Losing Your Home To The Bank – Mississauga Emergency Mortgage

Did you know that the average cost of going through a bank sale to the homeowner is 55K? That is a year’s wages for the average Canadian…before taxes! Losing your home to the bank is a scary proposition. Here is how we can avert disaster and get your home back from them.

The Bank Called…They Want My Home In Mississauga

Sheila felt the dread building in the pit of her stomach. There in her mailbox was a letter she had been afraid to even pick up for the consequences of opening it. You see, Sheila had fallen behind on her mortgage in Mississauga and over the last two months had been waiting for the other shoe to drop. Her family life had taken a turn for the worse when her common law husband took a one way flight to Mexico with another woman. Being left to care for the family and pay the bills had become overwhelming on her single income and no action against her soon to be ex would produce action quickly enough to stave off financial disaster.

Power Of Sale Implications

After plucking up the courage – the inevitable hit her like a ton of bricks. The bank had provided her with a demand letter and a deadline for her inevitable departure from her home. This was the final straw and one this fiery lady would not take lying down. She called me up and we quickly put some of the emotional flames out with the understanding of her situation from an objective point of view.

Yes she was in the foreclosure process with her bank. She was behind by a couple of thousand dollars in missed payments and interest and fees. She also had accumulated the costs of the bank’s lawyers in taking the action of serving her the demand letter. However here is where her helplessness can end.

Mississauga Emergency Mortgage

In a pinch we ascertained that having a marketable property with plenty of equity – a short term solution presented itself pretty quickly. Sheila had the ability to arrange a new 1st mortgage for the amount of the mortgage, the arrears, and the bank’s legal costs with a short closing time to reduce the potential 55K bill and the loss of her primary shelter. We found a federally regulated financial institution who appreciated the property more than her current circumstances and took a chance on assisting her. Her drifter of a partner was willing to sign off on his end of deal so that the family could remain in the home while she looked into her legal rights towards the divorce.

The number one symptom being involved in a situation where the bank is taking your home is hopelessness. The result of this is we stop looking for potential solutions. I am here to be a beacon of hope in your darkest mortgage situation. When those institutions you have put your trust into have failed you in the most important way possible – your home – please take hope and make one more call to yours truly. You won’t be disappointed.