Are You Facing Mortgage Foreclosure?
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- Solutions that work for you and your financial health
- Mortgage products that makes sense for your unique situation
How to Get Your Home Out of Foreclosure
When you first purchase your home, the furthest thing from your mind is not being able to make your mortgage payments and the possibility of foreclosure; however, life happens. If your home is currently in foreclosure, for whatever reason, we’re here to help. LendToday’s trusted mortgage professionals understand the foreclosure process and will walk you through your options to avoid foreclosure now.
Apply now at LendToday, and see how we can help stop mortgage foreclosures fast.
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Don’t Give Up Just Yet!
Don’t Give Up Just Yet! Facing mortgage foreclosure is an overwhelming and difficult experience to go through, and you might feel like giving up already. But don’t you worry because there’s a remedy! LendToday is here to provide you with comprehensive services and solutions to help you avoid Foreclosure.
The Three Main Types of Mortgage Foreclosures
The term "mortgage foreclosure" describes a situation where your mortgage lender has decided to proceed with the legal repossession of your home. What a lot of people don't realize is that the "repossession" part of the "legal repossession" process in Canada will often take on three main forms:
- Power of sale
- Home foreclosure
- Tax sale
We'll go through each of these in turn.
Power of Sale
This process provides lenders with the legal ability to evict homeowners and sell the property. To begin with, the lender will issue a Notice of Sale. After the court hears both sides, they will make a judgment. If the lender is successful, the court will provide them with a Writ of Possession for the home.
Lenders find this process fast, affordable, and efficient, which is why it’s a common way to proceed with forced sales in provinces like Ontario.
Mortgage Foreclosure
This type of foreclosure is also known as a "judicial foreclosure" because the courts largely control the process. It’s usually costly and time-consuming, and most lenders only choose this route once other options have been exhausted.
This process usually involves the lender filing a Statement of Claim against the homeowner in court. Once approved by the court, the legal process can take months or years, depending on the complexity of the case.
Tax Sale
When most people hear the words "mortgage foreclosure", they imagine the bank or the credit union swooping in and taking over the property. However, it's also possible for municipal governments to force a sale to recover tax debts.
Canada’s Best Foreclosure Mortgage Lenders
Regardless of the exact foreclosure scenario that you're in, you can't sit around and do nothing.
Explore our home equity loans and financing solutions today to get your house out of foreclosure!
How Do Mortgage Foreclosures Work In Canada?
Mortgage foreclosures are the last resort for many mortgage lenders because taking the legal title of a home can be time-consuming and expensive. But what does mortgage foreclosure mean?
Here is a brief explanation of the foreclosure Canada process, which may differ depending on your location.
- The lender begins by filing a Statement of Claim, to which you respond with your defense.
- If the judge believes you can catch up with your payments with time, they may give you a grace period or a Redemption Order.
- If the mortgage is considered to be in default, the judge may issue a Foreclosure Order.
- Depending on whether or not you can sustain your mortgage payments, you can request an extension from the court to halt the foreclosure process.
Fortunately, the average home foreclosure process takes over six months. This means if you begin taking action now, you still have options to keep your home! Contact LendToday now so we can show you how.
How Many Missed Mortgage Payments Before a Foreclosure In Canada
The short answer to this is that there shouldn't be any. Depending on your province or territory, the lender has the right to issue a Notice of Sale if you are more than 15 days late in payment.
Missed mortgage payments are serious concerns for mortgage lenders as legal fees and fines can quickly mount up. Most lenders will start legal foreclosure proceedings as soon as you become more than 90 days behind on your payments, if not before.
It is important to contact your lender as soon as possible. They may be willing to reduce your payments or negotiate a repayment plan if you are in danger of missing payments. It's always better to take action early and avoid foreclosure.
What Options Are Available If You Are Behind on Your Mortgage?
If you're struggling to keep up with mortgage payments, you may explore the following options to avoid Foreclosure.
Payment deferral - It allows you to suspend your mortgage payments for a certain period temporarily.
Renegotiate your mortgage - Contact your lender to discuss extending the loan period or refinancing the mortgage.
New mortgage lender - Get a new loan with more affordable payments.
