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Late Mortgage payments/Foreclosures

Everyone plans to make all their mortgage payments in full and on time when they sign on the dotted line, but when life throws you a curveball and those payments are late or missed, it can turn ugly very quickly. Unfortunately to a mortgage lender, any late or missed payments are just about the worst thing that can take place.

If you’ve missed a few in a row, you could be in line to have the lender start foreclosing on you, and once that process has started it can get costly quickly to stop it. Or if you’ve had a few late or missed payments in the past with your current lender, they may not renew your mortgage when your maturity date is up.

So if you are having issues with mortgage payments, you seek assistance right away.

If your mortgage reports late on the credit bureau it can be very harmful to any future mortgage lending. But working with an expert can help save you thousands of dollars in interest.

The key to addressing these types of situations are what we call Cause & Cure. When you signed your mortgage, it was expected by all parties that you’d be able to make those payments in full and on time. Something must have changed, or caused you to miss, whether it was injury, illness, or job loss. So we need to be able to determine why now you are able to make these mortgage payments, when in the recent past you’ve struggled to do so. Showing this to the new lender, is of the utmost importance.

If you are dealing with a foreclosure situation, or have missed mortgage payments, please contact us right away and allow us to try and help. The sooner we can act, the better solution we can likely have for you. Allow us to help save your home!

To get more information on how we can assist you, please call us at 604-464-0960 or underwriting@planbmortgage.ca