|
|
FORECLOSURE HELP
Property foreclosures are at record levels across the United States and Canada. In some areas of United States they're up 1,000 percent over last year. The owners of tens of thousands more properties face imminent default as they struggle to cope with their mortgage payments and economic woes.
In Canada, almost half of mortgage applications I received in 2007 were from homeowners with mortgage arrears and this trend continues today.
So what should you do when you receive your first foreclosure notice of sale?
Your best option is not to ignore the foreclosure notice and workout an agreement between you and your current lender to reinstate your delinquent loan through the payment of a lump sum or a schedule of payments over a period of time.
If you got behind in your payments because you lost your job and now you are working again, your lender may allow you to pay the money back through installment payments over three to six months.
Your lender may also allow you to pay a reduced monthly payment until you have the opportunity to get back on your feet and pay any remaining arrears in one lump sum.
This is called forbearance and it may be an oral or written agreement.
If you are not able to work out forbearance agreement then try a loan modification. A loan modification is a change in the terms of your current mortgage loan including decreasing the interest rate and re-amortizing your remaining balance resulting in lower monthly payments.
Generally, your lender will consider a loan modification when your income has been decreased and you are unable to make your mortgage payments on the existing terms, but you will be able to keep the loan current after the loan modification.
Now what if you are not able to workout an agreement with your lender?
Well, you do have more options…
Mortgage refinancing is a good option when a new lender would allow you to refinance existing mortgage, wrap in any late payments and fees, and cash out part of the equity in your home so you can regain control of your deteriorating financial situation.
But that’s easier said than done.
This option may only work if you had a great credit history in the past and you can prove that you can support the new mortgage payment.
If you are not able to refinance then consider a private second mortgage loan to make up any back payments, late fees and other charges necessary to reinstate your loan.
You will be required to make an additional mortgage payment to cover the principal and interest payments on the second loan.
Of course you have other options which include selling your home or bankruptcy but that should be your last option!
|
"I stopped Dale's Power of Sale and helped her to get back on the right track!"
Good Morning Joe,
It has been a month since I received the 2nd mortgage with all your help and I am very very grateful. I am now able to get back with doing my job without so much worrying and sleep much better at night. The way you were able to approve me right away made me feel as though that even though I messed up in the first place, I had help, you and your team there to help.
I have started to read the book you sent to me and I have found it fascinating and in the future I am going to find out a way to apply it to my own life. I have always been able to claim my mortgage but not as good as the book has shown.
Once again thank you for all the help I have received from you and your team.
Dale Ewart, Aurora, Ontario
|
|
I could help you to avoid loosing your home by refinancing your current mortgage or arranging a short term second mortgage loan.
If you are behind in mortgage payments then complete my secure server online application form and I will do my best to solve your problems quickly.
SELECT A PROFESSIONAL...
Get Approved Using My Proven Services...
... in Less Than a Day!
APPLY ONLINE IN LESS THAN 10 MINUTES
If you answered "YES" and you want to take advantage of my proven mortgage services -- HERE ARE THREE EASY WAYS FOR YOU TO GET STARTED:
- CLICK HERE TO APPLY ON-LINE ON MY SECURE SERVER
Remember... there are NO upfront costs and NO obligations. If you are not satisfied with my work then you can cancel at anytime!
- CLICK HERE TO PRINT & FAX APPLICATION
The online application is securer but if you prefer faxing it then print my 'printable' application form and fax it to me toll free to 1-888-416-4096
- MAIL YOUR APPLICATION
If you prefer using "SNAIL MAIL" then mail the 'printable' application to the following address: VERICO Mortgage Network London Inc. Attn: Joe Malek, AMP... 321 Springbank Drive, London, Ontario, N6J 1G6
For faster service please use online application. Your request will get a top priority and you could receive your approval in less than a day!
Sincerely,
Joe Malek, AMP
Your Mortgage Agent (Lic.# M08004649)
Accredited Mortgage Professional and Debt Consolidation Expert!
P.S. That's all it's to it... no running around... no time consuming appointments... no office visits... and the lowest rates around!
P.P.S. Don't forget to
, subscribe to my mortgage tips newsletter and check out my mortgage blog
|
VERICO Network is the fastest growing mortgage organization in Canada. Since 2005 the network has grown to over 150 locations throughout Canada that employ over 1,000 agents who collectively originate in excess of $7 Billion in mortgage loan volume.
|
|
|
|
|
