Help Stop a Mortgage Foreclosure / 2nd Mortgage In Foreclosure? Foreclosure Process in BC - We have Mortgage Refinancing Options that Might Work For You.

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  Foreclosure Help – How To Stop your Home from Foreclosure

• Facing a Foreclosure or do you need Help to Stop a Pre-Foreclosure, you do have options. This situation can be difficult to understand and complicated to navigate for most people. With a simple phone call to us, we can assess your situation discuses a few different refinancing options and help to navigate you quickly in the right direction to help you to determine if your home can be saved from foreclosure.

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  Estimate the equity in your home
  First we estimate your equity position, this is important since your only refinance option in a foreclosure or Pre-foreclosure is a Private Mortgage. Private Mortgages are equity based so determining your loan to value is the start.

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  Determine if you can bring your 1st Mortgage up to date
  Second is to decide what options are open to you for financing. If it is possible, a 2nd Mortgage is the most cost effective way to cover any default in your 1st Mortgage. This is done by paying up to date any arrears on your 1st Mortgage and legal costs via 2nd Mortgage Financing.

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  Are you looking for a Private 1st Mortgage? What are the Pros & Cons
  Third if for some reason the 1st Mortgage lender will not allow the mortgage to be brought up to date the next option is to look for a new Private 1st Mortgage. You must way the options and determine for yourself if you can afford the higher payment for a year. Is your financial position going to get better, does holding your real-estate for another year benefit you more than selling now?

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  If you can’t Refinance your Mortgage to save it from a Foreclosure

  Simply put, If you cannot refinance your home out of Foreclosure SELL IT.
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  The Foreclosure Process in British Columbia, Canada

  There are many clearly defined steps involved in the foreclosure process in British Columbia, Canada. If a mortgage holder in this province becomes seriously delinquent in his/her payments on the loan, the foreclosure process may be initiated by the original lender. Below, the basic steps involved in the actual foreclosure process are outlined in greater detail.

  1. : Demand Letter

  Initiating the foreclosure process, the lender mails a letter to the borrower informing them that the balance of the mortgage is now due in full due to delinquency. This letter will inform the borrower of the total amount of the remaining balance of the original loan, and the period of time that is available to make payment. This shortened period of the terms of the mortgage is referred to as the “acceleration” of the mortgage.

  1. : Petition

  Petition is filed by the lender with the British Columbia Supreme Court registry. The lender is referred to as the “petitioner,” and the borrower and other charge holders on the mortgage are referred to as the “respondents.”

  1. : Order Nisi

  The petition that has been filed with the British Columbia Supreme Court registry prompts an action that is known as an Order Nisi. This order outlines the amount that is required to keep the mortgage, and the time period during which payment can be made. This time period is usually referred to as the redemption period, and is typically six months from date of notice.

  1. : Two Possible Outcomes

  Depending on the action taken, two different outcomes can occur after the Order Nisi has been ordered by the court:

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  Judicial Sale 

  – The lender, or petitioner, may have the property listed for sale by the court upon the expiration of the redemption period. Upon the successful sale of the property, the petitioner may collect the difference between the proceeds of the sale and the borrower’s mortgage debt. If the sale proceeds do not satisfy the amount that is owed to the petitioner by the respondent, the petitioner will then seek the remaining balance from the borrower in an additional court action.

• Order Absolute Of Foreclosure

•  – When the redemption period has passed and if:

  The disputed property is valued equal to or more than the amount of the mortgage debt;
  The borrower, or respondent, can’t have a judgment placed against him – i.e., he has no money or assets to satisfy the deficiency; or
  No offers are made under a judicial sale, then:
  The petitioner, or lender, can try to obtain an absolute order of foreclosure. In such an instance, the petitioner effectively becomes the new, legally registered owner; all other respondents and borrowers are erased from the title. Once the order absolute of foreclosure has been granted, no additional actions may be pursed against the original borrower or respondent, and the matter is considered closed.

   
  Back to Private Financing

Mortgage Solutions

No matter where you live in BC or Alberta, Mortgage Rates BC can help provide you with the right Mortgage refinancing Information for now and for your future.   Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt  in Victoria BC we have the tools to get the job done for you no matter where you live.
We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC, Mortgage Rates BC has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.

Learn your options to Help Stop your Mortgage from going into Foreclosure