We are all familiar with how much lending has been restricted at the bank level in recent months. How many of us have found a great deal but, for various reasons, just could not secure sufficient financing to make it work? Or how many of us have been in a real estate scenario where we needed [...]
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Getting a new loan when in Foreclosure
If you are on the verge of losing your home to foreclosure I dare assume your credit score is far from being brilliant. It is very unlikely that you will be able to get a new conventional loan from a Canadian bank. If you are fortunate to have enough equity in your house you may [...]
Short Sale – It can work in Canada too!!
Few months ago I was contacted by Phil (not his real name). Phil owned a condo in Burnaby. He had two mortgages on the property and was not paying both of them. Now the lenders were after Phil and have started foreclosure proceedings in the supreme court of BC. After a short discussion with Phil [...]
Complicated foreclosure case in the Okanagan
I was not going to write about this case because it is so complicated, really hard to explain. But, after I received this beautiful thank you letter yesterday I could no longer resist. This is what email said: “I am writing this email about Michelle Castillo from Modern Home Solutions. I want to thank you [...]
The bank’s realtor called me today, what should I do?
Today I have received a phone call from M. , he owns a house in the Fraser valley area. The house value is $200,000 at best and he owes about $270,000. The mortgage has not been paid for 6 months and the foreclosure proceedings have been going on for a while. The bank already received [...]
Foreclosure process has started, can I still sell my house?
Got a phone call from a homeowner in the lower mainland this morning. He has just received a demand letter from the bank’s lawyer giving him some time to pay back his loan before they will start the foreclosure proceedings. Unfortunately in his case he cannot come up with the arrears and the only way [...]
Is Selling Your Best Option?
Often the best remedy to get out of the foreclosure spiral is to sell your home. If you decide to pursue a stop foreclosure sale make sure you are smart about it since time is limited. By selling early you reduce the legal costs and interest you have to pay. You will be able to [...]
Get a new mortgage from another lender
You can pay off your whole mortgage with one lender by getting another mortgage from another lender.The new mortgage has to be big enough to pay the other mortgage plus any costs that you owe. Note: If there are other mortgages and/or judgments registered against the property, refinancing may not be practical. You may not [...]
Stop your foreclosure with a lease purchase
Lease Purchase is essentially a rental agreement combined with a purchase agreement with pre-negotiated terms. During the term of the lease, the tenant/buyer has the option to purchase your property at anytime. The sales price, length of the term and rental payments, etc. are all determined in advance. Our objective is for one of our [...]
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