The city if Edmonton is currently experiencing the brunt of the world oil crisis and the weakening Canadian dollar spells trouble for everyone whose home is still under mortgage.
In today’s article, Team Leading Edge will discuss ways on how you can avert foreclosure on your Edmonton home.
In the unfortunate event that you failed to pay your mortgage, you should inform your lender and fully disclose your financial status. The activity will provide the lender with the chance to help work things out with you and come up with a clear plan to help you keep your home.
Don’t be embarrassed or be scared in doing this, it is safe to say that this is a common thing and almost all homeowners will experience financial burden in their lifetime.
Lenders often times allow partial payments for a specific time-frame (say 2-3 months) and may permit you to cover the balance at an agreed upon date in the future.
You’ll also have the following options:
- Forbearance: according to Wikipedia, “…forbearance is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is “holding back.”
You can read more here: Forbearance
- Mortgage Reinstatement: A simple compromise between you and the lender that you will payback all your missed payments on an agreed upon date.
- Mortgage Modification: our friend Wikipedia defines this as, “…Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower”.
Read full details here: Mortgage modification
It’s not all gloom and doom. Be optimistic and strive to get pass though this hurdle in your financial life. Remember, you can always (i) ask for government help and (ii) work things out with the lender, as we’ve discussed above.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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