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Are you behind on your mortgage and the bank is threatening or currently taking legal action? Are you behind on CRA tax payments or in property tax arrears? Contact us today to immediately stop power of sale on your home. We can help you save your home by paying off all mortgage arrears and avoiding additional legal fees.
Unexpected things such as a job loss, a divorce, a medical condition, a new baby, or any substantial expense can wreak havoc on a lot of people’s finances, leaving them unable to fulfill financial obligations such as paying their mortgages on time. Missing mortgage payments may seem like a small thing at first until consequences roll in and the borrower finds it increasingly difficult to make any payment at all, resulting in mortgage arrears.
Mortgage payment arrears is the term used to describe a situation wherein a homeowner failed to make several months of mortgage payments. Falling behind on mortgage payments means there is a real cash flow issue that should be addressed as soon as possible. It is easy for first-time homeowners to find themselves in a mortgage payment arrears when they miss as little as 2 monthly mortgage payments. This varies from bank to bank but the CBA’s definition states that missing 3 or more of monthly mortgage payments classifies that mortgage as being in arrears.
The 2 things a borrower must do to sort mortgage arrears and prevent it from happening again is to talk to the lender as soon as possible and try to address his or her cash flow issue. Talking to the lender can help a borrower get reduced payments. Letting the lender know what is causing payment delays may lead them to offer other solutions too. Sorting out an existing cash flow issue can be achieved by trying to make more money or create additional income, implementing lifestyle changes to change how funds are utilized, keeping an emergency fund in the future to cover unexpected expenses, and asking for a lower interest rate from the lender.
A mortgage is a contract between the borrower and the lender. Failure of the borrower to pay is a breach of the said contract according to the stipulated terms. As such, the lender has several options to address the payment arrears. Consequences for the borrower may include any or all of the following depending on other factors and details:
A mortgage payment arrears can bring on the consequences enumerated above as well as cause more problems with a borrower’s overall financial health. Trying to make missed payments can tax an already struggling wallet and rack up additional debts. One possible solution is to ask for help from mortgage professionals to look for lower mortgage rates. It is essential to make sure that mortgage arrears should be addressed as earliest as possible to prevent the domino effect it can have on other financial aspects of someone’s life. Contact us at Homebase Mortgages for help with mortgage arrears.
Regain Control Today. We Can Help.
REGAIN CONTROL TODAY. WE CAN HELP.
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