RISING WOMEN EXPERTS...

How do I avoid foreclosure on my home?
    By Marlene Darby of Darby Mortgage Solutions Inc.

Are you having trouble keeping up with your mortgage payments? Have you received a notice/call from your lender asking you to contact them? Are you avoiding opening mail from your lender? Important advice: Don’t ignore attempted contact from your lender. Contact them immediately to discuss options you may have to save your lender taking foreclosure action against your home.

During the past year, foreclosures in Alberta have risen substantially. Once thought to be immune from this problem, more and more Albertans are finding themselves without jobs or living on smaller incomes. Most of the time, the biggest debt they carry is their mortgage and the money for the mortgage is often used for buying groceries, paying other bills, and the mortgage goes into default. This is not a good thing as the further behind you get in your mortgage payments; the harder it becomes to get it back on track and you fall behind even more. Once you are three months in arrears of your mortgage payments, the lenders will probably instruct their lawyers to start foreclosure proceedings.

There are a lot of lenders in Canada right now that may be able to help you avoid this unfortunate situation but you need to talk to the lender personally. The TD bank actually has a special department available to help people take a “break” in paying their mortgage. The length of time and the amount they will waive will depend on each circumstance. They do not advertise this so most people don’t know about it.

If your mortgage is insured with the CMHC and/or Genworth Financial, they may be willing help you with this problem but you have to contact them. In particular, Genworth Financial offers an excellent service for their clients in times of need. They work with you so that your house does not go into foreclosure and help you repay the missed payments on a pro-rata system so that your mortgage will remain in good standing. But, you have to ask!!

One thing you should be aware of is that when you sign your mortgage documents you should make sure you read and understand what you are signing. A number of lawyers do take the time to review these important documents with you, but some don’t. Be aware of the terms and conditions of the mortgage. Avoid foreclosure at all costs.

For further information on how to avoid foreclosure, please contact Marlene Darby, who is an Accredited Mortgage Professional at The Rogers Financial Group. Phone 403.630.8515 or email marlene@rogersfinancial.net