Doing nothing is the easiest way to respond to foreclosure, but be sure you know what the consequences are first. Doing nothing has serious consequences. You can live in your home without making mortgage payments while the foreclosure proceedings are going on. This could take several months or longer. But it also means that: you …
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 …
Foreclosure process has started, can I still sell my house?Read More
How Private Mortage Can Help
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 …
When you find yourself in a hole, stop digging
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 …
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 …
An unexpected impact of failure to pay the mortgageRead More
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 …
Responding to a petition
Once you get the petition, the first thing you will have to do is file a response to the petition (Form 67), which tells the lender that you are going to want to respond to the statements that the lender has made and that you want to receive notice of the hearing of the petition. It also provides the …
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 …