When people purchase a home, they do so with the intention of either living there for the medium to long term or making some upgrades and then selling it at a profit. No one buys a house with the intention of falling behind on the payments and ending up in foreclosure court. However, there are times when financial calamities hit. People lose jobs or get sick and can no longer make ends meet.
Stop Foreclosure Calgary
If you are looking at the prospect of foreclosure in Calgary, I believe that you should only lose your home if you have exhausted all other options – and there are far more options available to you than your lender may have indicated. Prevent Foreclosure Calgary! Foreclosure can destroy your credit for years, making you unable to buy another house later on.
Many choices are out there if you are behind on your house payments, even if you have reached the point where you can no longer afford to make them. Amansad Financial Services has worked with a variety of private funders in the past and knows the ins and outs of their regulations. All it takes on your end is a quick mortgage application and assessment of your financial situation for Amansad to help you come up with the best plan to move forward.
Just how can Amansad Financial step in and help you avoid that pending foreclosure? A whole wealth of other lenders is out there, and some of them might be ready to purchase your loan, effectively refinancing your loan and allowing you to get a fresh start. You might end up with a longer loan than you had, and you might have to pay a bit to get the new loan set up, but if you have already received notice that foreclosure has begun, you are facing the problem of having to pay for the entire house, as well as some other costs. If you are already under the gun of foreclosure, you need help and you need it now, and any refinancing option is better than losing your home. Amansad Financial has the relationships in place to put together some creative answers that other lenders do not have access to. When this process works, you end up with a refinancing approval to get the foreclosure countdown stopped, or it gives you an infusion of cash to stay afloat while you find someone to buy your home. With either solution you lack having that foreclosure on your credit report.
Action steps for people facing foreclosure in Calgary:
1. Statement of claim. This is a document that the lender has to serve you. If you miss three payments in a row on your mortgage, the lender has the right to question your financial status. Once you receive this document, you have 15 days to file a defence statement in rebuttal. If you fail to file the rebuttal, a default judgment against you is likely.
2. Request for the ordered sale. The next step is that the bank goes to court asking for an order to sell your house. The court will set a specific time period to allow you to redeem the house for its full value, usually between three and six months.
3. Foreclosure sale. If the court orders the sale of your home, this takes place either through the MLS system or through the Court Tender process. When you get the paperwork with the order, you’ll see the timeline in your period of redemption, as well as the order to get an appraisal on the house so the lender can get an accurate valuation. If you do not pay out the total in arrears and legal fees by the end of the period, you lose your home to the sale process.
Facing foreclosure in Calgary
When you face foreclosure, keeping a proactive approach is crucial to remaining ahead of the game. If you have only fallen 30 or 60 days behind, talk to your bank now about getting an extension. If you are assertive in keeping this communication line open, you can avoid this entire process in the first place. Amansad Financial can also help you find refinancing without foreclosure, which means you get a new loan without the stress of dealing with foreclosure. If you already have entered your redemption period, though, matters are already beyond your control as far as dealing with your original lender. Call Amansad Financial today to find out how we can help with your situation.
If your facing foreclosure in Calgary, Fill out our Fast Pre-Qualification form – You Have Options!
Calgary is currently the largest city in the province of Alberta, with a 2011 census population of 1,096,833. Sitting about 50 miles east of the Canadian Rockies and about 200 miles south of Edmonton, Calgary is Canada’s third largest city.
When huge oil reserves were found in Alberta in 1947, Calgary was the hub of the boom that followed. The spike in oil prices after the Arab Oil Embargo of 1973 made the economy grow by leaps and bounds; between 1971 and 2007, the population skyrocketed from 403,000 to 1,020,000. When oil prices lulled a bit in the 1980s, the leadership of Calgary realized that the city needed to diversity its industry, and so Calgary transitioned from a prairie oil town into a major cosmopolitan city, a change marked by Calgary hosting the first Winter Olympics in Canada in 1988. As oil has rebounded, Calgary’s economy has taken off again, and the surrounding tourist areas of Lake Louise, Banff and Canmore have brought visitor dollars into the city, and other industries that have started to take off include e-commerce, film, light manufacturing, high tech and services.
Currently, Calgary’s economic prospects continue to look solid. A report released near the end of 2013 projected that Calgary’s growth in 2014 would be 4.1 percent, a number that would place it atop all of the metropolitan centres in Canada. The city’s unemployment is low, commercial vacancy rates are fairly tight, and population growth is solid. The major challenges that experts have identified are related to this growth, as low vacancy numbers will make housing less affordable, as will growing mortgage rates. People migrating from other provinces into Alberta could place stress on Calgary’s city services and infrastructure.
Buying Forclosures in Calgary
As with any city, there are currently plenty Calgary foreclosures. If you are looking for a dwelling in this situation, either as an investment opportunity or a primary residence, Amansad Financial can connect you with realtors who can give you access to the most updated Calgary Foreclosures. Before you jump into the foreclosure market, though, there are a few things that you should consider.
1. Make sure you get a home inspection.
When purchasing Calgary foreclosures, you don’t get any of the seller disclosures that are normally a part of purchasing a home. Instead, you are buying a house “as is.” In order to make the best offer possible, spend a few hundred dollars to arrange a home inspection. That price is well worth it, as your inspector will give you a thorough report on a home’s mechanical components and structure. A bank is not going to pay for repairs, so you need to adjust your offer to reflect the cost of fixing the problems that the inspector notes.
2. Make sure the home is no longer winterized.
Particularly in the wintry climes of the north, you may end up with a home that has been shut down for the winter. You might find that the water has been turned off, the water lines have air pressure inside them (or are blown completely), and even the electricity might be off. If you buy a home in this position, bring in a licensed plumber and electrician to make sure that everything gets turned back on safely.
Buying a forclosures in Calgary is a little different than buying a home from a traditional seller. Talk to one of the pros at Amansad Financial to find the best Foreclosures in Calgary for you and your family!