BC? We Take Over Mortgage Payments and the Property. Contact Us

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.

We know the stress and hassles that you face when you need relief from your mortgage payments, when you need to sell your property but cannot sell through traditional methods or when your property has been listed with a realtor for many months and hasn’t sold.

Our Company, GVC Property Solutions Inc. (GVCPS), is a well established real estate investment Company who takes over mortgage payments and the property associated with the mortgage. We can also take over payments if your house is for sale and currently listed with a realtor.

If you are having trouble making your mortgage payments each month, contact one of our professional mortgage consultants at GVCPS to discuss your options as early as you can. We are mortgage problem solution providers in Coquitlam, BC who have been helping people who are experiencing difficulties with their mortgage payments and helping people to avoid foreclosure for 25 years. Office: 604-812-3718 or Email: info@gvcps.ca

If you have already missed one or more of your mortgage payments, the longer you wait, the fewer options you will have with your lender. In most cases, your property will be repossessed by the bank through foreclosure if you do not keep your payments up to date with your lender.

By following these two steps, you can make a big difference in resolving your financial difficulties with your mortgage lender.

1) Talk to your mortgage lender

  • To increase the chance of successfully managing your financial situation through early intervention, call your lender at the first sign of financial difficulty;
  • Ask your lender about information on the options available for managing your financial situation; and
  • Keep your lender informed as your circumstances evolve.

2) Clarify your financial picture

In order to help your lender fully understand your financial situation, before meeting with them, prepare a detailed list of 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.

Most lenders want to establish and maintain a positive relationship with you over the long term, and most lenders are fully trained and equipped with the tools to help you deal with any temporary financial setbacks that you may be facing.

If your mortgage lender is not willing to help you manage your financial situation, contact one of our mortgage problem solution providers in Coquitlam, BC. Our experienced mortgage consultants specialize in working out solutions with different lenders to maintain a positive relationship over the long term of the mortgage.

If you are facing Mortgage problems in Coquitlam, BC, it’s important to address your situation immediately and not procrastinate. If you have questions in regards to your mortgage payment difficulties, contact one of our mortgage problem solution providers in Coquitlam, BC to discuss what your options are to resolve or avoid mortgage payment default.

If you are behind on your mortgage payments or facing pre-foreclosure, you may still have options available to you. Often, lenders don’t want to resort to foreclosure – the process is time-consuming and this can be expensive for a lender. Depending on your situation, your lender may be open to alternative solutions rather than proceeding with the foreclosure process.

One option is to refinance your mortgage or secure a Home Equity Line of Credit (HELOC), which in some cases, will consolidate your entire debt and catch up your mortgage payment arrears and free up cash flow or it may be possible to bring your mortgage arrears up to date with a second mortgage.

How can our Mortgage Problem Solution Provider team in Coquitlam, BC help you?

We can help you with your mortgage payment difficulties, help you protect your equity in your property and help you protect your credit. Our professional mortgage consultants have earned a reputation for fair dealing with 25 years of experience in the mortgage industry as well as with real estate lawyers and mortgage lending institutions. We are experts in providing creative solutions in the mortgage market and we appreciate the opportunity to help you in your situation.

Are You Facing Mortgage Problems in Abbotsford, BC? We Take Over House Payments and the Property. Contact Us.

Are You Facing Mortgage Problems in Abbotsford, BC? 

Our Company, GVC Property Solutions Inc., is a well-established Real Estate Investment Company that takes over mortgage payments and the house, townhome or condo associated with the mortgage regardless of the condition, situation or price of the property in any area of the Lower Mainland, BC and the Fraser Valley, BC. Contact us for Free consultation: 604-812-3718.

For thousands of Abbotsford, BC home owners, their monthly mortgage payments are among their top financial concerns. Many people realize that the mortgage on their house is the biggest financial commitment that they will likely ever make. As a result, a mortgage needs to be treated as the one debt obligation that you will need to ensure that you are paying for on time each month, if you want to keep your mortgage in good standing with your mortgage lender.

