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 however be able to get a loan from a private lender.
A private lender would typically provide a home owner in foreclosure with a loan value up to 70% of the property value. Depending on the location the interest rate may be as low as 7%.
If you would like to explore this option, please contact us as soon as possible. Modern Home Solutions is associated with few mortgage brokers that are specialized in providing loans to home owners in foreclosure. The mortgage brokers we work with have a deep understanding of your situation. In addition to providing a new mortgage they may, if needed, talk to the bank’s lawyer to help pause the foreclosure process and save on legal fees. Once the foreclosure is stopped thanks to the new financing the mortgage broker will also work with you to improve your credit score so that you can get a conventional mortgage with a lower interest rate within a year.
If you prefer to look for a new mortgage by yourself make sure you fully understand what you are getting into. For more details check out my post about getting a new mortgage from another lender.
Leave a Reply