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Facing Mortgage Problems in Burnaby, BC?

Many Canadians use debt to finance the purchase of a new property. In recent years, both mortgage debt and consumer debt have increased significantly. If you are experiencing difficulty making your mortgage payments each month in Burnaby, BC,  contact a Mortgage Problem Solution Provider to discuss what solutions they can provide to your real estate situation.  Mortgage Problem Solution Providers in the Lower Mainland, BC and Fraser Valley, BC provide free consultation to your Mortgage Problems and discuss the different options that are available to you.

If You Are Facing Mortgage Problems in Burnaby, BC,  Ask Our Mortgage Problem Solution Providers for Help.

Our Company, GVCPS, understands that when you are in a difficult real estate situation, you need an immediate and professional solution. We provide Free consultation to people who are experiencing difficulty paying their mortgage payments each month. Office: 604-812-3718 Email: info@gvcps.ca

When assessing your Mortgage Problems in Burnaby, BC, a Mortgage Problem Solution Provider will carefully weigh important decisions about your mortgage such as, reducing your interest rate, converting from a variable interest rate to a fixed interest rate, or extending the length of the term of the mortgage. Getting their professional insight can help as they may be able to suggest solutions that you hadn’t thought of or solutions that you aren’t even aware of.

Mortgage Problem Solution Providers Can Help You Talk to Your Mortgage Lender Regarding Your Mortgage Problems

Facing Mortgage Problems in Burnaby, BC can help you talk to your mortgage lender and present your case in regards to finding a solution to your mortgage problems. 

If you haven’t missed a mortgage payment and have not talked to your mortgage lender, your mortgage lender will not know that you are experiencing financial difficulties and struggling with your mortgage payments. If you have missed mortgage payments, there are some mortgage lenders who are willing to work together with you to find a solution to your financial difficulties.

If you have bought a property with a down payment of less than 20%, this means your mortgage is insured through either CMHC (Canada Mortgage and Housing Corp.), Genworth Financial or Canada Guaranty. Either your mortgage lender or the company who insured your mortgage have programs in place to help people who are struggling with their mortgage payments. Your mortgage lender or mortgage insurer can provide you with more information about options which might be right for you.

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

The Mortgage problem solution provider companies can also help you with a modification of your mortgage. To save you from foreclosure, a Mortgage loan modification is a better option. A loan modification is a permanent restructuring of your mortgage where one or more of the terms of your loan are changed to provide a more affordable payment. With a loan modification, your lender may also agree to extend the length of the term of the loan.

Facing Mortgage Problems in Vancouver, BC?

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

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

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

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

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

There are many mortgage difficulties and mortgage problems. If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties.

  1. Contact a Mortgage Problem Solution Provider to discuss your situation in detail.
  2. Clarify your current financial situation – what is your current financial reality?
  3. Stay informed – the more information you have access to to in regards to help manage your finances, the easier it will be to make the right decisions in regards to financial planning and managing your debts.

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

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

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

We provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. If you are experiencing difficulty paying your mortgage, contact us, we provide free consultation to discuss different options that are available to your situation 604-812-3718 or info@gvcps.ca.

Facing Mortgage Problems? We Provide Solutions

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

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

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

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

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

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

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

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

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

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

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

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

“Help, I’m 2 payments behind”

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

The common modifications that can be made to your mortgage agreement are:

  • The monthly payments and the loan period can be adjusted to reflect changes in your financial situation
  • The interest can be modified from an adjustable rate to a fixed rate
  • Penalties can be waived

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

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

“Help, I’m facing foreclosure”

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

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

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

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