Sell your home before the bank can foreclose - This allows you to avoid the embarrassment of foreclosure and protect your credit score.
File a consumer proposal to save your home - This legal agreement between you and your creditors allows you to pay back a portion of the debt.
Allow the bank to take possession of your home - This is usually the last resort, and it should only be done after all other options have been exhausted.
At LendToday, we understand that life happens and financial hardship is nothing to be embarrassed about. That’s why we offer flexible solutions to help you stay on track with your mortgage payments.
Is your home being foreclosed?
We can help you avoid foreclosure by refinancing your mortgage. Act now to protect your home!
How to avoid a foreclosure And Keep Your Home?
Let's say that you've missed a few payments, and the mortgage foreclosure process is a real possibility. You’re not interested in hypotheticals at this point; you need to understand how to avoid foreclosure before it’s in motion.
Fortunately, here are some of the options you have at your disposal:
- Private mortgage financing
- Home equity loans
- Taking out a 1st, 2nd, or 3rd mortgage
But how do you decide what solution is best for your unique situation? Let’s review the two key questions that mortgage lenders will be asking you to help determine the best path forward.
How Much Do You Owe?
If you owe around $15,000 in property taxes on a mortgage-free home valued at $750,000, a second mortgage doesn’t make sense. In this situation, a first mortgage is what you need.
Companies like us offer everything from 48-hour home equity loans to private mortgages. But for us to give you the financing you need, we have to understand the entire financial picture. The more precise you can be, the better.
What Procedure Are You Up Against?
Regardless of the foreclosure path, the result remains the same: the lender seizes the property and sells it. However, the mechanics can have a huge impact on your timeline and ultimate result.
In a power of sale situation, lenders must sell at fair market value to protect themselves from lawsuits. However, with tax sales, municipalities are only interested in collecting the money owed to them and recovering their legal fees.
The truth is your lender doesn't really want to sell your home because the mortgage is worth more to them than a sale! Stopping your foreclosure will let you keep your home and keep your bank happy.
What to do if you are in Foreclosure
If you're in trouble making your monthly mortgage payments and your house is in imminent danger of foreclosure, here are a few important steps to take:
- First, you should create a budget to review your current financial situation and determine if there is room to cut certain expenses.
- Next, you should contact your lender to discuss potential solutions. Several lenders are usually open to working with foreclosure-threatened borrowers.
- If the above steps don’t work, options such as mortgage modification or foreclosure mediation programs are still available.
We understand the stress of dealing with foreclosure and its consequences on your finances and credit score. That’s why we’re here! Contact us for assistance and we will advise you with the best financial solutions tailored to your situation.
Don't let Foreclosure take away your home!
Talk to one of our expert mortgage specialists in Ontario, Canada, and we'll work with you to bring you the best possible solution. Apply now!
Ways to Stop Foreclosure of Your Home or Property
- Secure a private loan
- Refinance your first mortgage
- Negotiate with your lender
- Consider a private lender buying out your mortgage
- Request for a change from foreclosure to the power of sale
- Sell the property as is for cash
Foreclosure is a daunting process. It can quickly become overwhelming and seem like there's no way out. But there is! Let an expert mortgage broker help you stop the foreclosure process before it can finalize. Talk to one of our experts today so we can discuss your options.
Work with LendToday to Stop your Mortgage Foreclosure Fast
It's essential to act quickly and carefully in situations like this. Remember that stopping a mortgage foreclosure with a loan is possible! That’s where LendToday comes in. We specialize in helping people save their homes from foreclosure. Fast.
Here are three reasons our clients prefer us to other lenders:
We provide fast solutions
If you've been notified of an upcoming court date or a Power of Sale, it's critical to act quickly. Even a slight delay could result in losing your home.
We specialize in time-sensitive solutions for Canadian homeowners facing complex financial and personal situations. We offer second mortgages, fast home equity loans, and mortgage refinancing. We provide quick results and same-day expert advice.
We Have Over 30 Years of Experience
If your foreclosure lender wants to take back possession of your property, they won't hold back. They'll have experienced attorneys representing them in court and are willing to involve law enforcement with your eviction if necessary.
