While the segments of the housing market have been rebounding and even strong, many people in Edmonton] are still struggling to make their mortgage payments. Housing has recovered somewhat, but the Alberta has not. Listen to the latest in this interview from the Business News Network featuring a representative from CMHC.
If you’re underwater on your home, struggling to keep up with your monthly mortgage payments or even behind, you may be anxious that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Edmonton. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
Today we will dig into a couple quick tips for you on how to avoid foreclosure in Edmonton with your home.
The Keys of How To Avoid Foreclosure in Edmonton – Don’t Abandon Ship!
Many people simply give up and walk away from their home. Parts of Alberta have begun to resemble ghost towns, as the economy has impacted residents significantly. (Have you seen Nisku, Alberta lately?) And if it weren’t for mortgage payment forbearance, many more people would be in serious trouble.
If people should ever start to abandon their homes, everyone nearby suffers. Decay can set in and property values drop.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. DON’T FORGET THIS! As difficult as the spot you’re in feels, don’t potentially sabotage your future options. If you’re able to sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Edmonton are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Having said that, some banks won’t even negotiate with you until you do get into trouble. It can be so frustrating! Just remember, banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification, but each institution is different.
Each lender is different, so be sure to stay in contact with your lender and keep the communication lines open. It can be frustrating, but its better than burying your head in the sand.
• Ask for help from the government. The federal government has implemented a mortgage deferral program to help struggling homeowners. The Financial Consumer Agency of Canada has created a program that allows struggling homeowners to put off mortgage payments temporarily, eliminating the need for monthly payments. This program, while helpful is subject to eligibility requirements and increased interest costs if you participate. You will need to investigate further to determine if you qualify and how long the program will be available. The situation is fluid, so stay up to date.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Edmonton are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.