If you are a homeowner and have fallen behind on your mortgage payments, you are not alone. It is common for home owners in Abbotsford, BC as well as home owners in the Fraser Valley, BC, to face unforeseen financial circumstances or unexpected life events that impact their ability to make their regular monthly mortgage payments.

When you are facing financial difficulties that impact your ability to make your regular mortgage payments, it is important for home owners in Abbotsford and the Fraser Valley, BC, to take quick action. At first, your mortgage lender may tolerate a few late payments, however, when your delinquent mortgage payments turn into missed mortgage payments altogether, a foreclosure action against you will be inevitable.

If you are having Mortgage Problems in Abbotsford, BC – What can you do?

The most important thing is not to ignore your mortgage payment problems or any telephone calls from your mortgage lender. To increase the chance of successfully managing your financial situation through early intervention, contact a Mortgage Problem Solution Provider at the first sign of financial difficulty. Ask the mortgage professional about information on the options available for managing your financial situation and they will help you find solutions with the following tips:

You may request a Loan Modification

A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower’s loan are changed to provide a more affordable payment. With a loan modification, your lender may agree to do one of more of the following to reduce your monthly payment:

  • reduce the interest rate
  • convert from a variable interest rate to a fixed interest rate, or
  • extend the length of the term of the loan.

Generally, to be eligible for a Loan Modification, you must:

  • show that you cannot make your current mortgage payment due to a financial hardship
  • complete a trial period to demonstrate you can afford the new monthly amount, and
  • provide all required documentation to your lender for evaluation.

Required documentation will likely include:

  • a financial statement
  • proof of income
  • most recent tax returns
  • bank statements, and
  • a hardship statement.

There are many different loan modification programs available, including proprietary (in-house) loan modifications and for mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation.

If you are currently unable to afford your mortgage payment, and won’t be able to in the near future, a loan modification may be the ideal option to help you avoid foreclosure.

Refinance with a New Loan

Depending on your financial situation, the best course of action may include obtaining a 2nd mortgage or refinancing your current mortgage with a B-Lender or a new 1st private mortgage lender.

You may be able to find another mortgage lender that will offer you a loan with better terms (such as a fixed rate) that may be more manageable. Review your current loan to determine whether it contains a prepayment penalty and check if refinancing is possible.

Ask for a Forbearance Agreement:

While a loan modification agreement is a permanent solution to unaffordable monthly payments, a forbearance agreement provides short-term relief for borrowers.

With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period of time and not to initiate a foreclosure during the forbearance period. In exchange, the borrower must resume the full payment at the end of the forbearance period, plus pay an additional amount to get current on the missed payments, including principal, interest, taxes, and insurance. (The specific terms of a forbearance agreement will vary from lender to lender.)

If a temporary hardship causes you to fall behind in your mortgage payments, a forbearance agreement may allow you to avoid foreclosure until your situation gets better. In some cases, the lender may be able to extend the forbearance period if your hardship is not resolved by the end of the forbearance period to accommodate your situation.

In forbearance agreement, unlike a repayment plan, the lender agrees in advance for you to miss or reduce your payments for a set period of time.

Plan a Repayment Plan with your lender:

If you have missed some of your mortgage payments due to a temporary hardship, a repayment plan may provide a way to catch up once your finances are back in order. A repayment plan is an agreement to spread the past due amount over a specific period of time.

Here is how a repayment plan works:

  • The lender spreads your overdue amount over a certain number of months.
  • During the repayment period, a portion of the overdue amount is added to each of your regular mortgage payments.
  • At the end of the repayment period, you will be current on your mortgage payments and resume paying your normal monthly payment amount.

To get information about these and other options to avoid foreclosure, contact us, we are Mortgage Problem Solution Providers in the Lower Mainland and Fraser Valley, BC.

We can help provide options that lets you pay off the delinquency over a period of time. The length of a repayment plan will vary depending on the amount past due and on how much you can afford to pay each month, among other things. A three- to six-month repayment period is typical.

