Modification of Mortgage in Abbotsford, BC – GVCPS

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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.

 

I Can’t Pay My Mortgage, What Do I Do? Ask Us – We Can Help

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If you are having trouble making your mortgage payments each month, you might be exploring various options and looking for an answer to your problem – “ I can’t pay my mortgage what do I do?”. Most people do not plan on missing any of their mortgage payments, however, there are a number of unexpected situations that can happen to you such as; you cannot mange your debt load, divorce, loss of your job, illness or a short-term or permanent disability that may prevent you from working or any other unforeseen financial situations that may arise that impact your ability to make regular mortgage payments.

If you are experiencing short term financial difficulties or long term financial difficulties due to any reason and struggling with your mortgage payments and as a result, missing your mortgage payments, foreclosure will be inevitable. There are alternatives to foreclose that are available to you when you act quickly at the first sign of financial difficulty. The key is to know what your options are as well as taking immediate action when the unanticipated happens.

“I can’t pay my mortgage what do I do?” can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties:

1) Talk to your mortgage professional

  • To increase the chance of successfully managing your financial situation through early intervention, call a mortgage professional at the first sign of financial difficulty and communicate that I “can’t pay my mortgage what do I do?”  Our Company, GVCPS, has staff and business associates with extensive hands-on experience that can provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. Contact one of our mortgage professionals at GVCPS today for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

 

2) Clarify your financial picture

  • In order to help your mortgage professional as well as yourself fully understand your financial situation, prepare a detailed list of your financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.

 

3) Stay informed

  • The more information you have at your disposal on managing your finances, the easier it will be to make the right decisions. Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers lunderstand debt problems and includes information on making a budget, budget counselling, collection agencies, credit, and credit repair. To view this tool, log on to www.ic.gc.ca (Industry Canada) and search for “Take Charge of Your Debts”.

With early intervention, cooperation and a well executed plan, this can help you prevent foreclosure, will help you get your mortgage payments back on track and will help protect your credit from being damaged any further from previous mortgage payments that you have missed.

When you are in the situation I “can’t pay my mortgage what do I do?”, you may need answers to the following questions:

1) I “can’t pay my mortgage, what do I do?” Will my lender help me resolve my financial difficulties to get my payments back on track or will my lender just foreclose?

In most situations, your lender doesn’t want to repossess (take back) your property. (A lender can be a bank, credit union, insurance company, private individual, or loan company.) Foreclosure can be a long and expensive process for your lender. They would rather have you get your payments back on track and keep paying them.

But if you default and do not get your payments back on track after your lender has given you a second chance, your lender will take legal action to repossess or sell your property through foreclosure.

2) I “can’t pay my mortgage” How many mortgage payments can I miss before my lender starts the foreclosure process?

When you default (don’t make a payment) on your mortgage, you don’t automatically lose your property. On default, your lender has the right to accelerate (speed up) your mortgage contract. This allows your lender to claim the full balance owed on your mortgage debt plus interest and other costs, even though the mortgage term hasn’t yet expired. Your lender can use the legal process of foreclosure to repossess (take back) your property or sell it to pay the mortgage debt.

As soon as you miss a mortgage payment, most lenders act quickly. They often will either call you and/or send a reminder letter to you first in regards to your missed payment. If your lender doesn’t hear from you or if your lender does not receive your missed payment after that, the lender’s next step is to send you a demand letter. In BC, your lender or their lawyer must send you a demand letter before starting foreclosure proceedings.

The demand letter must state exactly what you owe, and that:

  •  you have to pay a certain amount by a certain date to catch up on arrears (what you owe) to reinstate (restore to good standing) your mortgage, or
  • you have to pay the whole amount you borrowed (not just the arrears) plus daily interest and other expenses to redeem (pay off) your mortgage

The exact requests in the demand letter depend on the wording in your mortgage and what your lender wants to do. If you don’t do what the demand letter asks, your lender can start foreclosure proceedings in court by filing a BC Supreme Court form called a petition. Your lender will serve you with (give you) a copy.

