Is Your Mortgage in Arrears in Surrey, BC? We Can Help. Contact Us.
Facing mortgage arrears can be a stressful experience. It is important that you act quickly to solve your mortgage payment situation to avoid the repercussions of missed mortgage payments. We can assist you with your mortgage in arrears in Surrey, BC and all other surrounding areas in the Lower Mainland, BC and the Fraser Valley, BC. We can help you get your mortgage payments back on track and/or reinstate your mortgage with your mortgage lender and keep your mortgage in good standing.
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 Surrey, BC and all other areas of the Lower Mainland, BC and the Fraser Valley, BC.
Along with our affiliated Companies, we have been operating for 25 years 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.
With any residential mortgage in arrears in BC, it is important that you take quick action. Under the law in BC, a mortgage gives your mortgage lender a “charge”, meaning an interest or a right against your property that was purchased. That charge gives your lender rights if you “default” on the mortgage.
The most common way for a mortgage borrower to default is by not making payments towards the mortgage as promised per the terms of the mortgage contract with the mortgage lender.
What happens to my mortgage in arrears in Surrey, BC?
A mortgage in arrears for one missed payment will usually trigger your lender to send you a reminder letter. If your lender doesn’t hear from you or receive your missed payment(s), your lender will then follow up with a demand letter from their lawyer.
Under BC law, your lender must send you a demand letter before they can start legal foreclosure proceedings to take your house, townhome or condo.
- The demand letter must say exactly what you owe. It must also say that: you have to pay a certain amount by a certain date to catch up on what you owe to “reinstate” your mortgage (restore it to good standing), or;
- You have to pay the whole amount you borrowed (not just what you owe) plus interest and expenses to “redeem” your mortgage (pay it off).
Any mortgage in arrears in BC, gives your mortgage lender the right to “accelerate” (speed up) the mortgage. This allows your lender to claim your full balance owed to your lender under the mortgage, plus interest and other costs, even though your mortgage term hasn’t yet expired.
If you don’t do what the demand letter asks, your lender can start legal foreclosure proceedings to take your house, townhome or condo or sell the property to pay your mortgage debt.
If you receive a demand letter, don’t ignore it. This may be your only opportunity to get your mortgage payments back on track and reinstate your mortgage with your lender. If you ignore your lender’s demand letter, the legal foreclosure proceedings will proceed without you, As well, you will get little notice if your house, townhome or condo is sold, or if your lender tells you that you have to move.
Contact us regarding your mortgage in arrears in Surrey, BC.
If you are having difficulty making your mortgage payments each month or currently facing mortgage in arrears, contact us. We can help you get your mortgage payments back on track and/or reinstate your mortgage with your mortgage lender and keep your mortgage in good standing.
We can provide immediate monthly cash flow management solutions to your mortgage payment situation along with protecting any equity you may have in the property and help protect your credit. When we take over mortgage payments and the house, townhome or condo associated with the mortgage, we do not charge any real estate commissions, providing you with more money with none of the hassles normally involved in selling.
We work on a daily basis with people who need a professional and confidential transaction, people who need an immediate and flexible sale and people who need relief from a problem property or unwanted real estate situation.