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Avoiding Foreclosure in Canada: Debt Relief from Your Mortgage

Being in debt and facing its consequences can be one of the most challenging situations you can find yourself in. One of these consequences includes facing foreclosure when you’re finding it difficult to make your monthly mortgage payments. That said, you certainly aren’t alone, and there are steps you can take to avoid it and help manage the situation better. In this piece, we outline the steps you can take to avoid foreclosure in Canada. Take a look.

Consider Talking to Your Private Mortgage Lender

If you’re faced with foreclosure, schedule an appointment with a private mortgage lender. Trusted mortgage lenders that provide alternative mortgage options will do their best to help you and have certain programs that you might qualify for.

Consider Handling Other Debts

If a substantial amount of your financials is diverted towards paying off debts every month, securing debt relief from credit card payments or your line of credit may help with getting you back on track with paying off your mortgage.

Debt payments that take up over 25 percent of your monthly pay are definitely a lot. So, before you try drastic measures like selling off your home, seeking help to deal with other debts may help with freeing up enough funds so they can go towards mortgage payments.

A young couple stressed after receiving a foreclosure notice.

Doing Your Part

Getting help with your debt or your mortgage payments means knowing how to deal with the situation. Again, before you consider drastic measures like declaring bankruptcy, consider the following:

1. Devise a Budget

Devise a budget that’s practical and in line with your current situation. If your income is in jeopardy, you should prioritize the necessities for the time being.

2. Reduce Spending/Increase Income

Once you’ve outlined a budget, you will probably notice a number of areas where you can reduce your spending. Begin by targeting the expenses that are easier to reduce and do your best to cut them down by half. Attempting to slash them completely will only be setting you up for failure.

If you can’t cut back on certain expenditures, you should look for ways to boost your income. Consider taking on a tenant, renting out your garage, working an extra shift every week, or having your teenagers work part-time so they can earn their spending money themselves.

3. Track Your Spending

If you’re finding it difficult to lower your spending, consider tracking your expenses for a number of weeks to get a better understanding of how you spend your money. Track the expenses that you may not be sure about, such as shopping at all-inclusive grocery stores. Also, track the snacks and coffee you buy on-the-go.

Get Help from Private Mortgage Lenders in Edmonton

We are leading private mortgage and private bad credit lenders in Edmonton, Canada. If you’re facing a foreclosure, you can get help. We have extensive experience helping numerous clients who are in your position. Give us a call at 1(780)756-1119 to get in touch with our foreclosure reversal experts today.

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Daniel K. Akowuah | Mortgage Professional / DLG Underwriter
Toll Free: 1(877)756-1119 | PH:1(780)756-1119 | FX:1(877)238-7794
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