Alternative to Bankruptcy – A Detailed Guide By GVCPS

Bankruptcy is not an easy way out. People who file bankruptcy are not walking away from their debts with no consequences. In addition, despite popular belief, not all debts can be discharged by claiming bankruptcy. Bankruptcy and debt can be very complicated. Personal bankruptcy is an option of last resort for people who are overwhelmed with debts they cannot repay. Finding alternatives to bankruptcy and getting more information is important before taking such a drastic step.

Personal Bankruptcy in Vancouver BC Bankruptcy might be the first thing you think of when you realize that you can’t keep up with your debts. Before declaring bankruptcy, you need to know what your alternatives to bankruptcy are, how the process works and how it will affect you and your family in the years to come. Let us help you avoid a mistake by explaining all of your alternatives to bankruptcy first.

Not all debts can be included in bankruptcy, e.g. secured debts will survive a bankruptcy because they can not be included. Unsecured debts, which some people call non secured debts, can be eliminated, however, debts that are included in a bankruptcy are not always discharged. Many people are also not aware that creditors, their bankruptcy trustee or the Office of the Superintendent of Bankruptcy (OSB) have the option to oppose someone’s discharge from bankruptcy.  There are certain bankruptcy rules that need to be followed. For more detailed information regarding bankruptcy laws:

Debts That Can Be Included In Bankruptcy

  • Credit card debt including retail store cards
  • Unsecured lines of credit
  • Personal loans not secured by any asset
  • Income tax, HST and property taxes
  • Unpaid utility bills, cable and phone bills, insurance or membership payments
  • Medical bills
  • Payday loans

Unsecured Debts Not Discharged In Bankruptcy

  • Student loans if it has been less than 7 years since your ceased being a student
  • Government overpayments, e.g. if you were paid too much in EI benefits, you will still need to repay the surplus
  • Alimony and child support
  • Fines and penalties imposed by the court
  • Debts due to fraud

Secured Debts Not Discharged In Bankruptcy

A debt secured by a mortgage on an asset, such as your house or car, will not be discharged by bankruptcy. However, bankruptcy and secured debts complicate each other.

  • Property and Mortgage – Are your payments on the mortgage up to date? If not, the mortgagor can foreclose regardless of whether you are bankrupt. In the case of a house, are your payments on municipal taxes and utilities up to date? If not, the city or BC Hydro can place a lien on the house, changing those debts from unsecured to secured.
  • Equity in the Property: If you have positive equity, beyond any limit on its bankruptcy exemption value, the excess is considered an asset to be included in your bankruptcy estate. This can happen by your Licensed Insolvency Trustee’s seizing and selling the asset. However, if you can get the amount from some source like your family, you could keep the asset.
  • A general summary of the equity you are able to keep is: Equity in your primary residence in Greater Vancouver and the Greater Victoria Regional District = $12,000. Outside these districts, the amount is = $9,000.

If you are having trouble paying your mortgage and you are worried that you might be facing foreclosure, your mortgage lender can still foreclose regardless of whether you are bankrupt. Contact us for help right away as you will have more alternatives to bankruptcy available to you and you will avoid foreclosure if you obtain help sooner than later. We have helped many clients with alternatives to bankruptcy by helping clients keep their equity in their property while protecting client’s credit.

We provide Free consultation to discuss the different alternatives to bankruptcy and alternatives to bankruptcy foreclosure that are available to you. You can get more information about avoiding bankruptcy and avoiding foreclosure by calling us at 604-812-3718 or emailing us info@gvcps.ca

Your Credit Rating & Bankruptcy in British Columbia

Bankruptcy is one of the worst things you can do to your credit rating. There is no easy way to obtain credit after you have legally eliminated your debts through bankruptcy. It takes time and patience before creditors trust you enough to lend you money again. Not being able to take out a loan, renew your mortgage or apply for a low interest rate credit card can impact your financial plans and put your life on hold for years. It is important that you research all of the alternatives to bankruptcy that are available to you.

