forclosure

lavern5404 · Joined: 28 Jan 2007 Posts: 1 1.35 Dollars($)

how to stop forclosure in canada

sarah · Joined: 19 Mar 2006 Posts: 25 5.06 Dollars($)

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!

Guest

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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