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Niagara Falls Foreclosure Stop

Foreclosure and How to Prevent It

A foreclosure proceeding is a legal arrangement through which a mortgage lender seeks to recover the loan balance owed to them by a borrower or home owner who has defaulted in making monthly payments. The following piece will help you understand the process of foreclosure and how to get your Niagara Falls foreclosure stopped.

What Happens When a Borrower Defaults in Payment?

In the province of Ontario, it is more likely that a lender will start Power of Sale if a borrower is in default on their mortgage payments. When you default in payment the first course of action by the lender is normally to notify you via a formal letter of your default in payment and asking you to contact them as soon as you can.

The lender usually wants to avoid foreclosure (power of sale) as much as possible because it would be bad business; it is time-consuming, expensive, and an inconvenience. Besides, the lender makes money only if the loan is performing. They are not in the business of selling homes!

If this doesn’t get the desired results, then a second notice will usually be issued. This time it will notify the borrower of a continued default in payment and that foreclosure (or power of sale) proceedings are being initiated.

Tips on How to Get Your Niagara Falls Foreclosure Stopped

It is important for residents of Niagara Falls to consider these tips to help them get back on track with their mortgage payments.

  1. Contact Your Mortgage Loan Provider immediately

Contact your lender as soon as possible, explain your current situation and let them know that you are ready and willing to get back on track. What most people do not know is that the lender will provide you with several options on how to achieve this. Some of these options include a repayment plan, refinance or will allow you to get a second mortgage to help cover the arrears

  1. Enlist the Services of an Expert

Say you cannot manage to keep up the payments anymore, it is important that you act very fast by contacting experts in such matters, and they will advise you accordingly.  Certain options will be presented to you depending on your situation. Some of these include; Refinancing, Selling the home, and arranging a Second Mortgage.

How to Clear Your Mortgage Arrears

  • Do not ignore your payments.

Always make your mortgage payments on time. It may happen sometimes that you may be unable to pay your mortgage on time. The problem is that many people simply ignore the problem and hope that it will go away. It doesn’t. Try your best to clear any outstanding payments that were missed, and return to a predetermined payment schedule with your lender.

  • Try to adopt a biweekly payment routine.

One of the best things about biweekly payment of mortgages is the fact that it saves on interest rates in the long run. The basic theory is that the more often that you make a payment towards your debt, the quicker the principal you owe reduces. Adopting a biweekly payment routine helps you save on interest and ultimately can help you finish your payments early.

Remember that many big banks and lenders make you pay dearly for attempting to break a mortgage with an interest penalty. But sometimes it may be the right option if you need to refinance.

WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
  • “A tough deal that others could not do!”
    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
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    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
  • “Patient with deep understanding”
    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
  • “Got creditors off our back”
    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
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