Foreclosure Alberta When people purchase a home, they do so with the intention of either living there for the medium to long term or making some upgrades and then selling it at a profit. No one buys a house with the intention of falling behind on the payments and ending up in foreclosure court. However, there are times when financial calamities hit. People lose jobs or get sick and can no longer make ends meet. If you are looking at the prospect of foreclosure in Alberta, I believe that you should only lose your home if you have exhausted all other options – and there are far more options available to you than your lender may have indicated. Foreclosure can destroy your credit for years, making you unable to buy another house later on. Many choices are out there if you are behind on your house payments, even if you have reached the point where you can no longer afford to make them. Amansad Financial Services has worked with a variety of private funders in the past and knows the ins and outs of their regulations. All it takes on your end is a quick mortgage application and assessment of your financial situation for Amansad to help you come up with the best plan to move forward. Just how can Amansad Financial step in and help you avoid that pending foreclosure? A whole wealth of other lenders is out there, and some of them might be ready to purchase your loan, effectively refinancing your loan and allowing you to get a fresh start. You might end up with a longer loan than you had, and you might have to pay a bit to get the new loan set up, but if you have already received notice that foreclosure has begun, you are facing the problem of having to pay for the entire house, as well as some other costs. If you are already under the gun of foreclosure, you need help and you need it now, and any refinancing option is better than losing your home. Amansad Financial has the relationships in place to put together some creative answers that other lenders do not have access to. When this process works, you end up with a refinancing approval to get the foreclosure countdown stopped, or it gives you an infusion of cash to stay afloat while you find someone to buy your home. With either solution you lack having that foreclosure on your credit report. Action steps for people facing foreclosure in Alberta: 1. Statement of claim. This is a document that the lender has to serve you. If you miss three payments in a row on your mortgage, the lender has the right to question your financial status. Once you receive this document, you have 15 days to file a defence statement in rebuttal. If you fail to file the rebuttal, a default judgment against you is likely. 2. Request for the ordered sale. The next step is that the bank goes to court asking for an order to sell your house. The court will set a specific time period to allow you to redeem the house for its full value, usually between three and six months. 3. Foreclosure sale. If the court orders the sale of your home, this takes place either through the MLS system or through the Court Tender process. When you get the paperwork with the order, you’ll see the timeline in your period of redemption, as well as the order to get an appraisal on the house so the lender can get an accurate valuation. If you do not pay out the total in arrears and legal fees by the end of the period, you lose your home to the sale process. When you face foreclosure, keeping a proactive approach is crucial to remaining ahead of the game. If you have only fallen 30 or 60 days behind, talk to your bank now about getting an extension. If you are assertive in keeping this communication line open, you can avoid this entire process in the first place. Amansad Financial can also help you find refinancing without foreclosure, which means you get a new loan without the stress of dealing with foreclosure. If you already have entered your redemption period, though, matters are already beyond your control as far as dealing with your original lender. Call Amansad Financial today to find out how we can help with your situation. https://amansadfinancial/application/
Posted on: Mon, 25 Nov 2013 02:18:59 +0000
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