With so much at risk, don’t work with amateurs. Having a team of experienced professionals in your corner makes all the difference. We've helped Canadians avoid foreclosure proceedings for over thirty years, and we're confident we can help you.
We'll Work with You Even If the Bank Won't
Good credit holders always seem to get better deals in the financial world. They usually have higher lending limits and lower interest rates, meaning they rarely, if ever, have to worry about whether or not their loan will be approved.
We understandget that only a few Canadians have a flawless credit history. Sometimes people are out of work because they're sick or unemployed, Ooftenoften this istimes due to events outside of their control.
If you're about to default on your mortgage, the bank probably won't give you more credit. They might need to determine if a home equity loan would fix everything.
Our company offers mortgages to Canadians with bad credit scores, self-employed people, and those who can't verify their incomes.
We can give you a hand if you've reached a dead end with the bank.
Don't Risk Losing Your Home to Mortgage Foreclosure
A mortgage foreclosure can cost you your home. If you’ve been served documents by your bank, credit union, or mortgage company — act quickly. We recommend that you explore refinancing options immediately. The longer you wait to do something to save your home, the fewer options you’re likely to have.
If you're dealing with a mortgage foreclosure, don't hesitate to contact us.
Apply for a loan with us today!
Get Your House OUT of Foreclosure!
Don't let a mortgage foreclosure take away your property. With LendToday, you can get same-day professional advice and fast solutions to keep your home safe.
Mortgage Foreclosure FAQs
A home equity loan will help you pay your mortgage debt before it reaches foreclosure. A home equity loan will provide you with the cash to catch up on your mortgage payments.
Secured debt is a loan in which the creditor has rights to your property secured against the loan, such as a car or home, if you don't make payments. Unsecured debt is a loan, such as a credit card or medical bill, for which the lender does not have rights to your property if you don't make payments.
While missed mortgage payments are the most common form of mortgage default, they aren’t the only reason you can default on your mortgage.Â
For instance, you can be considered in default by:Â
- Not paying your property taxes
- Not insuring your property if your lender requires itÂ
- Letting the property become damagedÂ
According to Investment Executive, 53 percent of Canadians were living paycheque to paycheque in 2019. As such, missed payments are more common than you might think.Â
For this reason, the best way to get your mortgage back to good standing after a default is to focus on paying off your outstanding debts as quickly as possible.Â
Sadly, yes.Â
In the past, credit bureaus didn't receive reports on mortgage payments. But now that the rules have changed, a foreclosure will fall under the general category of "negative credit information".Â
According to the Government of Canada, this information will appear on your credit score for six years.
No.Â
Bankruptcy can discharge unsecured debts. But mortgage loans are secured against the value of your home.Â
In 2020, there were 32,880 bankruptcies in Canada. And while the reasons for declaring bankruptcy will differ dramatically from person to person, there's one thing we can guarantee:Â
None of those individuals could stop the foreclosing process through their bankruptcy proceedings.Â
Not necessarily.Â
While a lender who is pursuing a Power of Sale may be able to sell for fair market value, there's a major downside that comes with not being involved in the selling process:Â
You don't get a say over what happens.Â
The mortgage lender could be selling in a buyer's market. After your home is sold, the seller may not be required to share the proceeds with you. And worst of all, if the house sells for less than the amount you owe, you could lose the house while still making payments on it.Â
For these reasons and more, we recommend that you don't let it get to this point. Contact us to discuss your financing options today!
I just want to say thank you so much for helping us with our refinancing as it was a pleasure working with you. I will definitely refer you to our family and friends should they need a mortgage broker. Have a great weekend!
Lisa Hobbs
Just wanted to drop you a note to say thanks again! I just looked at my new amortization schedule and I am so glad I made the initial call to you. My mortgage is going to be paid off 6 years sooner and I am saving $700 per month.
Brian P
I can’t believe we put off refinancing our home as long as we did. Looking back at what we were paying and what we are paying now makes me want to cry. We are saving over $1300 per month in payments. Thanks again for everything you did!
Kevin B
Working with LendToday
Our team of experts have more than 30 years of experience helping people qualify for loans. 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 maxed 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.
If you apply online today we’ll get you an answer in as few as 24 hours. Living your dreams – we can help with that!
