If you recently looked in the mirror and said “I’m behind on my mortgage payments in Calgary” Then this article may help you. If you are ever in this difficult situation it can feel like you are drowning in debt. Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge. If you have ever said to yourself “I’m behind on my mortgage payments in Calgary” then read on.
There are a few options that can help you to avoid foreclosure in Calgary and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Calgary have been lost to foreclosure, but there are many ways to avoid it.
I’m Behind in My Mortgage Payments in Calgary! 3 Things You Can Do To Help Your Situation
1. Bankruptcy:
This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid paying your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford. A licensed insolvency trustee may be a good person to speak with if you are behind on mortgage payments in Calgary. If you are in this situation there is a good chance you are facing foreclosure on your home, we wrote a full guide to the foreclosure process in Calgary, Alberta which you can find here.
2. Negotiate with your bank:
Many lenders offer assistance to borrowers facing financial challenges. While it requires effort, you may be successful in negotiating a reduced interest rate or a temporary payment reduction.
Typically, lenders may suggest refinancing your loan when you fall behind on payments, making it harder to qualify for an interest rate reduction.
Negotiating with a bank can be a challenging process that demands patience and persistence. It often involves numerous phone calls and maintaining a respectful attitude throughout. It is crucial to seek help from every contact at the bank without sounding desperate. Clearly explain your situation, provide necessary documents, and assure the bank of your intention to remain in your home long-term.
If you require a temporary solution to remain in your home, many banks are willing to offer assistance. In some cases, they may add missed payments to the principal balance of your loan. By emphasizing the financial benefit to the bank in the long run, you can illustrate the importance of their support. Selling a house through foreclosure would result in a significant loss for the bank, so highlighting this can be persuasive.
While this may seem like common sense, it is essential to remind bankers of these financial considerations, especially when denying assistance to those in need.
3. Borrow money from a private investor:
If you’re behind on your payments and need to sell fast, we can help. Real estate investment companies specialize in solving complex housing problems. At Northgate House Buyers we will be able to tell you immediately if we can assist you in your situation, and we never waste your time.
In certain circumstances, we may even be able to help you stay in your home. In the past we have assisted clients that want to unlock the equity in their home as fast as possible, but enjoy where they live. In these instances we figured out a win-win solution for both our customer and our business.
We work with homeowners in Calgary to find solutions to foreclosure problems.
We’ll let you know how we can help if you are behind on your mortgage payments in Calgary.