You (the respondent) can respond to a reminder or demand letter by doing one of the following:

  • Solve the problem (by reinstating or redeeming the mortgage)
  • Go to court (after you receive the petition — to fight the foreclosure, to get more time, or to cooperate)

Our Real Estate Investment Compnay, GVCPS specializes in helping clients reinstate their mortgage to bring your mortgage back into good standing. Our Company also buys houses on Terms through our Mortgage Take Over Program where you are provided with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. If you are looking for an solution to your problem – I “ can’t pay my mortgage what do I do?”, contact one of our mortgage professionals for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

 

3) I “can’t pay my mortgage, what do I do?” What will happen if I do nothing?

You may want to just ignore the demand letter from your lender, but be sure you know what the consequences are first. Doing nothing not only has serious consequences, this will also ruin your credit.

You can live in your property without making mortgage payments while the foreclosure proceedings are going on. This could take several months or longer. But it also means that; you don’t get any say in the court proceedings, which will go ahead without you, you may get little or no notice if the property is sold, or if you have to move and you may have to leave your property much earlier than if you had appeared in court

The court may order your property to be sold. If the money from the sale doesn’t pay all of your  mortgage debt, your lender will have an enforceable judgment (court order) made against you for the shortfall (remaining amount). Your lender can try to collect this from you for up to 10 years.

It’s very important that you talk to your mortgage professional about your options as foreclosure can be prevented if you take immediate action at the first sign of financial difficulty that impacts your ability to make regular mortgage payments. Speak to one of our mortgage professionals at GVCPS to find a solution to your financial difficulties. Our Mortgage Problem and Solution Professionals at GVCPS offer free consultation to help you keep your mortgage in good standing with your lender and/or help reinstate your mortgage to avoid foreclosure. Various options will be provided to you depending on your individual financial circumstances. Contact one of our mortgage professionals for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

The following options may also help you if you are in the situation – I “can’t pay my mortgage what do I do?”:

 

Refinance

You can pay off your whole mortgage with one lender by getting another mortgage from another lender (refinance). The new mortgage has to be big enough to pay the other mortgage plus any costs that you owe.

Redeem the mortgage

If your mortgage term has ended, you can do one of the following to pay your lender:

  • get a new mortgage from another lender (refinance), or
  • sell your property yourself

You have to pay off the whole amount you borrowed plus daily interest and other costs. But first you should know what those costs might include.

Reinstate the mortgage

If you missed making some payments but think you can manage paying regular mortgage payments in the future, call your lender right away. Try to work out a way to reinstate your mortgage. This means you pay all of the outstanding mortgage amounts to bring the mortgage back into good standing. You also have to pay anything it costs your lender to collect from you, and may include legal fees. You can reinstate a mortgage if the mortgage term hasn’t expired and your lender agrees to reinstatement. Most lenders don’t want to own buildings. Lenders would rather have you keep the property and keep paying them. Contact one of our Mortgage Problem and Solution Professionals at GVCPS today to help you reinstate your mortgage and get your payments back on track to avoid foreclosure 604-812-3718 or info@gvcps.ca.

Consolidate your debt into one easy payment

, home equity loan or line of credit.

Sell your property

You may want to sell your property right away and pay your lender if:

  •  you can’t reinstate your mortgage
  •  your property is in good condition and can be sold
  •  your property is worth at least as much as the amount you owe your lender (plus any other mortgage or judgment registered against your title), and
  • you don’t want to or can’t get a new mortgage

You reduce the legal costs and interest you have to pay if you sell your property as soon as possible. This option may be more attractive if you have equity in the property.

If you are in the situation, I “can’t pay my mortgage what do I do?” contact our Company, GVCPS. We are a well established real investment Company that buys houses, townhomes and condos quickly. We also take over mortgage payments and the property associated with it. We understand the stress and hassles that you face when you are experiencing unmanageable or unwanted mortgage payments, experiencing difficulty selling your property through traditional methods or when you just need relief from your property situation for any reason. We can help, contact one of our mortgage professionals today for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or for more information, visit our Website: www.gvcps.ca

References:
Canada Mortgage and Housing Corporation
Law Foundation and Legal Services Society of BC
Image Credit:
https://precondo.ca/
 

 

 

Taking Over Someone’s Mortgage Payments

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Taking Over Someone’s Mortgage Payments – The Do’s & Dont’s

Anyone can sell you a mortgage; We can show you how to use your mortgage effectively to your financial advantage even if you are having difficulty paying your mortgage payments or have negative equity in the property.

