Falling behind on Finances? Late on Mortgage Payments? What You Need to Know

Late on Mortgage Payments? What Can You Do?

Falling behind on your finances is stressful and overwhelming. It’s important to understand what options you have, and how you can get help. If you’re late on mortgage payments in Ontario, Canada, you have several options:

Catch up on your mortgage payments
If you have the financial means to catch up on your mortgage payments, you can stop any power of sale/ pre-foreclosure process before it begins.

Negotiate with your lender
You can negotiate with your lender to see if they’re willing to accept a payment plan or modify the terms of your mortgage.

Sell your home
Selling your home can be a good option if you can no longer afford your mortgage payments. This can be done through a real estate agent or by selling your home to a cash buyer. We offer fair prices on homes, if you need to get out of a home fast, contact us today for a no-obligation offer.

Seek Guidance from a Financial and/or Legal Professional
If you’re in fear of facing power of sale or foreclosure on your home in Ontario, Canada, it’s important to get help as soon as possible. A financial counsellor can help you develop a plan to manage your finances and avoid foreclosure. Legal aid can provide you with legal advice and representation if you’re facing foreclosure.

File for bankruptcy
Filing for bankruptcy can provide you with some protection from foreclosure and give you time to catch up on your mortgage payments. It’s not the best option, but it’s an option. Bankruptcy can be incredibly invasive process, and may affect your ability to qualify for loans, and other financial products down the road.

Contact Us for Help
If you’ve missed payments on your home in Ontario, we can help. We help people out of bad situations with their bank all of the time. We can also make fair cash offers on homes in all conditions all across the province of Ontario and have the ability to close fast. Contact us today to see how we can help you quickly and avoid a power of sale or foreclosure.