Modification of Mortgage in Abbotsford, BC – GVCPS

If you are having difficulty paying your mortgage or can’t pay your mortgage, contact us at GVCPS. We are a Real Estate Investment Company that specializes in providing immediate solutions to people who are experiencing difficulty making their mortgage payments each month in Abbotsford, BC and surrounding areas.

The possibility of losing your property and your hard earned equity is extremely stressful to experience. We can help you with your monthly cash flow management problems to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit.

We provide the best value for your property and can provide you with more money with none of the hassles normally involved in selling.

If you can’t pay your mortgage, foreclosure will be inevitable. A Modification of Mortgage is one alternative to save your property from foreclosure. Contact us to help you with  a Modification of Mortgage in Abbotsford, BC.  A modification of mortgage is a change to the original terms of your mortgage, typically due to financial hardship. 

The goal of a modification of mortgage is to reduce your monthly payment and this can be achieved in a variety of ways. New monthly payments will be calculated based on amendments made to your initial mortgage contract. Some types of modification of mortgage are better than others. Your lender may not offer or agree to  all of them, although additional options may include:

Principal reduction:

Your lender can eliminate a portion of your debt, allowing you to repay less than you originally borrowed. 

Lower interest rate:

Your lender can also reduce your interest rates, which will reduce your required monthly payments. Sometimes these rate reductions are temporary, and you should understand all the details of the mortgage modification to prepare yourself if your payments increase again.

Extended term:

You will have more years to repay your debt with a longer-term loan, and this will result in lower monthly payments. 

Convert to a fixed rate:

You can prevent problems by switching to a fixed-rate loan if your adjustable-rate mortgage is becoming unaffordable.

Postpone payments:

This can be a good solution if you are experiencing short term financial difficulties. You will have to make up the missed payments that may be  added to your mortgage principal. 

If your lender approves your loan modification, you need to be aware of the circumstances that come along with a modification of your mortgage.  Our Company specializes in mortgage problems and solutions. If you find yourself struggling with your mortgage payments, contact us. We have  experienced consultants that can provide immediate mortgage solutions to your property and overall financial situation.

We understand the stress and hassles that you face  when you are experiencing unmanageable or unwanted mortgage payments. Contact us to help you with either a mortgage loan modification or to explore other options that will meet your individual needs and financial situation. We do not charge any fees or commissions, we are here to help.


Facing Mortgage Problems in Abbotsford, BC?

Facing Mortgage Problems in Abbotsford, BC? Contact Us – We Are Mortgage Problem Solution Providers 

For thousands of Abbotsford, BC home owners, their monthly mortgage payments are among their top financial concerns. Many people realize that the mortgage on their house is the biggest financial commitment that they will likely ever make. As a result, a mortgage needs to be treated as the one debt obligation that you will need to ensure that you are paying for on time each month, if you want to keep your mortgage in good standing with your mortgage lender.

Unfortunately, it is common for home owners in Abbotsford, BC as well as home owners in the Fraser Valley, BC, to face unforeseen financial circumstances or unexpected life events that impact their ability to make their regular monthly mortgage payments.

If you are a homeowner and have fallen behind on your mortgage payments, you are not alone. When you are facing financial difficulties that impact your ability to make your regular mortgage payments, it is important for home owners in Abbotsford and the Fraser Valley, BC, to take quick action. At first, your mortgage lender may tolerate a few late payments, however, when your delinquent mortgage payments turn into missed mortgage payments altogether, a foreclosure action against you will be inevitable.

If you are having Mortgage Problems in Abbotsford, BC – What can you do?

The most important thing is not to ignore your mortgage payment problems or any telephone calls from your mortgage lender. To increase the chance of successfully managing your financial situation through early intervention, contact a Mortgage Problem Solution Provider at the first sign of financial difficulty. Ask the mortgage professional about information on the options available for managing your financial situation and they will help you find solutions with the following tips:

You may request a Loan Modification

A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower’s loan are changed to provide a more affordable payment. With a loan modification, your lender may agree to do one of more of the following to reduce your monthly payment:

  • reduce the interest rate
  • convert from a variable interest rate to a fixed interest rate, or
  • extend the length of the term of the loan.

Generally, to be eligible for a Loan Modification, you must:

  • show that you cannot make your current mortgage payment due to a financial hardship
  • complete a trial period to demonstrate you can afford the new monthly amount, and
  • provide all required documentation to your lender for evaluation.

Required documentation will likely include:

  • a financial statement
  • proof of income
  • most recent tax returns
  • bank statements, and
  • a hardship statement.

