Missing Mortgage Payments - Don’t Bury Your Head in the Sand!

Missing mortgage payments consistently can lead you to foreclosure. However, there are some steps you can take to avoid this scenario. If you’re having financial difficulty, don’t bury your head in the sand! The best thing you can do for yourself is contact your lender to advise of your situation before you go into foreclosure. 

Foreclosure is never your best option in times of financial difficulty. If you go into foreclosure, your lender will take your property and you will have nothing to show for having owned it aside from your ruined credit. Fortunately, it shouldn’t have to come to that. You have options!

If you’re going through a tough time and you’re not sure you can make your mortgage payments, contact your lender and advise them of your situation. Your lender may be able to provide options to you that can help you keep your home while you get your financial situation back on track. These could include refinancing, payment deferment, lowering interest rates, or rescheduling payments.

 If you find yourself in a prolonged financial situation, you may need to consider selling your home yourself prior to your home going into foreclosure. If you sell your home yourself, you might even end up getting to keep some of the equity from your home, or at least break even, and it will be a lot better for your credit. If you are in a situation where you must sell your home, you should let your lender know that this is the course of action you plan to take, as you may have to look at what your mortgage payout penalties are.

 If you are concerned about real estate fees due to your financial situation, keep in mind commissions are negotiable and agents can charge different rates, and you may even want to consider a mere posting. A mere posting is an option that is available in Alberta, where you can pay a licenced real estate professional to post your listing to the local listing service for a fee. However, if you pay less, you will get less service and will likely have to arrange your own showings, etc.

No matter what your financial situation, foreclosure is never in your best interest. You never want to ruin your credit and have your lender repossess your home by letting your home go into foreclosure. You should always keep in close communication with your lender during times of financial difficulty and consider all your options.

To learn more about your attainable home ownership options, visit: http://attainyourhome.com/available_homes
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Attainable Homes Calgary Corporation (AHCC) is a nonprofit social enterprise and wholly owned subsidiary of The City of Calgary that delivers well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing housing affordability gap. 

Through our Attainable Home Ownership Program, we connect builders, developers, lenders, lawyers and others to bring down the upfront costs of ownership so qualifying Calgarians can buy their very own home with a $2,000 down payment. Furthermore, when you decide to buy an attainable home, you're also choosing to pay it forward to help another family in the future. When you eventually decide to refinance or sell your home on the market, a share of the appreciation goes back into the program to fund more developments that will help even more people get a foot on the property ladder.

Do you aspire to own a home of your own? Contact us today and let us show you just how attainable this milestone can be.

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