Our team of legal experts can advise you with Alternative to Bankruptcy including:

  • A Consumer Proposal is a formal, legally binding process which involves a reduction of unsecured debt, or an extension of time for repayment of the debt, or both. The term of a Consumer Proposal must not exceed five (5) years, and no interest accumulates during the term of the Consumer Proposal. A Consumer Proposal is legally binding on all types of unsecured creditors (including government debts such as unpaid taxes and student loans) provided that the Consumer Proposal is accepted by creditors holding the majority in dollar value of proven claims. A Consumer Proposal is administered by a Licensed Insolvency Trustee.
  • A Debt Management Plan (“DMP”) is an informal (i.e., not legally binding) debt repayment plan which is arranged through a licensed, accredited, non-profit credit counselling organization. A credit counsellor works with the debtor and creditors to develop a more manageable and affordable debt repayment plan. Under DMP, credit card and similar unsecured debt payments are consolidated into one affordable payment which is made to the credit counselling service, who then distributes the payment to the creditors. Licensed, accredited, non-profit credit counsellors are effective in negotiating with creditors to reduce or eliminate interest, which helps reduce overall costs. Many types of debts, such as unpaid income taxes, student loans and other government debts cannot be part of DMP.
  • A Consolidation Loan is a loan provided by a bank, credit union or finance company to pay out other debts and consolidate several monthly payments into one monthly payment. A consolidation loan requires an application and approval by the lender, who will consider the debtor’s credit rating, income, assets and debts. Many lenders require the debtor to provide security or collateral for a consolidation loan. Interest rates on consolidation loans can be high and will vary from lender to lender.
  • Consolidate your debts with a home equity line of credit (HELOC): A home equity line of credit gives you access to the equity in your property and it is secured against your property. The interest rate is low because you are using your property as collateral. Alternatively, if you have little or No Equity and need to sell your property but cannot sell through traditional methods or if you are having mortgage payment problems, we can either buy your property for cash or take over your mortgage payments.

Our Company, GVCPS, is a Real Estate Investment Company who has experience and knowledge regarding the Bankruptcy laws and specializes in providing you with Alternative to Bankruptcy. Our interest is in helping our clients to resolve their financial burdens and to help them gain a fresh start on their financial future. Our mission is to counsel our clients to understand their individual needs and then provide our clients with the best solution to their situation.

Facing Mortgage Problems in Chilliwack, BC? We Takeover Mortgage Paymemts and the Property Associated with the Mortgage. Contact Us

Are you facing mortgage problems in Chilliwack, BC? Purchasing a property can be an expensive process and obtaining a mortgage is one of the most important decisions you will ever make. Most people do not have a 20% down payment to put towards the purchase of a property and a high-ratio mortgage is their only other option.

Our Company, GVC Property Solutions Inc., is a well established Real Estate Investment Company that specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage regardless of your situation and regardless of the age or condition of the property. We offer immediate, professional and confidential solutions to your property situation regardless of your circumstance. Contact us for Free Consultation: 604-812-3718.

If you have purchased a property and are unable to pay your mortgage on a regular basis due to any reason, it is important that you take quick action. If you are struggling to keep up with all of your mortgage payments, it can be a very stressful and overwhelming experience, leaving you feeling uncomfortable and unsure of what to do. There are many different types of Mortgage Problems in Chilliwack, BC, but you do have options.

If you are experiencing difficulty making your mortgage payments each month in Chilliwack, BC contact one of our Mortgage Problem Solution Providers to discuss what solutions we can provide to your real estate situation.  We provide Free consultation and expert advice to help you with your situation. 

When unforeseen financial circumstances or unexpected life events impact your ability to make regular mortgage payments, Mortgage Problem Solution Providers in Chilliwack, BC can help you get your mortgage payments back on track through a modification of mortgage, a forbearance agreement, a refinance or through a second mortgage.

