Calgary and Edmonton home foreclosures
The first thing to know about foreclosure is that the longer you wait to act, the more likely it is that your home will be lost to the foreclosure process. When you fall behind on your mortgage payments, it creates a default under the provisions of the mortgage and allows the lender to commence foreclosure proceedings in order to recoup the balance owing on the mortgage. Falling behind on the mortgage can happen for any number of reasons—you may lose your job, fall ill, or experience some other personal emergency.
If you are struggling with your mortgage payments, you should consider:
1. Contacting Your Lender As Soon As Possible
The sooner you contact your lender, the more options you may have at your disposal. They may be able to work out a repayment plan that works for both of you—but they need to know that you’re having trouble with your payments before they can help. Many institutions have mortgage deferral arrangements that may be of assistance.
2. Reviewing Your Budget and Cutting Costs
It’s easy for our spending habits to creep upon us. To get a better sense of where your money is going each month, review your budget and cut costs wherever possible. You may be surprised at what you can live without, even for just a few months!
3. Selling the Home
Depending on whether or not there is equity in the home or whether or not the deficiency can be made upon terms agreeable to the lender, an option may be to list the home for sale to protect the equity that you may have from being reduced by the cost of foreclosure.
When it comes to dealing with a default under your mortgage it is better to act sooner than later. Consult with a Licensed Insolvency Trustee on your options. At JW Weber & Associates Inc. we offer a free, non-judgemental, no-obligation consult to review all of your available options for dealing with your debts. Don’t delay, call today! Visit our consumer proposals page for information on other personal finance issues.