Catching Up on Your Missed Mortgage Payments
Financial trouble can happen to anyone and at any time. Missed mortgage payments can happen to anyone at any time. Life can be unpredictable and unexpected expenses can lead to unexpected debts. Missing your mortgage payments wasn’t part of the plan – but it’s happened. We can help you get back on track.
Year over year, Canadian household debt levels have continued to rise
. Many homeowners have been dipping into savings or using credit to stay afloat because their regular incomes are already stretched very thin. A large percentage of households are just one unforeseeable circumstance away from serious financial difficulty.
Missed Mortgage Payments Happen
We understand that missed mortgage payments are sometimes unavoidable. Personal illness or injury, job loss or layoffs – basically any reason that prohibits you from earning the income you’re used to – can upset the balance of paying your bills on time.
As we understand how life can throw a wrench in anyone’s best plans, we can you help with quick home equity financing. Our goal is to get you back on your feet. A second mortgage
can also help clear up any outstanding debt, high interest charges and bring your accounts up to date.
A simple home equity loan can pay off any mortgage arrears that you owe so that you can focus on things like getting back to work or recovering from an illness.
Mortgage Arrears Can Lead to Consequences
Ignoring your arrears is a bad idea. The longer you wait to address that you’ve fallen behind and find a solution to catch up – the greater the chance your home will be jeopardized. The security of your home is tied to your mortgage contract – defaulting means breaking that contract. A breach in your mortgage terms is grounds for repossession and the eventual loss of your home.
- Non-renewal of your mortgage – you’ll have to find a new lender fast
- NSF fees at your bank – adding to your overall costs and impacting your banking relationship
- Mortgage/Home Foreclosure – the loss of your home to a bank sale
The combination of poor repayment history and bad credit are a tough sell to potential lenders. Our team of experts will take the time to understand what went wrong before you apply. We promise to find the right financing for you this time. We’ll work out a plan to get you back on the right track.
Mortgage Arrears and Other Debt(s)
In some cases, it may be possible to address additional debt while fixing your problem with your existing mortgage lender. If you have a lot of equity, you could borrow extra to become completely debt free. By consolidating all of your debt (secured and unsecured) you will be clearing the slate for yourself and giving yourself a chance to rebuild while paying less interest.
Flexible mortgage options are available. A temporary break in principal payments with interest only payments is one such option that can help you get back on track faster.
Dedicate yourself to a total debt freedom plan and before you know it, you’ll be qualifying for a traditional bank mortgage again. By that time, you’ll have become accustomed to how easy it is to work with a mortgage broker – you’ll never apply for a mortgage alone again.
Calculate Your Home Equity First
Before you apply, we will need to calculate your home equity. We will base our decision mostly on how much equity you have. You can borrow a significant amount of equity to help stop a mortgage foreclosure and/or clear up other debt(s). You can get a better idea of how much equity you currently have by checking out our easy home equity calculation tool
Working with LendToday
Our team of experts have more than 30 years of experience helping people with missed mortgage payments. We work with many alternative lenders. We’ll help you find the right solution for your lending needs. Even if you don’t qualify with your bank today – we can help you turn things around. We also offer in-house credit repair services. Our graduation process will eventually have you qualifying for a mortgage anywhere you like.
Even if you’ve filed a bankruptcy or consumer proposal, lost your job or maxxed out your credit, we can help. Give our team a call and let us show you how to rehabilitate your credit and improve your credit score.
Apply online today and we’ll get you an answer in as few as 24 hours. Living your dreams – we can help with that!