NO question, times are difficult for many Edmonton families. Downright devastating, actually.
If you find yourself behind on your mortgage payments and are looking for some options, give Sunrise Home Buyers a call. We may be able to provide some options to you that you were not aware of.
When you fall behind on your mortgage payments on your Edmonton home, it can feel like you’re drowning.
And even if somehow you manage to make the monthly payment on your Edmonton house, getting current on a past due balance can be an overwhelming challenge.
But there are a few options that can help you to avoid foreclosure in Edmonton and maybe even keep your Edmonton house, even if you’re seriously behind in payments. Lots of properties in Edmonton have been lost to foreclosure, but there are some ways to avoid it.
Help, I’m Behind in My Mortgage Payments in Edmonton! 3 Things You Can Do To Help Your Situation
This is usually the tool of last resort. Don’t rush to this option too quickly. If you’re being crushed by mountains of mounting debt, bankruptcy can be an effective way to negotiate with several lenders at one time. It’s a lot of work, and it won’t help you avoid your mortgage. Keep in mind, different lenders will treat your situation in unique ways.
We would recommend getting legal advice or reaching out to a non-profit agency like the Credit Counselling Society in Edmonton. They offer free debt and credit help and other related services. We have not used this company, but we know they are highly regarded. You CAN benefit from serious professional help. Get the best you can afford.
***TIP – the one tip I often hear often from credit counselllors is this, “If they’d only reached out to us SOONER, we would have been able to help!” So don’t wait until it’s too late, okay?
Experts agree, the best time to get help, advice or guidance when facing down financial pressures is SOONER, NOT LATER.
2. Negotiate with your bank:
Lots of Edmonton lenders routinely offer some level of assistance. You have to work diligently at it, but you might be able to get your interest rate reduced or a temporary reduction in your payment.
Most of the time, lenders will want to steer you to refinance your loan – but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate.
You have to really persevere to negotiate with a bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your Edmonton home for the long term. It seems a bit ridiculous, but banks won’t usually even consider helping unless you’re at the point where your back is really against the wall. Unfortunately, by that point for many people its too late.
If you’re in need of a temporary fix and want to stay in your home, some banks can be forgiving. But with mortgage deferrals coming to an end, we may soon see some limits to any generosity.
Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, often they’ll take a huge loss.
This all sounds obvious, but for some reason, bankers seem to forget it when saying no to Edmonton home owners trying to avoid foreclosure.
3. Borrow money from a private investor:
If you’re behind on your payments and need to sell fast, Sunrise Home Buyers MAY be able help.
In occasional circumstances, we may even be able to help you stay in your home. It really comes down to your unique situation. Sometimes we have several options….sometimes there are none. But don’t give up hope. Call sooner than later and there may be some options for you.
At Sunrise Home Buyers we work with homeowners in Edmonton to find solutions to foreclosure problems. Even though we weren’t able to help this customer keep her Edmonton house, we were able to create a win-win solution for both parties that solved her property problem.
If you find yourself in a similar circumstance, why not call Sunrise Home Buyers and we’ll let you know how we can help.