While our real estate market is still fairly hot in the lower mainland, some people in Vancouver B.C. ] and in other areas are struggling to make their mortgage payments.
If you’re one of the unfortunate few that is underwater on your home, or having difficulty keeping up with your monthly payments, you could be at risk of getting a pre-foreclosure notice from your mortgage provider.
Thankfully, there are a number of things that you can do to avoid foreclosure in Vancouver B.C. . It’s important to remember that being pro-active is absolutely key, and could save your good credit rating, your home, and a lot of stress!
So lets go over a few tips on possibly how to avoid foreclosure in Vancouver B.C. with your home.
The Keys of How To Avoid Foreclosure in Vancouver B.C. Don’t Abandon Ship
Some people will simply give up and walk away from their home. There are even areas of the U.S. that resembled ghost towns in the years following the 2008 housing collapse as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes when they cannot continue to make their mortgage payments. There were whole neighbourhoods of empty houses surrounding Detroit. This is an extreme example and not likely to happen here, but it
Facing the possibility of losing your house can be stressful situation, but it’s very important to try and stay calm and keep your wits about you. A foreclosure will have a huge negative impact on your credit rating, and will likely make it very difficult for you purchasing a home in the years down the road.
A few points to help you deal with the situation:
Do not ignore the problem. Make sure that you maintain timely and honest communication with your mortgage provider. Ignoring phone calls or letters of notice will only make the situation worse. They would rather see you continue paying your mortgage and keep your house rather than suffer a foreclosure, so in most cases they will try to help in any way they can if you maintain good communication.
Consider all your financial options. Avoiding foreclosure should be your first priority. Is there any discretionary spending you can temporarily cut (such as cable, club memberships or entertainment) to help you get caught up on your mortgage payments? Perhaps you have some valuable assets you could sell such as a second car that might not be essential or any recreational vehicles? Could you get a second job? Any extra money you can come up with will be helpful in keeping yourself above water.
Explore negotiating with your mortgage provider. Banks and other financial institutions are well aware that some people in Vancouver B.C. are struggling. If you haven’t missed any payments yet, you may have some leverage to renegotiate the terms of your loan. Banks would prefer not to foreclose on a house, (they make more money when you keep making your payments) and many will try to work with you if you aren’t too far behind.
We understand that the possibility of losing your home can be a stressful situation, you aren’t the only person facing difficulties. Other homeowners in Vancouver B.C. are going through the same troubles. Facing foreclosure can have a lasting effect on your financial life and also your well-being due to the high stress of the situation. It’s important to be pro-active and take advantage of all the options available to you.
If it’s looking like you don’t have any good options left, we may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees, we’ll take the time to listen and evaluate your situation, and we’ll do our best to find you some options so you can move forward and get this foreclosure behind you.