Are you experiencing difficulty making your mortgage payments each month, experiencing difficulty selling your property or do you just want out of your real estate situation for any reason? Our Company, GVCPS, is a well-established Real Estate Investing Company that specializes in taking over mortgage payments and the property associated with the mortgage.

We take over mortgage payments for houses, townhomes, condos and multi-family residential projects that are any price, in any condition, any situation and in any location of Vancouver, BC, the Lower Mainland and the Fraser Valley, BC. When we are taking over your mortgage payments and property, we utilize innovative and creative mortgage strategies that provide you with immediate financial relief and peace of mind regarding your real estate situation.

We provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit.

We have earned a reputation for fair dealing with 25 years of experience and we have handled hundreds of purchase situations, helping clients facilitate a non-stressful real estate transaction that benefit all parties involved. Contact us for Free Consultation. Office: 604-812-3718 Email: info@gvcps.ca or visit our website for more information gvcps.ca.

Are You Thinking About Taking Over Someone’s Mortgage Payments?

If you are planning on taking over someone’s mortgage payments, it is recommended that you seek the counsel of a mortgage professional or a legal adviser first.

There are many advantages of taking over someone’s mortgage payments, however, taking over someone’s mortgage payments is a big decision to make. Going about it the wrong way can prove costly in the long run with future legal disputes that may affect your ability to borrow in the future and putting you under financial and emotional strain if you already own your property that you are making mortgage payments on each month.

The Do’s and Don’ts of taking over some ones mortgage payments:

DO the Following:

  • Prior to taking over someone’s mortgage payments, seek counsel from a professional mortgage consultant at a Real Estate Company or legal advisor
  • Before you make the commitment to take over someone’s mortgage payments, ensure that you are financially capable of taking on this extra monthly expense, especially if this will be a long-term arrangement
  • Ensure that there is a legal agreement in place between you and the person(s) who owns the mortgage debt and the person(s) who are registered on the property title that clearly outlines all of the terms and conditions that you and the other party(ies) have agreed to
  • Verify through the mortgage and property title documentation who all persons are that are registered on both the mortgage loan and the property title

DON’T Do the Following When Taking Over Someone’s Mortgage Payments:

  • Don’t commit to taking over someone’s mortgage payments until you know the exact amount that the mortgage payment is each month. Verify the mortgage payment amount with the mortgage statement
  • Don’t pay the person who owns the mortgage debt directly. Pay the mortgage lender directly to ensure that the mortgage payments are being applied to the mortgage loan each month
  • Don’t take over mortgage payments from someone who has an outstanding judgement or any other charge registered against them on the property title if this will affect the amount of funds you are to receive when the property sells
  • If there is more than one person on the mortgage loan or property title, don’t execute an agreement to take over someone’s payments with only 1 of the parties. Ensure that all parties on the mortgage loan and property title agree to you taking over the mortgage payments and ensure that all parties execute the legal agreement with you

If You Are Taking Over Someone’s Mortgage Payments, Your Documentation Checklist Should Include:

  • The executed legal agreement between you and the person(s) who owns the mortgage debt and the person(s) on property title
  • Up to date contact information of the person(s) who owns the mortgage debt and person(s) registered on the property title
  • The mortgage lender’s contact information
  • A copy of the mortgage loan
  • A copy of the property title
  • Any current tenancy agreement that is in place for the property

Taking over someone’s mortgage payments isn’t something that most people are aware of and isn’t something that most people would consider in today’s challenging real estate market.  Many owners who bought or refinanced in recent years, owe more than what they could sell the property for now.  If you are considering taking over someone’s mortgage payments, there are many do’s and don’ts that you should be aware of.

Our Company, GVCPS, is a Real Estate Investment Company that specializes in taking over mortgage payments and the property associated with the mortgage in Vancouver, BC, the Lower Mainland and Fraser Valley, BC.

