The mortgage on your home being foreclosed is a scary thought, but if faced with such a dire situation, all is not lost. The banks often provide you with a way out, if you can manage to pay all the amount in arrears. Even if you don’t have the funds available, it is possible that your property has enough equity to secure a 2nd mortgage to help with deal with your financial situation and help you save you home.
When facing a foreclosure, time is of the essence. Every day counts. Every decision Matters. You have to move fast.
GTA Mortgage Centre can work with you to find such a solution, and also work with other professionals such as lawyers to help you deal with the stressful financial and personal situation.
Simply fill out the Application Form and in the message part briefly explain your situation. One of our Mortgage Agents will reach out to help you and explain all your options to you. You don’t have to fight your foreclosure alone. GTA Mortgage is here to help.
Mortgage Foreclosure
A mortgage foreclosure occurs when a borrower defaults on their mortgage loan, which means they have failed to make the required payments on time. In this situation, the lender, typically a bank or financial institution, can seize and sell the property in order to recover the outstanding balance of the mortgage loan.
Foreclosure is a legal process that involves a court action initiated by the lender, who files a complaint against the borrower for defaulting on the mortgage loan. The court will then issue a notice of default and a notice of sale, giving the borrower a specific period of time to pay off the outstanding balance or risk losing the property.
If the borrower fails to pay or reach an agreement with the lender during the notice period, the lender can sell the property at a public auction to recover the amount owed on the mortgage. Any proceeds from the sale that exceed the outstanding balance of the loan are returned to the borrower, but if the sale does not cover the outstanding balance, the borrower may still be responsible for paying the remaining amount.