7 Ways to Save Your Home From Foreclosure in Edmonton
Over the years many of our customers in Edmonton have had financial struggles, many of which have faced foreclosure. Foreclosure is when a home owner with a mortgage with a financial institution or bank is unable to make their payments, and the bank takes away the home.
There are many strategies that I have personally advised over the years that have saved my customers from having to loose their homes. In this article I will share many of the secrets you need to know on how to save your home from foreclosure. Also please feel free to call me so that I can give you some straight up advice with no judgement. We love to help people and understand that Edmonton and actually most of Canada’s economy is not great right now.
You are not alone, there are thousands of people right now in Alberta that are in your shoes. I want to help you all if I can.
We are Edmonton mortgage brokers that specialize in foreclosures, specifically getting people out of foreclosure.
Tips to Get Out Of Foreclosure in Edmonton
Negotiate a deal with the financial institute
The bank does not want to take away your property, it creates a lot of work and expense for them. They have to go to court, get lawyers involved etc. Try to call someone from their lending dept preferably a manager. They may work out some payment arrangements with you to get you over the hump.
2. Sell the property
If the bank is not working with you, it is a good idea to sell the property and pay them out. If you wait too long on this, your amount owing to the bank can grow to a point where you will not be able to recover. Sell it before it is too late. When a house is in foreclosure in Edmonton there will be many high fees involved as well.
3. Refinance the property with a B Lender
B lenders are a great option if you have equity in your home. They can finance you short term, giving you time to repair your credit and situation.
4. Consolidate all of your debt
Consolidating your debt on a line of credit or home equity line of credit can bring down your overall payments.
5. Sell household goods or toys like campers to make the payment
Albertans love their toys. Sometimes too much.
6. Switch Banks
If you have not totally destroyed your credit, it is possible to switch banks before the foreclosure. Most banks will not fund someone currently under foreclosure so make sure you d this early.
7. Rent the property out
Don’t let your ego get in the way. If you really want to save your property this is a good option. Have someone else paying the bill until you are back on your feet.
Common Question About Edmonton Foreclosures
- Can the bank kick me out of my house?
Yes the bank can have you removed from your property if they have given the correct notice. This does not happen right away.
2. Will the bank give me any money when they sell my house?
There will be many fees that add up including legal fees. They will give you money in the end if there is any left after the fees.
3. Are there large fees when my house goes into foreclosure?
Yes there are many large fees, and they can charge them all to you.
4. Do I need a lawyer if I am getting foreclosed on?
No the bank hires the lawyers and charges you for it.
5. I have bad credit, can I still save my house?
Yes we can try to get you finance with a B lender or a private lender. Call us if you find yourself in this situation for a free consult.
6. Who is the best B lender in Edmonton?
The best b lender is whoever gives you the best rate. We shop them all for you.
7. What is a high risk lender?
Someone who lends based on equity usually for higher interest.
8. Do I need an appraisal in I am refinancing my house?
Yes you will need to get an appraisal from a lenders approved list.
Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”