If You Are Taking Over Someone’s Mortgage Payments, You Should Also Ensure the Following:

  • Confirm all of the details of the legal documents relating to the mortgage including; the mortgage balance, interest rate and mortgage term renewal
  • Research the current market value of the property and establish a purchase price upfront that is reasonable in relation to the amount of the mortgage payment that you are taking over
  • Ensure that you have enough funds in reserve to make the mortgage payments in the event that you experience unforeseen financial circumstances that may impact your ability to make regular mortgage payments to ensure that you honor your agreement with the mortgage holder
  • Ensure that your lawyer covers all of the terms and conditions of the transaction in the case of default and the remedy that will be available to each party

If You Are Taking Over Someone’s Mortgage Payments, You Should Not Do the Following:

  • Don’t take over someone’s mortgage payments if their mortgage lender will not renew their next mortgage term due to the mortgage debt holder missing too many previous mortgage payments in hopes that the lender will change their mind about the renewal
  • Some people’s mortgage payments are extremely high if they were unable to qualify for a low interest rate. Don’t take over someone’s mortgage payment that will leave you with cash flow difficulties at the end of each month
  • If you are experiencing financial difficulties, don’t stop paying the mortgage payment altogether and don’t ignore your contractual obligations with the mortgage debt holder. If you are experiencing difficulty making the mortgage payment, it’s important for you to take quick action to find a solution and avoid potentially getting sued for damages by the person(s) who owns the mortgage debt as well as the person(s) on the property title

We specialize in taking over mortgage payments and the property associated with the mortgage. We provide flexible, pre-negotiated terms that can give you the best value for your property and can provide you with more money with none of the hassles normally involved in selling. We provide immediate monthly cash flow management solutions to your unmanageable or unwanted mortgage payments along with protecting equity you may have in the property and protecting your credit. Contact us for Free Consultation: 604-812-3718 Email: info@gvcps.ca or vist our website for more information gvcps.ca

If You Need Help Taking Over Someone’s Mortgage Payments, Contact One of Our Professional Mortgage Consultants.

If you are considering taking over someone’s mortgage payments, through consultation, we can advise you through the detailed process step by step. We can show you and the person(s) who hold the mortgage debt how to utilize the mortgage so you can both financially benefit from the mortgage and property even if it’s currently a non-performing asset or has negative equity.

If You Are Taking Over Someone’s Mortgage Payments, You Should Also Keep In Mind That:

  • Anyone can pay the mortgage payments on a property in someone else’s name
  • You can take over someone’s mortgage payments without having to go through the mortgage assumption qualification process
  • There are a number of steps that you can take to help someone with their mortgage payments in a way that protects both of your interests in the property
  • You should seek the counsel of a mortgage professional or a legal adviser before you take over someone’s mortgage payments

When Taking Over Someone’s Mortgage Payments You Do Not Need To:

  • Alter the underlying mortgage loan documents and change the ownership status of the mortgage loan to include your name
  • Takeover the mortgage title
  • Assume the mortgage loan

Mortgage Payment Difficulties and Taking Over Someone’s Mortgage Payments   

If you are having difficulty paying your mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your mortgage payment difficulties to prevent foreclosure.

One of the best foreclosure prevention options is to takeover someone’s mortgage payments to help them keep their mortgage in good standing with their lender.

Is It Safe Taking Over Someone’s Mortgage Payments and What is the Process?  

Yes it is safe, Anyone can pay the mortgage payments on a property in someone else’s name. Mortgage lenders do not care where the mortgage payment money comes from. As long as the lender’s mortgage payments are paid on time each month and are being applied to the correct mortgage loan, the lender is happy.

If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. You can make a big difference in resolving your financial difficulties and preventing foreclosure if you speak with your lender or a mortgage professional at the first signs of difficulty.

If you have missed mortgage payments, the longer you wait to find a solution, the fewer options you will have available to you to bring your mortgage back into good standing with your lender.

If you continue to miss your mortgage payments without attempting to resolve the situation with your lender, foreclosure will be inevitable.

