Have Your Mortgage Payments Become Too Much?
When you first got your mortgage, you could handle your payments. But life has a way of turning upside down. If you’ve had a divorce, lost your job or had health problems, you may only be able to pay a portion of the mortgage. Unfortunately, the bank doesn’t allow partial payments. They want it all, and they want it now, despite any health problems or other circumstances that are beyond your control.
And then, there’s the taxes, utilities, insurance and house maintenance that make it hard to pay all the monthly payments! Sometimes, only a small change in your income can make it impossible to pay all the expenses for your home! This can lead to stress and sleepless nights. Where you will find the money to cover all the expenses for the home, as well as buying groceries, gas, and car maintenance, that cost so much more, due to inflation (the cost of living going up)?
When you’ve tried your hardest and find yourself out of time to make up the mortgage payments, what you need is our experience. We’ve helped other families to get back on track financially with their mortgage lenders, or provide them a quick sale on their home, to give them the freedom from mortgage payments.
You may be fearing foreclosure. It usually only takes missing three payments for the bank in Alberta to “File a Statement of Claim”. A “Statement of Claim” is where the Bank initiates a foreclosure process. Creating even more stress, in an already stressful situation. Now you are not just worrying about paying the bills, but a foreclosure, on top of this, that can ruin your credit.
In this time of stress, you may wonder, where do I turn? How can we solve this? What are the best ways to deal with a Bank, who has turned your file over to their Lawyer, who represents just the bank, not you and your interests?
When this happens you just need someone to talk to, to work through the issues, and see which way the best is to proceed. Through talking about the situation, you can sometimes think of ways to solve the problem, and create a plan, to deal with the situation.
We have been solving complicated situations throughout Alberta, where families have been behind on payments since 2003, and we may be able to help you.
Do NOT Just Abandon the House!
Some homeowners just give up when they are Behind on Payments, and just walk away. They literally “Abandon the House”. This can be the worst thing to do, and it can in the end, prevent you from getting any of the equity you may be entitled to in the house. How?
If a house goes vacant, and has been behind on payments, it is already on the radar of the Bank’s property managers, who check on the house regularly, to make sure someone is living there, paying utilities, and taking care of the house.
If the house gets abandoned, they will often get into court within 48 hours, and get the title vested to them, via an “Order for Foreclosure”. They do this so they can secure the house, and preserve the asset, the house. The Order for Foreclosure, vests title in the house to the Mortgage Lender or Bank. This prevents you, the original homeowner, from claiming an equity of redemption in the property.
Meaning… That if they sell the house, and there are some proceeds left from the sale, you will be entitled to NONE of it! And they get to keep ALL of it!
This can be a serious outcome of abandoning a property once a Statement of Claim has been filed. Often the best thing you can do is stay in the property, keep utilities on, and make sure the house is insured. By allowing the foreclosure process to occur while you are still in the house, you have a number of options:
- You can List with a Realtor, and hopefully the Realtor can get the property sold, before the bank judicially lists the home.
- You can wait for the Bank to Judicially list the Propety, and be cooperative with the showings.
- You can Call or Click Solution Home Buyers, to quickly come and buy the house, and work out numbers where you get some equity and moving money to start over, avoid commissions, and get a sale and possession date that works for you!
That’s what we do. If you’ve been staying up late at the kitchen table, stressing over the bills and wondering if there was another solution out there…you’ve come to the right place! Let us give you some solutions that nobody ever told you about! We are the Top Recommended Edmonton Cash Home Buyer!