When bad things happen to good people.
Can you stop foreclosure once it’s started?
If you have enough home equity we can stop a foreclosure in BC. In major centers in British Columbia our private lenders will provide mortgage financing on foreclosure. Lenders will consider lending up to 65% of the homes value. If there is a good exit strategy in some cases up to 70% or more.
We can assist you with financing and correspondence with solicitors. We are available by phone to discuss right away or contact us through our form and we will reach out to you.
How to reinstate a mortgage after foreclosure.
Reinstatement of a mortgage can happen by bringing the current arrears and all legal costs up to date. Corresponding with the lenders foreclosure lawyers and having the lender agree to the reinstatement is a must.
If you are at or beyond the end of the term likely the lender will not permit the reinstatement. In cases where your lender will not reinstate the mortgage a full refinance of your first mortgage is you next best option.
How fast can a foreclosure be refinanced?
A foreclosure can be brought up to date or refinanced very quickly usually in one or two weeks of applying. First step is to get a correct balance of what is owed along with legal costs. Generally, with a foreclosure there is other debts that need to be addressed like property taxes, outstanding utilities, strata arrears etc.
As well as figuring out what is owing you must consider how to put yourself back into a position. You will need to able to manage the financing in the future. Consolidation of debts or bridging yourself in the interim are important considerations for assisting success.
Can a lawyer stop a foreclosure?
A lawyer can help stop a foreclosure for a period. Usually if you are close to selling the property, they can hold off any additional costs for a certain amount of time. You must weigh out the cost of hiring a lawyer against the costs of the foreclosure process to see if it makes financial sense for you.
Usually lawyers help in the refinancing or reinstatement of a mortgage when working along side of a mortgage broker for financing.