The General Process of Taking Over Someone’s Mortgage Payments Includes: 

  • Prior to taking over someone’s mortgage payments, seek counsel from a professional mortgage consultant at a Real Estate Company or legal advisor
  • Research the current market value of the property and establish a purchase price upfront that is reasonable in relation to the amount of the mortgage payment that you are taking over
  • Verify through the mortgage and property title documentation who all persons are that are registered on both the mortgage loan and the property title
  • Confirm all of the details of the legal documents relating to the mortgage including; the mortgage balance, interest rate and mortgage term renewal
  • Before you make the commitment to take over someone’s mortgage payments, ensure that you are financially capable of taking on this extra monthly expense, especially if this will be a long-term arrangement
  • Ensure that there is a legal agreement in place between you and the person(s) who owns the mortgage debt and the person(s) who are registered on the property title that clearly outlines all of the terms and conditions that you and the other party(ies) have agreed to
  • Ensure that your lawyer covers all of the terms and conditions of the transaction in the case of default and the remedy that will be available to each party

Our Company, GVCPS Inc., specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage. We provide immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting 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. Our Company provides immediate solutions that enables people who need to move on from their situation to keep their former monthly mortgage payment in their pocket or bank account. Contact us for Free Consultation: 604-812-3718 Email: info@gvcps.ca or vist our website for more information gvcps.ca

Facing Mortgage Problems in Delta, BC? Contact Us

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Facing Mortgage Problems in Delta, BC? Ask Mortgage Problem Solution Providers: If you are having Mortgage Problems in Delta, BC, do not ignore your situation. The longer you wait to start working towards a solution, the fewer options you will have available to you. 

If you find yourself facing financial difficulties as a result of job loss, family income reduction, divorce or other reasons and your situation is impacting your ability to make regular mortgage payments, confront your mortgage payment problem immediately.  

For all your Mortgage Problems in Delta, BC, contact your Mortgage Problem Solution Provider at the first sign of financial difficulty. They can help you increase your chance of successfully managing your financial situation through early intervention.

Mortgage Problem Solution Providers in Delta, BC will help you with the following options for getting your mortgage problems back on track and how to work with your lender:

  • Cutting down your mortgage costs.
  • How to manage your mortgage debt.
  • Renegotiate your mortgage.
  • How to work with your mortgage lender to find a solution to your financial difficulties.
  • If you are out or work, they can offer suggestions and help with mortgage costs.

If you are in a situation where making monthly Mortgage payments is difficult and you are facing Mortgage Problems in Delta, BC, a debt consolidation mortgage, a home equity loan or a line of credit may also be an option.

  • Refinance with a debt consolidation mortgage

As a homeowner, one way to start managing some of your higher-interest debt is to refinance your existing mortgage with a debt consolidation mortgage. Some mortgage types allow you to borrow additional money on your mortgage so you can consolidate your debts into one simple payment. This way, you can easily budget with a structured payment plan and an assured pay-off date.

  • Debt consolidation home equity loan or line of credit

Homeowners who are looking to consolidate their debts may have the option of using their home equity to secure a loan or line of credit. A home equity loan or line of credit allows you to obtain a lower interest rate and a higher credit limit by using the equity you’ve built in the property as security. By consolidating your debts into a home equity loan or line of credit, you will have the convenience of one consolidated payment rather than having several bills from different creditors.

This makes bill payments more manageable and the rate is usually lower, helping you pay off your debts sooner. With a home equity line of credit additional benefits include making interest payments only on the funds you use, not your total credit limit, and having ongoing access to funds up to your authorized credit limit.

You can also obtain information on the sale and rent back programs run by Mortgage Problem Solution Providers who help property owners who are struggling to pay their mortgage.

Facing Mortgage Problems in Chilliwack, BC?

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Facing Mortgage Problems in Chilliwack, BC? Purchasing a property can be an expensive process and obtaining a mortgage is one of the most important decisions you will ever make. Most people do not have a 20% down payment to put towards the purchase of a property and a high-ratio mortgage is their only other option.

If you have purchased a property and are unable to pay your mortgage on a regular basis due to any reason, it is important that you take quick action. If you are struggling to keep up with all of your mortgage payments, it can be a very stressful and overwhelming experience, leaving you feeling uncomfortable and unsure of what to do. There are many different types of Mortgage Problems in Chilliwack, BC, but you do have options.

If you are experiencing difficulty making your mortgage payments each month in Chilliwack, BC contact a Mortgage Problem Solution Provider to discuss what solutions they can provide to your real estate situation.  Mortgage Problem Solution Providers in Chilliwack, BC provide free consultation and expert advice to help you with your situation.

