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Can You Get a Loan While in Arrears? What Ontario Homeowners Should Know
Read more about Can You Get a Loan While in Arrears? What Ontario Homeowners Should KnowMortgage arrears don’t just appear overnight. Maybe you lost your job. Perhaps an unexpected expense drained your savings. Or maybe the payments just got out of hand. Now you’re getting notices from the lender, and the threat of power of sale feels more real by the day. If you’re in Ontario and behind on your…
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How to Read a Mortgage Default Letter in Ontario
Read more about How to Read a Mortgage Default Letter in OntarioGetting a mortgage default letter isn’t very fun for any homeowner in Ontario. It leaves them unsure on how to proceed. The letter informs a borrower (them) that the lender considers them to be in breach of the mortgage contract due to failure to pay an instalment or for any other contractual violation. The letter…
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What to Do If the Sheriff Comes to Enforce a Writ of Possession in Ontario
Read more about What to Do If the Sheriff Comes to Enforce a Writ of Possession in OntarioFacing eviction through a sheriff-enforced writ of possession forces a homeowner in Ontario to confront something very overwhelming. Many would find themselves confused and uncertain about their rights or how to respond appropriately. A clear understanding of what a writ of possession is, the notice periods required, the enforcement procedure, and the solutions available would…
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Coping With the Stress of Losing Your Home: What Ontario Families Go Through
Read more about Coping With the Stress of Losing Your Home: What Ontario Families Go ThroughLosing a home is one of the most shocking and painful life events any human being can endure, especially for families in Ontario under the threat of power of sale. This is a legal process implemented when mortgage payments are not made, and can result in losing your home. However, there are options beyond traditional…
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Debt Consolidation vs. Power of Sale: Which Is Less Harmful?
Read more about Debt Consolidation vs. Power of Sale: Which Is Less Harmful?Precarious economic conditions can place Ontario homeowners in many difficult situations, especially when they weigh debt consolidation against a power of sale. Each offers somewhat different assets moving forward and in the actual strip of credit and financial desirability. This article will compare debt consolidation and power of sale, explain how each can shape the…
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How the Redemption Period Works in Ontario’s Power of Sale Process
Read more about How the Redemption Period Works in Ontario’s Power of Sale ProcessThe threat of losing a home through power of sale can be unsettling for homeowners in Ontario. Knowledge of the redemption period, an essential part of the power of sale operation, might empower the owner to resolve the matter themselves and save the property. During this period, owners have certain rights that allow them to…
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Drowning in Debt? How a Second Mortgage Can Throw You a Lifeline
Read more about Drowning in Debt? How a Second Mortgage Can Throw You a LifelineFrom manageable bills and life situations, debts can arise that snowball into stress. An array of high-interest debts, such as credit cards, payday loans, and taxes, builds pressure on individuals, and they may find that their inability to pay their mortgage puts their house at risk. The sooner you take action, the better. This article…
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4 Warning Signs Your Lender Is Preparing for Power of Sale
Read more about 4 Warning Signs Your Lender Is Preparing for Power of SaleFalling behind on mortgage payments can be very stressful. Homeowners in Ontario must be on their guard since lenders can recover unpaid debts by proceeding with a power of sale. Knowing the early warning signs of a possible power of sale is good. Time will become of the essence, and at that moment, it is…
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How to Spot a Distressed Property Before It Hits the Market
Read more about How to Spot a Distressed Property Before It Hits the MarketFinding distressed properties before they are listed gives Ontario homebuyers quite an advantage. Discovering such properties early allows one to negotiate prices better, arrange financing more easily, and perhaps even avoid competitive bidding that drives prices up. Spotting these early opportunities means having the proper knowledge, keen observation, and strategic connections. This article defines what…
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The Role of Credit Counselling in Preventing Mortgage Default
Read more about The Role of Credit Counselling in Preventing Mortgage DefaultBuying a home in Canada comes with significant responsibility. Accumulating debts can be quite a burden. Homeowners may fail to make monthly mortgage payments, resulting in mortgage default. Foreclosure or power of sale can result. Yet, before getting there, credit counsellors may offer assistance. Credit counselling will build a strategy for clients to address their…
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