As a mortgage agency in Surrey BC, we always talk to our clients and signify the importance of making timely repayments. Nothing impacts your credit score and financial plans as adversely as missing out on mortgage payments. For most Canadians, the mortgage is the biggest loan or the house is the biggest investment. Failing to keep up with its repayments will not just risk foreclosure but make life extremely difficult for everyone in the family.
You will hear some people talk about selling a home that is due for foreclosure. Many talk about short sales or pre-foreclosure sales, assumption and deed-in-lieu for foreclosure but these aren’t really viable options for anyone who intends to keep the home. If you need to keep your home, then you have to keep paying your mortgage. At best, you can try to review the terms and repayment options or come up with a financial strategy to deal with the crunch situation.
We have a host of short term and long term solutions for foreclosure prevention. We can help you with debt consolidation that would get your debts in order and you would have to repay at a lower rate of interest. This is a good long term and holistic solution as you don’t have to worry about each and every debt. You would only have one debt.
We can help you with reinstatement that would allow you to make the impending repayments with a onetime lump sum within a certain period of time. This will buy you more time to set your finances in order. There is the option of forbearance that offers you temporary relief from making mortgage payments. This may be as short a period as three months but that can be of immense significance in tough times. We also facilitate foreclosure prevention with a revised repayment plan, loan modifications, with partial claims if your mortgage is insured and with second mortgages or refinancing.
I’d highly recommend Sukh Bhatty to anyone. He has been incredibly helpful to us over the years.
I would highly recommend Sukh and Alpha Mortgage House to anyone.