When unforeseen financial circumstances or life events impact your ability to make regular mortgage payments, Mortgage Problem Solution Providers in Chilliwack, BC can help you get your mortgage payments back on track through a modification of mortgage, a forbearance agreement, a refinance or through a second mortgage.

To Overcome Your Mortgage Problems in Chilliwack, BC, Other Options Are Also Available to You:

If your mortgage is insured by Canada Mortgage and Housing Corporation, (CMHC), in the City of Chilliwack, BC, CMHC is also willing to consider other alternatives proposed by your Mortgage Problem Solution Provider to resolve or avoid mortgage payment default. In every case, your options will depend upon your individual financial circumstances.

Based on your individual financial circumstances, your Mortgage Problem Solution Provider may be able to propose one or more of the following alternatives to CMHC:

  • Converting your variable interest rate mortgage to a fixed interest rate in order to protect you from a sudden interest rate increase, should one occur.
  • Offering you a temporary short-term payment deferral. Your mortgage professional may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.
  • Extending your original repayment period (amortization) in order to lower your monthly mortgage payments.
  • Adding any missed payments (arrears) to your mortgage balance and spreading them over the remaining mortgage repayment period.
  • Offering you a special payment arrangement unique to your particular financial situation.

To increase the chance of successfully managing your financial situation through early intervention, call your Mortgage Problem Solution Provider at the first sign of financial difficulty. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties and avoid mortgage payment default.

Facing Mortgage Problems in Burnaby, BC?

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Facing Mortgage Problems in Burnaby, BC? Ask Mortgage Problem Solution Providers for Help

Many Canadians use debt to finance the purchase of a new property. In recent years, both mortgage debt and consumer debt have increased significantly. If you are experiencing difficulty making your mortgage payments each month in Burnaby, BC,  contact a Mortgage Problem Solution Provider to discuss what solutions they can provide to your real estate situation.  Mortgage Problem Solution Providers in the Lower Mainland, BC and Fraser Valley, BC provide free consultation to your Mortgage Problems and discuss the different options that are available to you.

When assessing your Mortgage Problems in Burnaby, BC, a Mortgage Problem Solution Provider will carefully weigh important decisions about your mortgage such as, reducing your interest rate, converting from a variable interest rate to a fixed interest rate, or extending the length of the term of the mortgage. Getting their professional insight can help as they may be able to suggest solutions that you hadn’t thought of or solutions that you aren’t even aware of.

Mortgage Problem Solution Providers Can Help You Talk to Your Mortgage Lender Regarding Your Mortgage Problems

Facing Mortgage Problems in Burnaby, BC can help you talk to your mortgage lender and present your case in regards to finding a solution to your mortgage problems. 

If you haven’t missed a mortgage payment and have not talked to your mortgage lender, your mortgage lender will not know that you are experiencing financial difficulties and struggling with your mortgage payments. If you have missed mortgage payments, there are some mortgage lenders who are willing to work together with you to find a solution to your financial difficulties.

If you have bought a property with a down payment of less than 20%, this means your mortgage is insured through either CMHC (Canada Mortgage and Housing Corp.), Genworth Financial or Canada Guaranty. Either your mortgage lender or the company who insured your mortgage have programs in place to help people who are struggling with their mortgage payments. Your mortgage lender or mortgage insurer can provide you with more information about options which might be right for you.

If you are falling behind on your mortgage payments, a modification of your mortgage may be available. A modification of your mortgage is generally used when the mortgage borrower is not in a position to adhere to the original mortgage terms agreed to with the lender, however, it can also be used to pay off your mortgage faster by making higher monthly payments.

The Mortgage problem solution provider companies can also help you with a modification of your mortgage. To save you from foreclosure, a Mortgage loan modification is a better option. A loan modification is a permanent restructuring of your mortgage where one or more of the terms of your loan are changed to provide a more affordable payment. With a loan modification, your lender may also agree to
extend the length of the term of the loan.

Facing Mortgage Problems in Abbotsford, BC?

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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.

Facing Mortgage Problems in Vancouver, BC?

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A mortgage is a long-term responsibility and most likely the largest loan that you will need to pay back. Because of the amount of money that you borrow for a mortgage and the time it takes to pay it back, getting a mortgage comes with certain risks including unexpected life events like job loss, a serious illness or divorce that cause unforeseen financial circumstances that can impact your ability to make regular mortgage payments.

