If you fail to meet a single mortgage payment, it quickly leads to foreclosure and kicks you off from your home to curb. You suddenly find yourself unable to pay the bills and mortgage payments. It can take alarmingly high speed i.e. in Texas it takes just 27 days. A big reason behind this situation can be rapidly falling home prices and changes in industry standards. The good news is that there are a few things you can do to help ensure your home safe and stop foreclosure.
Point of providing this information is not to convince you apply for it, but just to guide how to stop foreclosure by delaying foreclosure process and save your home.
Here you can find some basic information and you have to find your best option varying on whether it is a Conventional, CMHC, FHA or VA loan.
1. Do not ignore the situation.
If you face some problem to make your mortgage payments, you should give it to the knowledge of your lender without making any dilatory. Unless you prepare to endow them with complete information of your monthly income, expenses and financial situation, they may be unable to help anyway. When they respond to your request, DO NOT ignore the letters and calls from them. Be warned they will use a lot of
2. Do not leave your home alone.
If you abandon your home or property alone, it opens the ways to foreclosure process easily. It may also prove you disqualified for any assistance, so stay in your home and keep occupying your mortgage property.
3. Consult agencies / friends / family.
Immediately contact the house-counseling agency near you. Such agencies hold experts to provide you frequent information and services on the special programs offered by government / private agencies and community organizations to grant you help. They usually serve with advices free of any charges. In some cases they also grant credit counseling to save your mortgage property.
4. Make possible loan modification.
When you see the foreclosure signs coming your way, you can:
- Refinance the debt
- Extend / modify the terms of mortgage loan payments
It really makes you easily reduce the monthly payment size to a more affordable amount level. It also gives you time to recover from your financial crises and get the mortgage loan arranged to save you home / property.
5. Make a pre-foreclosure sale.
Pre-foreclosure sale helps to avoid foreclosure process. It means to sell your home / property for an amount less than the amount necessary to make mortgage loan payment. It is possible only if:
- The loan is at least 2 months delinquent
- You can sell your home / property within period of 3 to 5 months
- The value of your home / property qualifies the HUD programs.
This basic information will surely be valuable to assist you how to stop the foreclosure process. If you have any questions please feel free to contact REB Canada. We have a lot of other ways to help you out that aren’t listed here that could potentially save you from this unforgiving process. Call us at 403-719-8588 to discuss your unique situation!