To Overcome Your Mortgage Problems in Chilliwack, BC, Other Options Are Also Available to You:

If your mortgage is insured by Canada Mortgage and Housing Corporation, (CMHC), in the City of Chilliwack, BC, CMHC is also willing to consider other alternatives proposed by your Mortgage Problem Solution Provider to resolve or avoid mortgage payment default. In every case, your options will depend upon your individual financial circumstances.

Based on your individual financial circumstances, your Mortgage Problem Solution Provider may be able to propose one or more of the following alternatives to CMHC:

  • Converting your variable interest rate mortgage to a fixed interest rate in order to protect you from a sudden interest rate increase, should one occur.
  • Offering you a temporary short-term payment deferral. Your mortgage professional 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 your original repayment period (amortization) in order to lower your monthly mortgage payments.
  • Adding any missed payments (arrears) to your mortgage balance and spreading them over the remaining mortgage repayment period.
  • Offering you a special payment arrangement unique to your particular financial situation.

To increase the chance of successfully managing your financial situation through early intervention, call your Mortgage Problem Solution Provider at the first sign of financial difficulty. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties and avoid mortgage payment default. Contact us to discuss the solutions that are available to your situation.

We Buy Houses in Chilliwack BC, Sell Your House Today

We buy houses in Chilliwack, BC in any condition. Regardless if your house, townhome or condo is brand new or if your property is in need of extensive repair, we buy houses in “as-is” condition. Our Company, GVC Property Solutions Inc. (GVCPS), is a well established Real Estate Investment Company that buys houses, townhomes and condos that have plumbing, electrical or heating problems, roof membrane issues, fire damage and we can buy your house if there are code violations.

We work with people who are experiencing difficulty selling through traditional methods, people who are experiencing difficulty making their mortgage payments each month and people who just want out of an unwanted real estate situation or a problem property situation for any reason.

We buy any property type. We buy single family houses, duplexes, condos, town houses and we also buy multi-family properties duplexes, triplexes, and fourplexes. Our job is to provide you with immediate relief from your property situation so you can move on with your life with peace of mind. We have earned a reputation for fair dealing with 25 years of experience and have helped many people facilitate a non-stressful real estate transaction.

We buy houses in Chilliwack, BC quickly. If you find that you need to sell your house fast, we can get the process started for you right away. We buy houses, townhomes and condos in any price range in Chilliwack, BC. We are local home buyers throughout the Fraser Valley, BC and we buy houses in all types of neighborhoods – if your house is located in the rural area of Chilliwack, BC or if it is located in a neighbourhood, we can buy your house.

Selling your house, townhome or condo through a realtor can be a long and costly experience when you add up all of your out of pocket expenses to pay for real estate fees and commissions, appraisals, surveys and repairs. We eliminate all of these costs to you. We provide you with an offer and terms that work for you and we do not charge any real estate commissions.

GVCPS – We Buy Houses in Chilliwack BC, We Are Home Buyers in Chilliwack, BC

Regardless of what your situation is or why you want to sell your house, we may be the right home buyer in Chilliwack, BC for you. Contact us to discuss what solutions we can provide to your real estate situation. We provide Free consultation to discuss the different buying options that are available to you.

Taking Over Someone’s Mortgage Payments? We Specialize In Taking Over Mortgage Payments

People often come to us asking if they can “take over a mortgage loan” or “remove someone from the mortgage loan.” However, most people who request this, want to alter the underlying mortgage loan documents and change the ownership status of the mortgage loan.

To do this, the mortgage loan has to be an assumable mortgage and you have to be approved for a mortgage assumption by the lender who holds the loan. You have to submit a mortgage assumption application to the mortgage lender and the lender has to review your application and approve it – the assumption process is very similar to the process required to apply for your own mortgage.

Is taking over someone’s mortgage payments an option without having to go through the mortgage assumption process with the lender?

Yes, you can take over someone’s mortgage payments without having to go through the assumption process. You don’t need to disclose this to the lender either. As long as the mortgage payments are being made and the property title hasn’t changed, the lender is happy.

