Is the bank threatening to repossess your property despite all the money you’ve invested in it? We can help you prevent foreclosure on your Montreal home! Read on to learn more about what you can do to defend yourself!
When you’re threatened with foreclosure, you can feel crushed under the weight of an insurmountable problem. In itself, the idea of losing your home after having invested so much effort in it is devastating, not to mention the marks left on your credit report. No one wants to have to deal with a foreclosure. Fortunately, you have the power to take action and avoid foreclosure. In this article, we’ll show you how to prevent foreclosure on your Montreal home.
Call your bank
When faced with a decision, most lenders would rather work as a team and help you get back on your feet than foreclose on your property. If the entry process isn’t pleasant on your side, it’s not pleasant on theirs either. Foreclosing on a property is expensive and time-consuming. What’s more, in most cases, the lender will incur a significant financial loss. As a result, your lender will do everything in its power to minimize its losses, including teaming up with you to find a solution. As soon as you realize that you’re going to have trouble paying your mortgage on schedule, call your bank. If you’re behind on your payments, you and your lender will probably be able to agree on a repayment plan. If you think it will be difficult for you to meet your mortgage payments in the future because of recent events, you should consider delaying foreclosure and selling your property while you still can.
Sell your home
A quick sale could allow you to pay off your mortgage quickly, without leaving a negative mark on your credit file. Simply advertising your Montreal home for sale is no guarantee of a quick sale. A sale on the traditional market can sometimes take several weeks to close. This is not ideal, as it would give the bank time to foreclose on the house while it is still advertised for sale on the market.
Fortunately, you can sell directly with Vendre Maison Vite. This would give you the chance to sell quickly and at a good price. Doing business with our team will give you the opportunity to choose the date you wish to close the sale. This way, you can sell your home just before the bank comes knocking at your door. The sales process is fast, smooth and profitable for everyone!
Make a short sale
Another technique for selling your Montreal home quickly (and avoiding foreclosure) is short selling. A short sale occurs when a lender agrees to receive less than the amount loaned for the home simply because it wishes to avoid having to resell the property itself. For this to happen, you must first apply to your lender and meet the lender’s criteria. You’ll need to run a BPO or Broker Price Option, to help you determine the fair market value for the property. I DON’T KNOW IF SUCH A THING EXISTS IN QUEBEC.
File for bankruptcy
When an individual declares bankruptcy, the bank is forced to put any collection action on ice. In your case, that includes foreclosing on your home! That said, you will still be liable for your debts. You’ll need to work out a repayment plan with the court. In the long term, bankruptcy could prevent you from taking out certain loans. Don’t take it lightly. Make sure you make the right decision before you sign anything.
There isn’t a homeowner in the world who would like to see his home taken away from him. If you’ve fallen behind on your mortgage payments, don’t worry: there are plenty of ways to prevent foreclosure and organize the sale of your home before the bank starts damaging proceedings.