If you find yourself facing mortgage problems in Vancouver, BC, for any reason, it’s important for you to take quick action to avoid your mortgage lender commencing legal foreclosing proceedings against you along with the possibility of ruining your credit in the process.

Many mortgage difficulties and mortgage problems in Vancouver, BC will arise when you can’t pay your mortgage. When financial circumstances impact your ability to make regular mortgage payments, address the issue immediately with a Mortgage Problem Solution Provider. With early intervention, cooperation and a well-executed plan, you can work together with a Mortgage Problem Solution Provider to get your payments back on track, protect any equity you have in the property as well as protecting your credit.

If you have missed mortgage payments, your mortgage lender may call you to attempt to resolve the payment issue or your lender will send you a formal demand letter that initiates the formal foreclosure process. If you have received a demand letter from your mortgage lender, it is imperative that you act fast. Depending on your situation, your lender and how many payments you have missed, there may still be the option available to you to reinstate your mortgage and avoid foreclosure. When you default on your payments and you act fast, a Mortgage Problem Solution Provider can help you minimize any loss and help manage your risk.

The more time you wait to find a solution to your situation, the less options your mortgage lender will be willing to provide. You need to show your mortgage lender that you are immediately willing to take action to resolve your missed mortgage payments when it comes to protecting your mortgage, your equity and your credit.

There are many mortgage difficulties and mortgage problems. If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties.

  1. Contact a Mortgage Problem Solution Provider to discuss your situation in detail.
  2. Clarify your current financial situation – what is your current financial reality?
  3. Stay informed – the more information you have access to to in regards to help manage your finances, the easier it will be to make the right decisions in regards to financial planning and managing your debts.

If you are facing mortgage problems in Vancouver, BC – ask a mortgage problem solution provider to explain your options to you. For people who require a solution to their mortgage and property situation, mortgage problem solution providers specialize in taking over mortgage payments and the property associated with it. They provide immediate solutions that enable people who need to move on from their situation to keep their former monthly mortgage payment in their pocket or bank account.

With extensive experience providing Mortgage Solutions for people with credit or income challenges, Mortgage Problem Solution Providers offer services for Best Rate Mortgages, Bad Credit, Self Employed, Private Mortgages, 1st 2nd & 3rd Mortgages, Foreclosure, Debt Consolidation and Home Equity loans for Vancouver, BC, the Lower Mainland and Fraser Valley, BC.

Our Company, GVC Property Solutions Inc. (GVCPS) is a Mortgage Problem Solution Provider in Vancouver, BC, the Lower Mainland and Fraser Valley, BC. We have extensive hands on experience in helping people who are experiencing difficulties paying their mortgage or people who are experiencing difficulty with their real estate situation for any reason.

We provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. If you are experiencing difficulty paying your mortgage, contact us, we provide free consultation to discuss different options that are available to your situation 604-812-3718 or info@gvcps.ca.

Facing Mortgage Problems? We Provide Solutions

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While the process is meant to be convenient for you to own your own property, some people can’t make their mortgage payments. People who have fallen behind with their payments inevitably face foreclosure and possible bankruptcy.

If you are having trouble making your payments, contact your mortgage provider to discuss your options as soon as you can. The longer you wait to talk to your lender to work towards a solution, the fewer options you will have. Many mortgage providers are expanding the options available to mortgage borrowers who are having problems making their mortgage payments – it’s worth calling your mortgage provider even if your request has been turned down before.

Mortgages are typically long term loans and until you pay off your mortgage in full, you need to renew the outstanding balance for the next term of your mortgage when your current mortgage term reaches its maturity date. Your mortgage lender will not renew your mortgage term if you have not been making your mortgage payments or if you currently have fallen behind on your mortgage payments.

If you’re having problems paying your mortgage, you must take action quickly to avoid foreclosure, possibly falling into debt and damaging your credit.

“Help, I have no equity or I have negative equity”

If the market value of the property has fallen below the outstanding amount of your mortgage balance, then you are underwater. Depending on the decrease in value of the property since the purchase, the property will also have no equity or negative equity.

