Sometimes, disruptions in life can get in the way of making a monthly payment on your mortgage, such as unexpected medical expenses, a divorce, or added necessary household expenses.
According to the CBA, mortgage arrears occur when a person misses 2-3 monthly payments on their mortgage. Juno Mortgage can help find a refinancing option to help you avoid mortgage arrears resulting in a Power of Sale incident where a mortgage lender legally takes possession of the property to sell.
The Canadian legal system allows lenders to pursue legal actions for investment protection, but it also allows the borrower a specific timeframe to pay off these mortgages.
Legal actions associated with power of sale and the associated fees, can be taken care of by communicating and negotiating with mortgage lenders to develop a contingency plan to get on track. This can include coming to an agreement to reduce monthly payments or speaking with a financial specialist who can help address financial pitfalls and alternative strategies for managing income streams.
Comparing costs to prevent Power of Sale incidents from occurring with your home, will inevitably save you time and money in the future. The other option is to speak to a trusted mortgage company such as Juno Mortgage, with an experience of dealing with arrears situations.
Juno Mortgage can help you choose a loan and a payment plan to offset the probability of a Power of Sale or mortgage arrears, which can result in the sale of your home by the lender, lawsuits from lenders, additional fees and taxes, and other negative financial outcomes.
In turn, by helping you find the best mortgage and interest rates, we can help you prepare for future financial emergencies which may negatively impact your mortgage payments.
