There’s a lot of coverage today about the cooling GTA market and new mortgage qualification criteria. Many homeowners are unable to continue tapping into their equity and are struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to opt for power of sale.
Thankfully, there are a number of things that you can do to avoid power of sale in the Greater Toronto Area. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid power of sale in the Greater Toronto Area with your home.
The Keys of How To Avoid Power of Sale in the Greater Toronto Area Don’t Abandon Ship
You may have heard that many homeowners in Calgary have “mailed in their keys” to their lenders. They simply walk away from their property, leaving the lenders to proceed with power of sale because they are underwater, meaning the home is worth less than what they owe to their lender.
Walking away from your home can be a stressful situation, but it’s extremely important to keep your wits about you. A power of sale will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come.
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 Greater Toronto Area are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. 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.
• Ask for help from the government. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over the Greater Toronto Area 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.