When you get behind in your mortgage payments on your Vancouver B.C. home, it can feel like you’re drowning in debt, which can add a great deal of stress to your life.
Even if you’re able to start making your monthly payments again, catching up on a past due balance can be an overwhelming challenge when you’re in a financial pinch.
There are a few options that can help you to avoid foreclosure in Vancouver B.C. and maybe even keep your house, even if you’re a few months behind in payments. Numerous properties in Vancouver B.C. have been lost to foreclosure over the years, but fortunately there can be ways to avoid it.
This is usually the tool of last resort and you should make every effort to avoid it. If you are being crushed by lots of debt however, and don’t have any other options, bankruptcy can be a good way to negotiate with all of your creditors at once. It’s a fairly in-depth process and a lot of work, but it’s a means to an end and a fresh start. As different lenders will treat your circumstances in unique ways, you’ll want to find a good Licensed Trustee (lawyer) to guide you through the process, or even help you find another solution to help save some of your assets.
2. Considering selling any assets:
Depending on how far behind you are in payments, you might be able to come up with enough money to catch up by selling any assets you might own such as a R.V. boat, motorcycle, a second vehicle you don’t need, or even some jewelry you’re not particularly attached to.
You might be surprised at how much cash you can come up with by selling some of you valuables. It’s a tough decision to make, but if it saves your home from foreclosure I’m pretty sure that would be worth it.
3. Negotiate with your bank:
Most lenders will offer some level of assistance. It will take some work and good communication skills, but you might be able to get your interest rate reduced, or even a temporary reduction in your monthly payments.
Sometimes lenders will want to steer you towards refinancing your loan – but by the time you’re a few payments behind, you may not qualify for a reduction in your interest rate.
You have to work really hard to negotiate with a bank. In most cases it will take numerous calls and a great deal of patience to get through the bureaucracy. No matter how frustrated and stressed out you may be, always be polite, never rude! Ask for help from everyone you speak with, but try not to sound desperate. Explain your situation to the best of your abilities, offer supporting documents, and reassure the bank that you’re willing to do what it takes to resolve the situation and stay in your home for the long term.
If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. They would prefer to see you continue on with your mortgage. Sometimes they may be able to add a few months of payments back onto the primary balance of your loan. The banks primary mandate is to make money, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll likely take a loss.
That may sound obvious, but for sometimes bankers seem to forget it when saying no to someone in need of assistance.
4. Borrow money from a private investor or sell to a professional home buyer:
If you’re behind in your payments and need to sell fast, we can help. We’ve purchased numerous houses over the years from people in financial trouble.
In certain circumstances, we may even be able to help you stay in your home.
We work with homeowners in Vancouver B.C. to find solutions to foreclosure problems.
We’ll let you know how we can help.