forclosure

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Icon Mini Profile lavern5404




Joined: 28 Jan 2007

Posts: 1

1.35 Dollars($)
PostPosted: Sun Jan 28, 2007 10:53 am    Post subject: forclosure

how to stop forclosure in canada
Icon Mini Profile sarah




Joined: 19 Mar 2006

Posts: 25

5.06 Dollars($)
PostPosted: Mon Jan 29, 2007 12:01 am    Post subject: RE: prevent foreclosure

Hi Lavern,

Welcome to the forums.

There are a number of alternatives to the foreclosure process. You may talk to your lender and request him for forbearance. Through this process, the lender will modify your loan repayment plan and may even suspend your payments depending upon your financial situation.

Your lender may also modify the terms and conditions of your loan. By extending the loan term and thereby reducing the payments, he may help you to catch up.

Foreclosure is quite common these days, and there are a lot of options available to help borrowers get through such a problem. So, just talk to your lender and feel free to discuss with him your financial situation.

Good luck!
Herbert

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PostPosted: Mon Jan 29, 2007 5:07 am    Post subject: short sale or deed in lieu

lavern,

You can also go for a short sale by which you sell the property at a price lower than the unpaid loan balance. The lender may forgive the remainder or you may need to pay for the deficiency.

Alternatively you can also go for deed in lieu in which you hand over the property to the lender. He then sells it and gets back what he has offered you as loan.
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