It is recommended that you seek the counsel of a mortgage professional or a legal adviser before you take over someone’s mortgage payments as there are a number of steps that you can take to help someone with their mortgage in a way that protects both of your interests in the property.

We provide immediate monthly cash flow management solutions to people who are facing unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. We take over house payments and the house and we provide our client’s with more money with none of the hassles normally involved in selling.

Our Company, GVC Property Solutions Inc. (GVCPS), is a well-established Real Estate Investment Company that specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage. We offer the best value for residential properties that are any condition, any situation, any price range and in any location of Vancouver, BC, the Lower Mainland and the Fraser Valley, BC.

Can I just take over the mortgage title if I am taking over someone’s mortgage payments?

Not generally. The reason is that a lender can’t simply approve a home loan that does not have property or security attached to it. You also need to take into consideration that some lenders require that all persons who are on the mortgage title to also be registered on the property title as well.

The only exception to this rule is if the loan is an “assumable” mortgage by the lender’s definition and you will have to go through the mortgage assumption process and be approved by the lender as discussed earlier in this article.

If you know of someone who is experiencing unmanageable or unwanted mortgage payments and can’t make their mortgage payments for a house, townhome or condo, contact us to discuss the solutions that we can provide to their situation.  We provide Free consultation to discuss the different options that are available.

Can I be added to the mortgage title?

Yes, however, this step is not mandatory if you are taking over someone’s mortgage payments.

You can be added to the mortgage title as long as the lender and all persons who are currently on the mortgage title agree to it, however, depending on your agreement with the person who’s mortgage payments you are taking over, you are taking on part responsibility for the mortgage and if you are not registered on the property title, you will not be entitled to receive any money if the registered owner sold the property, unless this is stated in your legal agreement with the registered owner(s) of the property.

Ensure You Know How to Take Over Someone’s Mortgage Payments Legally

There are many advantages of taking over someone’s mortgage payments, however, taking over someone’s mortgage payments is a big decision to make. If you are taking over someone”s mortgage payments, it is advisable that you first seek independent legal advice.

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 have your own home that you are making mortgage payments on.

If you know someone who is having difficulties making their mortgage payments each month, it is important that they first speak to a mortgage professional or their mortgage lender to see if they can provide any solutions. After that, speaking to a financial advisor and a solicitor about any other possible solutions may be necessary depending on the situation.

We understand the stress and hassles that people face when they are experiencing unmanageable or unwanted mortgage payments, experiencing difficulty selling their property through traditional methods or when someone just wants out of their property situation for any reason. We specialize in buying properties that are difficult to sell quickly and we also specialize in taking over mortgage payments and the house, townhome or condo associated with the mortgage. Contact us to discuss the different options that are available to your situation. 

Facing Mortgage Problems in Delta, BC? Contact Us. We Take Over Mortgage Payments and the Property Associated with the Mortgage.

Facing Mortgage Problems in Delta, BC? Ask Our Mortgage Problem Solution Providers For Help. If you are having Mortgage Payment Problems in Delta, BC, do not ignore your situation. The longer you wait to start working towards a solution, the fewer options you will have available to you.

If you find yourself facing financial difficulties as a result of job loss, family income reduction, divorce or for other reasons and your situation is impacting your ability to make regular mortgage payments, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. The most important step is to confront your mortgage payment problem immediately.  

If you are having trouble making your mortgage payments each month, contact us.  Our Company, GVCPS Inc., is a Real Estate Investment Company that specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage in Delta, BC and surrounding areas of the Lower Mainland, BC and the Fraser Valley, BC.

We are mortgage problem solution providers in Delta, BC. For 25 years, we have been providing professional solutions to people who are experiencing difficulty paying their mortgage payments each month, people who are experiencing difficulty selling their property through traditional methods and people who require relief from their property situation for any reason.

You Cam Also Contact A Mortgage Broker Or Other Mortgage Professional

For all of your Mortgage Problems in Delta, BC, ensure to contact a mortgage professional at the first sign of financial difficulty. Through early intervention, a mortgage professional can help you increase your chance of successfully managing your financial situation.

