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.