If you have found yourself in a situation where you can’t pay your mortgage, there is help available through Mortgage Problem Solution Providers. They will help you speak to your lender in regards to finding a solution through a modification of mortgage, a forbearance agreement, a refinance or finding you a new mortgage lender. If you are underwater with your mortgage, in some cases, you can still get a new mortgage at a more affordable interest rate with the help of Mortgage Problem Solution Providers.

If a borrower with a $500.000.00 mortgage debt sees their home value decrease to a market value of $475,000.00, the mortgage is considered to be an underwater mortgage. If the borrower had paid $50,000.00 of the principal on their mortgage loan resulting in a principal balance of $450,000.00 then they are still considered to have $25,000 in positive equity that may be utilized in a home equity loan.

“Help, I’m having a problem making my payments”

If you’re having a problem making your payments, Canadian Mortgage and Housing Corporation (CMHC) has a variety of default management tools which can be used to effectively manage many loan default situations. CMHC is also willing to consider other alternatives proposed by the mortgage lender to resolve or avoid mortgage payment default. CMHC’s Claims and Default Management Team is available to assist Approved Mortgage Lenders at anytime, from early delinquency to filing a mortgage insurance claim and CMHC has the expertise to help lenders manage unusual or complex accounts.

CMHC will not directly give money to people to make their mortgage payments. Instead, the Government may ask a distributing organization or Mortgage problem solution provider companies like GVCPS Inc., a real estate investment company to provide mortgage payment solutions to the mortgage borrower. CMHC can help banks and other mortgage lenders manage their residential mortgage lending business. When a borrower default occurs, CMHC works with your mortgage lender to help manage your mortgage lender’s risk of delinquent mortgages and GVCPS Inc., takes over the mortgage borrower’s mortgage payments.

If you are having difficulty paying your mortgage payments, contact your mortgage lender to discuss the options for an extension of repaying your missed mortgage payments.

“Help, I’m 2 payments behind”

If you are falling behind with your mortgage payments, a modification of your mortgage may be available. A modification of your mortgage is generally used when the mortgage borrower is not in a position to adhere to the original mortgage terms agreed to with the lender, however, it can also be used to pay off your mortgage faster by making higher monthly payments.

The common modifications that can be made to your mortgage agreement are:

  • The monthly payments and the loan period can be adjusted to reflect changes in your financial situation
  • The interest can be modified from an adjustable rate to a fixed rate
  • Penalties can be waived

The Mortgage problem solution provider companies can help you with a modification of your mortgage. Mortgage loan modification can save you from facing foreclosure, which is inescapable if you do not keep up with your mortgage payments. You may request your lender to change the terms, like reducing the size of monthly payments to align it with the change in your income, which in turn would also mean an extension of the total repayment period.

If you’re lucky, your mortgage lender may even allow you to suspend payments for some time. Such a measure is aimed at giving you time to get out of your financial difficulties and the payments are resumed at an agreed upon later date. Once you start paying the mortgage lender again, you may ask for an extension of the repayment period or make larger repayments so that the mortgage can be brought back on schedule.

“Help, I’m facing foreclosure”

If you fall for behind with your mortgage payments and you have received a demand letter from your mortgage lender”s lawyer, there are still a number of strategies to help you stop foreclosure, manage your debt load and help renegotiate any of your complex financial entanglements.

Mortgage lenders want homeowners to pay their mortgages. The foreclosure process can be time consuming and costly to your mortgage lender so they have a vested interested in helping a client through a financial crisis. There may be an opportunity to renegotiate the mortgage over a longer period of time, or at a lower interest rate, or for you to pay a smaller monthly amount for a short period if you’ve had employment difficulties.

The most important step is to contact the mortgage problem solution provider company immediately and explain why you’re having a problem making your payments. In some cases, the foreclosure process might even be stopped by some mortgage lenders when back payments, interest and legal charges are repaid in full by the defaulting borrower. There are many repayment scenarios and this is why it is so important to speak to your lender immediately about your financial problems.

When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage problem solution provider to find a solution to your financial difficulties. Contact GVCPS Inc., a mortgage problem solution provider with 25 years of experience helping people who are facing difficulties paying their mortgage. GVCPS Inc. can help you by protecting any equity you may have in the property as well as help you protect your credit. Contact GVCPS Inc. 604-812-3718 or info@gvcps.ca.