If You Are Facing Mortgage Problem In Delta, BC, A Mortgage Professional Will Help You With The Following Options To Get Your Mortgage Problems Back On Track And Help You Work With Your Mortgage Lender:

  • Cutting down your mortgage costs.
  • How to manage your mortgage debt.
  • Renegotiate your mortgage.

If you are in a situation where making monthly Mortgage payments is difficult and you are facing Mortgage Problems in Delta, BC, a debt consolidation mortgage, a home equity loan or a line of credit may also be an option.

  • Refinance with a debt consolidation mortgage

As a homeowner, one way to start managing some of your higher-interest debt is to refinance your existing mortgage with a debt consolidation mortgage. Some mortgage types allow you to borrow additional money on your mortgage so you can consolidate your debts into one simple payment. This way, you can easily budget with a structured payment plan and an assured pay-off date.

  • Debt consolidation home equity loan or line of credit

Homeowners who are looking to consolidate their debts may have the option of using their home equity to secure a loan or line of credit. A home equity loan or line of credit allows you to obtain a lower interest rate and a higher credit limit by using the equity you’ve built in the property as security. By consolidating your debts into a home equity loan or line of credit, you will have the convenience of one consolidated payment rather than having several bills from different creditors.

This makes bill payments more manageable and the rate is usually lower, helping you pay off your debts sooner. With a home equity line of credit additional benefits include making interest payments only on the funds you use, not your total credit limit, and having ongoing access to funds up to your authorized credit limit.

If You Require Relief From Your Mortgage Payments and Property Situation, Contact Us

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.

Our Company specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage regardless of your situation and regardless of the condition of the property. We offer a fast, professional and confidential house selling solution regardless of your circumstance.

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Mortgage Problems? We Can Help With A Modification of Mortgage in BC

If you are having difficulty paying your mortgage or can’t pay your mortgage, contact us. We are a Real Estate Investment Company that specializes in providing immediate solutions to people who are experiencing difficulty making their mortgage payments each month in Abbotsford, BC and surrounding areas.

The possibility of losing your property and your hard earned equity is extremely stressful to experience. We can help you with your monthly cash flow management problems to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit.

If you can’t pay your mortgage, foreclosure will be inevitable. A Modification of Mortgage is one alternative to save your property from foreclosure. Contact us to help you with  a Modification of Mortgage in Abbotsford, BC.  A modification of mortgage is a change to the original terms of your mortgage, typically due to financial hardship. 

The goal of a modification of mortgage is to reduce your monthly payment and this can be achieved in a variety of ways. New monthly payments will be calculated based on amendments made to your initial mortgage contract. Some types of modification of mortgage are better than others. Your lender may not offer or agree to  all of them, although additional options may include:

Principal reduction:

Your lender can eliminate a portion of your debt, allowing you to repay less than you originally borrowed. 

Lower interest rate:

Your lender can also reduce your interest rates, which will reduce your required monthly payments. Sometimes these rate reductions are temporary, and you should understand all the details of the mortgage modification to prepare yourself if your payments increase again.

Extended term:

You will have more years to repay your debt with a longer-term loan, and this will result in lower monthly payments. 

Convert to a fixed rate:

You can prevent problems by switching to a fixed-rate loan if your adjustable-rate mortgage is becoming unaffordable.

Postpone payments:

This can be a good solution if you are experiencing short term financial difficulties. You will have to make up the missed payments that may be  added to your mortgage principal. 

If your lender approves your loan modification, you need to be aware of the circumstances that come along with a modification of your mortgage.  Our Company specializes in mortgage problems and solutions. If you find yourself struggling with your mortgage payments, contact us. We have  experienced consultants that can provide immediate mortgage solutions to your property and overall financial situation.

We understand the stress and hassles that you face  when you are experiencing unmanageable or unwanted mortgage payments. Contact us to help you with either a mortgage loan modification or to explore other options that will meet your individual needs and financial situation.