If you’re behind on your mortgage payments for your Montreal home, you may feel like you’re buried under dates.
Even if you manage to make your payments as you go along, catching up on missed months is quite a challenge.
Fortunately, there are a few ways to avoid
finance repossession in Montreal
and even keep your home, even if you’ve missed several payments. Many Montreal properties have been lost to financial recovery, but there are ways to avoid it.
Help me, I’m behind on my mortgage payments in Montreal! 5 things you can do to ease the situation
1. Bankruptcy :
This is usually a last resort. If you’re drowning in debt, bankruptcy can be a good way to negotiate with several creditors at once. Declaring bankruptcy is no easy task, since each creditor will treat your financial situation differently. Before starting the process, consult a professional. The best you can afford.
2. Refinancing :
This is one of the cards in your deck. It’s a good card, but using it often brings with it unexpected costs. Basically, refinancing your home means making an additional financial commitment. In provinces where legislation permits, additional responsibilities in the event of an auction are added when the refinancing contract is signed.
3. Negotiations with the bank :
Most creditors have set up several aid programs. It will take some effort, but you may be able to negotiate a lower interest rate or a temporary reduction in your monthly payments.
Most creditors will guide you towards refinancing your property. However, if you’ve already missed a few payments, you probably won’t qualify for a lower interest rate.
You really have to work hard to succeed in your negotiations with the bank. Normally, you need to call several times and, to survive the bureaucracy, a lot of patience. You should never, ever act irritated or rude. Ask everyone you talk to to help you without sounding desperate. Explain what kind of situation you’re in, back it up with documents and assure the bank that you want to continue living in this house for a long time to come.
If you need a temporary solution and want to stay at home, your bank will most likely be understanding and flexible. Some may, for example, refund missed payments on your behalf. For them, it’s just a few dollars and pennies. Remind your bank that you need a helping hand because you want to give them a lot of money over the long term. If you have to sell your home at auction because of a financial repossession, they will have to assume a large financial loss.
It may seem obvious, but bankers tend to forget this when talking to someone who is asking for help.
4. Borrowing from a private investor :
If you’re behind on your mortgage payments and need to sell fast, we can help you get there.
If circumstances are favorable, we may even allow you to continue living in your own home.
As a company, we team up with Montreal homeowners and help them find the best solution to their financial recovery problem.
We’ll tell you what we can do for you.
