How to Find the Right Experts for Foreclosure Help Toronto

foreclosure help torontoHave you defaulted on some mortgage payments and are now at risk of losing your home? Many have faced this battle and you are not alone. Continue reading to learn about what steps you can take to a stop foreclosure in Toronto.

Understanding Foreclosure and How it Happens

A mortgage lender issues a Notice of Foreclosure when the borrower has defaulted or missed payments owed to the lender. Typically the lender will reach out to the borrower prior to the Notice of Foreclosure is issued, in order to resolve issues and to determine payment dates and times. The borrower can default on their mortgage for several reasons; maybe another source of income in the household is no longer applicable (such as a recent divorce or death of a spouse or parent), maybe they have been sick or injured for a prolonged period of time, or perhaps they are no longer employed. Foreclosure is the process where the borrower loses ownership of their household and is evicted, while the house is given to the possession of the lender.

If possible, taking action to stop and get foreclosure help Toronto is the wisest choice; not only will a foreclosure leave you and your family without a home, a foreclosure will burden your credit records for 7 years. This means that any time you try to buy a vehicle, home, or to borrow more credit, your credit report will read as “high risk” and you likely won’t get approved for your purchase. Uprooting your entire family can feel incredibly stressful and embarrassing; so what can be done to stop a foreclosure in Toronto before the lender gives the foreclosure notice?

Make a Plan With the Lender

The first step to get foreclosure help Toronto is to ultimately determine the reason why you have defaulted on your mortgage payments, and if it is something that can be easily fixed for the future. If you have a stable job and perhaps had a rough patch due to divorce or death in the family, but can continue to make payments, reaching out to the lender to create an action plan can stop a foreclosure in Toronto before the notice is issued. Despite what some people may believe, lenders actually do not want to initiate the foreclosure process, as it is time consuming and expensive for them as well! If you can prove you are financially able to continue making payments, this would be the first place to start. You may also opt for a loan modification with the lender, where they may adjust the interest rate, payment amounts, or loan amounts to make it a little easier to attain each payment.

List Your Home

If you have come to terms with possibly missing upcoming loan payments, perhaps the best decision is to list your home as soon as possible (and hopefully walk away with a bit of profit too!). Selling your home is a big leap to make, but it could result in being able to pay off your mortgage loan and avoid having a foreclosure on your record. Before listing your home as a way to stop a foreclosure in Toronto, ensure that your home is eligible for a quick sale. Take a look at the market (is it hot right now in your neighbourhood?), at the season (winter is always a harder season to sell due to lack of interested buyers), and if your home is in need of extra care to make it attractive to buyers (a fresh coat of paint, replacing the stained rug, and a big de-clutter session can go a long way).  Although it will forfeit a part of your profit, reaching out to a real estate agent who has experience with the foreclosure process can quickly get your home on the market, resulting in a quick way to get foreclosure help Toronto.

Borrow Money from Alternate Sources

Getting into more debt is never a suggested answer to solving one form of debt, but depending on your current circumstance and the reason why you are missing loan payments, borrowing from another lender can temporarily stop foreclosure in Toronto. If your reasons for facing foreclosure include a loss of an income source (such as divorce or death), loss of a job or a permanent injury or illness, borrowing more money can just increase debt amounts and cause further stress down the road. However, if your missed loan payment was due to a temporary circumstance and you will be able to handle payments in the near future, borrowing a small amount of cash can help manage payments and help stop foreclosure in Toronto. Seeking small loans from larger financial institutions may be challenging when you have a steep mortgage already on your records, but there are many small “cash now” companies that offer smaller loans regardless  of your current credit scores.

Still Stuck? Consider Selling your Home for Cash

If you are feeling helpless after unsuccessfully seeking an additional loan, or perhaps your house has been on the market without a bite, consider selling your home for cash to stop foreclosure in Toronto. The foreclosure process can be scary and such a burden for those experiencing difficulties in their life, but our experts are equipped to help and educate you during this time.

The process is incredibly easy – reach out to us by filling out the webform on this page or by giving us a call (phone number is also on this web page) to speak with an expert. We will then schedule a time to come and see your home (do not worry, we will look at it as-is) and then we will discuss a cash offer with you often within 24 hours; it is that simple. When you are feeling like you’re out of options and need foreclosure help Toronto, contacting us can be the easy, fair and a quick solution. You are under no obligation to take the offer extended to you, and our experts will never pressure you into a decision. So fill out the form on this page for quick and easy advice to help stop the foreclosure of your Toronto home today.