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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

 

 

 

Types of Mortgage Problems and Solutions

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 GVCPS, a Real Estate Investment Company that can help relieve you of your financial stress if you can’t pay mortgage through their Mortgage Take Over Program. Through their Company’s Mortgage Take Over Program, GVCPS can take over your mortgage payments and the property associated with it. Through their Company’s Program, GVCPS provides 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.

GVCPS specializes in mortgage problems and solutions. In most cases, GVCPS 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 GVCPS today: 604-812-3718 or www.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 GVCPS Regarding Taking Over Your Mortgage Payments and the Property 

GVCPS can help relieve you of your financial stress if you can’t pay mortgage through their Mortgage Take Over Program. Through their Mortgage Take Over Program, GVCPS can take over your mortgage payments and the property associated with it.

Through their Company’s Mortgage Take Over Program, GVCPS provides 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.

In most cases, GVCPS 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.

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, sell the property yourself or contact GVCPS Inc., a real estate investment company that buy houses for cash.

GVCPS is a local Real Estate Investment Company who are professional residential property buyers that buys property quickly without charging real estate fees or commissions. For more information, contact GVCPS 604-812-3718 or www.gvcps.ca. Depending on your individual situation, GVCPS may be able to preserve any equity in the property, avoid foreclosure and damage to your credit rating.

 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 ask a professional mortgage consultant at GVCPS to help you with your questions. For Free consultation contact GVCPS 604-812-3718 or www.gvcps.ca
  • Do not stop making payments altogether. If you can’t afford the full repayment, talk to your lender and pay what you can each month. If your lender can not provide you with any solutions regarding your mortgage payment difficulties, contact a professional mortgage consultant at GVCPS to find a solution to your mortgage payment problems. For Free consultation contact GVCPS 604-812-3718 or www.gvcps.ca
  • 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 a or a professional mortgage consultant at GVCPS – it’s important that you understand the consequences of foreclosure if you stop paying your mortgage payments as foreclosure will be inevitable. For Free consultation contact GVCPS 604-812-3718 or www.gvcps.ca
  • Do not do anything to the property that will adversely affect the value of the property.

GVC Property Solutions Inc. (GVCPS), is a well established Real Estate Investment Company that is part of a large network of real estate professionals who specialize in creative and innovative techniques to purchase property from people who need relief from their mortgage or real estate situation for any reason but cannot sell through traditional means.

Along with their affiliated Companies, GVCPS has been operating for 25 years, buying residential properties and commercial multi-family unit apartment buildings. GVCPS’s office is conveniently located in West Vancouver, BC. 

GVCPS buys houses, duplexes, townhomes, condos and multi-family residential development projects that are any price, in any condition and in any location in Vancouver, the Lower Mainland, Fraser Valley, North Vancouver, West Vancouver and Squamish, BC. GVCPS also provides consultation services to real estate investors. For Free consultation contact GVCPS 604-812-3718 or www.gvcps.ca

Other Solutions if You Can’t Pay Your Mortgage:

To stop yourself from going into further debt and to avoid foreclosure, you must take quick action 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.

GVCPS can help you with counseling in regards to your modification of mortgage. Their Company’s goal is to provide you with valuable information if you are trying to obtain a mortgage modification or if you need to stop foreclosure. If you are eligible for a mortgage modification, the modification will make it easier for you to manage your mortgage payments and pay your payments on time to avoid foreclosure. GVCPS can  help you with a mortgage loan modification and their Company can verify if there can be any changes made with your lender in relation to the original terms of your mortgage loan.


What Happens if You Are Facing Mortgage Payment Problems?

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.

If you are experiencing mortgage payment problems, know your mortgage contract:

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.

Legislation intended to protect mortgage holders regarding mortgage default:

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.

Section 8 prohibits the imposition of fines or penalties “reserved or exacted on any arrears of principal or interest secured by mortgage on real property or hypothec on immovables that has the effect of increasing the charge on the arrears beyond the rate of interest payable on principal money not in arrears.”

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.

Additional considerations apply for consumer mortgage loans due to restrictions on default charges in consumer protection legislation, such as those imposed in British Columbia under section 75 of the Business Practices and Consumer Protection Act.

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 homeowner assistance programs designed to help customers experiencing temporary financial difficulties.
  • Contact GVCPS, a Real Estate Investment Company that can help relieve you of your financial stress if you can’t pay mortgage through their Mortgage Take Over Program. Through their Mortgage Take Over Program, GVCPS can take over your mortgage payments and the property associated with it. Their Company specializes in providing monthly cashflow management solutions to unwanted or unmanageable mortgage payments.

Defaulting on your mortgage can lead to a range of serious consequences. If you are experiencing financial difficulties, before allowing a mortgage payment default to occur, it is a good idea to contact your mortgage lender. If you cannot make your mortgage payments and cannot reach some agreement with your mortgage lender to deal with the situation, seek advice from a Professional Real Estate Consultant at GVCPS in Vancouver, BC. 

GVCPS specializes in mortgage problems and solutions. Their Company can help you protect any equity in the property, help protect your credit and prevent foreclosure.  

In most cases, GVCPS 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 GVCPS today: 604-812-3718 or www.gvcps.ca