Do You Need Help With Foreclosure Debt?

Mortgages in Canada are considered a secured debt. Bankruptcy only eliminates unsecured debts. For that reason, when you default on mortgage payments and then file for bankruptcy the foreclosure process will still continue. The lender can still sell your home to get their money back. It’s important to speak to an expert to discuss the possible debt solutions if you are facing a foreclosure.

Legally, lenders are allowed to start the foreclosure process when you miss a single payment. But most mortgage lenders will start contacting you as soon as you miss two payments. By the third payment the lender can threaten to start the foreclosure process. Allow us to deal with the lender on your behalf and it will be just a matter of time before the burden is lifted off your shoulders.

Talk to your lender

Don’t wait to miss several mortgage payments to contact your lender. If you haven’t missed any payments, you can talk to your lender and let them know you are facing a financial hardship. You may qualify for a special hardship program that allows you to make payments that you can afford. If your mortgage is insured you may qualify for a special program. Speak to us about the options that may be right for you. If you are considering selling your home in order to move to another property or find something affordable to rent, speak to the lender first. Don’t just rush into selling your home before you consider other debts that may affect your ability to pay the mortgage. Sometimes dealing with those debts first can be the best solution to avoid a foreclosure.

How to get help with mortgage debt

Facing any kind of debt is stressful. The situation can get worse if you are about to be rendered homeless. Getting help from the right professionals can help ease the financial and emotional burden of facing a foreclosure. We may suggest options that you hadn’t thought of in order to eliminate your financial burden. Seeking help with your debt sooner than later can prevent the situation from getting worse.

You will also have more options to consider when you seek help immediately. Delaying will not make the situation go away. Sometimes delays can leave you with only one option – to file for bankruptcy. While filing for bankruptcy may appear to be the quick way out, it often affects your credit score and you wouldn’t be able to secure loans in future. Our experts will advise you on the right steps to take in order to deal with your foreclosure debt.

Get help with Mortgage Debt

Save your home and credit score

Ask for help

If you have trouble keeping up with mortgage payment and you are worried that you might lose your home, get in touch with us right away. We will discuss the options that are available to you. It may be a great idea to deal with other debts and bills that are preventing you from making mortgage payments. We’ll provide you all the information you need about ways to avoid a mortgage foreclosure.