Can I give my Vancouver B.C. British Columbia house back to the bank without an expensive foreclosure?
The short answer is probably, but your best approach is to try and avoid going into foreclosure altogether…
There are a number of ways to avoid an expensive foreclosure in Vancouver B.C. .
Your first step if you’re trying to avoid foreclosure in Vancouver B.C. is to speak with your loan provider immediately to evaluate your situation and examine your choices to prevent home foreclosure.
You have to take action prior to getting too far behind on your mortgage payments in order to prevent full house foreclosure. You should contact your financial institution as soon as you know you are likely to miss a home loan payment and inform them what is going on with your financial situation.
In most cases your mortgage loan provider would rather work something out with you so they do not generate losses on your property by going through the full foreclosure process.
It’s always best to be honest and open with your mortgage company.
They may be able work something out with you that temporarily reduces your rate of interest, which would reduce your monthly payment. In a case where you miss one or two payments but then are capable of start paying once again, they can sometimes add those repayments back onto your home loan and consider you caught up on your mortgage. The financial institution will not be very motivated to accommodate you if you do not explain your situation to them ahead of time and ask for help.
Your mortgage loan bills or your card payments?
You’ll be able to prevent home foreclosure by ensuring you consistently pay your mortgage loan prior to any bills. Your house loan is an essential monthly bill you have. Credit cards should never take priority over your house loan repayment. You can deal with the consequences of not paying your cards a lot easier than you can the implications of failing to address your mortgage payments.
Not paying your mortgage loan may be the worst thing you can do with regard to your credit score. Getting behind on other sorts of debt like credit cards will never damage your credit as much as getting behind on your home loan and suffering a foreclosure. Not paying your mortgage loan could cause you difficulties with your credit cards in any case, so they may not be top priority when you have to pay your monthly dues.
Is selling your house in Vancouver B.C. British Columbia a way to avoid foreclosure?
One way to prevent home foreclosure is to try to pay your house loan off by putting up your property for sale. In a good market you would likely get a quick sale and a good price.
You could probably be free from the financial hole you are in by selling your house for sufficient cash to pay the home loan off. And sometimes you may be able to have money left to start over again. This is an could be an excellent approach to prevent foreclosure of your Vancouver B.C. house and avoid a disaster on your credit score at the same time.
Another way to stop property foreclosure in Vancouver B.C. is to really cut your overall spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to sell the house you love. For anyone who is self-employed, one method to spend less would be to stop renting an office and make a workplace at home. You could also think about selling a car and having just one that you share. Maybe you cut out entertainment and/or postpone your next vacation. Living lean for as long as it takes is worth it if it means getting to keep your house.
In most cases there are many things you can proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further. Whatever you do don’t stick your head in the sand and hope the problem magically disappears!
We Buy Local Vancouver B.C. Houses… Can We Make You An Offer?
Here at Lifemark Properties we buy houses in Vancouver B.C. British Columbia and surrounding areas and we may be able to help you get out of your house and avoid foreclosure.
The process is really simple:
- Fill out the form over here, or call us at (604) 961-6765 and we’ll make you an offer within 24 hours
- If you accept the offer we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork
- We buy your house when you want us to (in as little as 7 days) at a reputable local closing agent