There are many different loan modification programs available, including proprietary (in-house) loan modifications and for mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation.

If you are currently unable to afford your mortgage payment, and won’t be able to in the near future, a loan modification may be the ideal option to help you avoid foreclosure.

Refinance with a New Loan

Depending on your financial situation, the best course of action may include obtaining a 2nd mortgage or refinancing your current mortgage with a B-Lender or a new 1st private mortgage lender.

You may be able to find another mortgage lender that will offer you a loan with better terms (such as a fixed rate) that may be more manageable. Review your current loan to determine whether it contains a prepayment penalty and check if refinancing is possible.

Ask for a Forbearance Agreement:

While a loan modification agreement is a permanent solution to unaffordable monthly payments, a forbearance agreement provides short-term relief for borrowers.

With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period of time and not to initiate a foreclosure during the forbearance period. In exchange, the borrower must resume the full payment at the end of the forbearance period, plus pay an additional amount to get current on the missed payments, including principal, interest, taxes, and insurance. (The specific terms of a forbearance agreement will vary from lender to lender.)

If a temporary hardship causes you to fall behind in your mortgage payments, a forbearance agreement may allow you to avoid foreclosure until your situation gets better. In some cases, the lender may be able to extend the forbearance period if your hardship is not resolved by the end of the forbearance period to accommodate your situation.

In forbearance agreement, unlike a repayment plan, the lender agrees in advance for you to miss or reduce your payments for a set period of time.

Plan a Repayment Plan with your lender:

If you have missed some of your mortgage payments due to a temporary hardship, a repayment plan may provide a way to catch up once your finances are back in order. A repayment plan is an agreement to spread the past due amount over a specific period of time.

Here is how a repayment plan works:

  • The lender spreads your overdue amount over a certain number of months.
  • During the repayment period, a portion of the overdue amount is added to each of your regular mortgage payments.
  • At the end of the repayment period, you will be current on your mortgage payments and resume paying your normal monthly payment amount.

To get information about these and other options to avoid foreclosure, contact us, we are Mortgage Problem Solution Providers in the Lower Mainland and Fraser Valley, BC.

We can help provide options that lets you pay off the delinquency over a period of time. The length of a repayment plan will vary depending on the amount past due and on how much you can afford to pay each month, among other things. A three- to six-month repayment period is typical.

We Buy Houses in Abbotsford BC, Sell Your House Now

For homeowners in the Abbotsford, BC area, you may not be familiar with the concept of direct home sales, however, it is one of the fastest growing ways to sell your house in Abbotsford, BC. If you want to avoid the challenges of today’s real estate market, GVCPS Home buyers in Abbotsford, BC, may be your solution. GVCPS Home buyers and it’s affiliated Companies has been a pioneer in the hassle-free home buying process for 25 years. We buy houses in Abbotsford, BC quickly and we do not charge any real estate fees or commissions.

We understand that owning a property presents a unique set of challenges and also requires plenty of time and work for maintenance and upkeep. When it comes time to sell your house in Abbotsford BC, you want the process to proceed quickly and effortlessly. GVCPS Home buyers can save you from the hassles of looking for the perfect buy my house program.

Have you been wondering “how do I sell my house fast in Abbotsford, BC” or “who will buy my house in Abbotsford, BC?” You have found the answer here. We are local house buyers and local home buyers in Abbotsford, BC. GVCPS Home buyers is the # 1 House Buying Company in Abbotsford, BC and we can buy your house As-Is. You do not have to spend time or money on any repairs or renovations, we will buy your house in Abbotsford, BC in its exact condition.

In today’s challenging real estate market, houses can take a long time to sell when listing through a realtor on MLS and your monthly carrying cost can really add up during that time. When searching for a “We Buy Houses” company or companies that buy houses, as home investors, GVCPS Home buyers in Abbotsford, BC has handled hundreds of purchase situations and have helped many clients facilitate a non-stressful real estate transaction.

With 25 years of experience and an excellent track record, you can trust us to solve your real estate problems in the quickest and most beneficial manner for everyone involved. We buy your house in Abbotsford, BC quickly and when you contact us, we will explain how we can buy your house and answer your questions. We have options for every situation and we take the time to explain your options to you. 

GVCPS – We Buy Houses in Abbotsford BC, We Are The Home Buyers in Abbotsford, BC

Call GVCPS Home buyers in Abbotsford, BC to discuss what solutions we can provide to your real estate situation. We are available 7 days per week including evenings until 9:00 pm 604-812-3718. You can also contact us 24 hours a day through our Confidential Sell-to-Us Form (click here).