Are you finding
yourself struggling with your monthly bills? Are you worried that there is a
chance that you may fall behind or default on your mortgage payments? Do not
ignore these concerns. Dealing with mortgage arrears and learning how to stop
foreclosure before it happens is very important.
There are ways to stop
foreclosure and deal with mortgage arrears before they happen. To avoid losing
your home through foreclosure due to defaulted mortgage payments, it is crucial
to devise a plan to get your finances back on track. There are several options
available to you, but some are definitely better than others!
When you are
threatened with the fact that you may be unable to pay your monthly bills and
mortgage arrears and foreclosure are looming overhead, it is first essential to
examine why? The high cost of living coupled with high credit card or personal
debt can be detrimental. A great way to fix this is to decrease your debt. But
how can this be achieved?
Currently there are
countless companies out there offering ways for you to reduce the amount of
debt you owe or reduce your monthly debt payments. However, these usually come
in the form of debt consolidation loans and consumer proposal plans that,
although disguised to help you, actually carry with them devastating impacts
for your credit. Avoiding them at all costs is a really good idea.
Instead, working with
your mortgage broker to stop foreclosure and avoid mortgage arrears is much
more effective. By using the equity in your home and taking on a second
mortgage, you can pay off your debt and avoid foreclosure by making your
monthly payments more manageable. This option will help you keep your credit in
check and ultimately saves you thousands in interest versus trying to continue
the monthly payments that were bogging you down in the first place!
What if you have
already gone into arrears on your mortgage? Your options may be greatly
reduced. Often creditors are less willing to approve applications for funds if
mortgage payments are in arrears. Since most lenders will only offer financing
if your mortgage payments have been made in full, your only choices may rest
with equity only financing. This means that lenders use the equity in your home
– and this means that you will need to have a bit more equity established in
order to qualify.
Working with your
mortgage broker once your mortgage payments are in arrears is a must in order
to stop foreclosure. They will be able
to help you develop strategies to firstly, pay off the existing payments owed,
and secondly to build a financial budget to allow you to maintain your current
bills. This will help you stop foreclosure and avoid going into arrears on your
mortgage in the future.
If you find yourself facing mortgage arrears and
the potential foreclosure of your home and want more information about how to
stop it and bring your mortgage payments back in check, please contact Paul Mangion at The Mortgage Centre by calling 416
204 0156 or visit www.themortgagecentretoronto.com
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