If you have trouble paying your 1st mortgage and have some equity in your home you may be tempted to take a secondmortgage to fix the problem. Will Roger once said “When you find yourself in a hole, stop digging”. Before taking a second or third mortgage, please ask yourself if you are doing just [...]
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An unexpected impact of failure to pay the mortgage
I have talked to a home owner today that is in foreclosure despite having paid his mortgage on time for many months now. Sometime in mid last year he has lost his job and was not able to pay the mortgage for 2 months. He later found a job, paid back the arrears and thought [...]
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 [...]
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 [...]
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