Foreclosure is a homeowner’s worst dream which might result from lost employment or an unexpectedly large medical bill. However, the amount of time until a foreclosure sale occurs varies depending on state regulations.
You won’t risk going into foreclosure if you miss a house payment by a few days. Notify your lender or servicer that you made the payment, even though it was received beyond the deadline if you end up doing so.
To get your mortgage back and avoid property foreclosure, you must act immediately if you haven’t paid by the end of the grace period, which is typically 10 to 15 days. In this article, read what are the best ways to deal with foreclosure, and where to get help in avoiding foreclosure.
Mortgage Repayment Plan
Your lender might make the payment plan easy for you and allow you to pay off your missed payment in some number of installments over the few next months. Mortgage repayment is possible if you suffered a sudden financial setback which may include expensive car repair, medical emergency or home repair.
Planning for a Short Sale
In a short sale, the lender accepts the sale of your home for less than the balance owed on the loan, keeps the sale profits, and then discharges any outstanding debt. You might be able to retain some of your equity through a short sale, but the lender must first authorize it.
You might be able to find a buyer and be guided through the protracted process of acquiring the required approvals with the assistance of a real estate agent with experience in short sales.
Applying for a Loan to Stop Foreclosure
Once you are in mortgage arrears, it can be challenging to find a lender who would work with you to get caught up. Particularly given that traditional banks are not in the business of helping customers out of tough situations. You will probably discover that your mortgage lender doesn’t want much to do with you if you’re late on your payments.
Finding loans to stop foreclosure or loan refinancing to stop the power of sale is crucial. If you want the bank to sell the home, working with a mortgage broker that specializes in loans to stop foreclosure is essential. In this scenario, you need to seek help solution for foreclosures from a good mortgage broker.
How Can Turnedaway.ca Help You?
The major resource on foreclosures and powers of sale in Canada is turnedaway.ca. Lack of knowledge of the legal procedures is one of the major obstacles for homeowners facing foreclosure. Turnedaway.ca takes great pleasure in and care in assisting clients in understanding what they are up against. They can help you in:
- Served a Notice of Sale
- Served a Statement of Claim
- Excessive property tax arrears
- Behind on mortgage payments
- Received a Foreclosure Notice
- Received a Power of Sale Notice
The responsibility of making mortgage payments on time always rests with the borrower. There are lenders out there that are friendly to the issues of foreclosures and want to assist. Don’t let anything happen by coincidence. Use a mortgage broker with experience in the power of sale or foreclosures.