Avoiding a Foreclosure – Here’s What the Top 10 Real Estate Agents Have to Advise You

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A foreclosure is essentially a legal proceeding where a homeowner is deprived of his or her property, usually because of failing to keep up with mortgage payments. Many people are left with foreclosures these days because of the ever-increasing post-pandemic unemployment. A foreclosure is an extremely traumatic event for any property owner and in most cases; it’s simply a peaceful means of ensuring that one’s credit score remains unhurt.

In today’s blog, we’re going to share a few vital tips that you’re likely to find useful in the event of a foreclosure. We’ve interviewed the top 10 real estate agents in Toronto and here’s what they’ve recommended.

What the Top 10 Real Estate Agents Would Suggest You about Avoiding a Foreclosure

When you fail to pay your lender the monthly mortgage fee, legal actions may be initiated against you to recover the missed payments. The process starts with a demand letter from the lender that officially starts the foreclosure process. You’d receive several notices and phone calls to advise you of the ongoing legal procedures.

A full foreclosure is when the lender takes the recourse of the law, obtaining necessary approval from the court to put up your property for a public sale and recover the dues. However, it doesn’t have to end this way as you still have so many alternatives to stall the proceedings and once an agreement has been reached, the lender will issue forbearance.

Now let’s see what the top 10 real estate agents in Toronto have to suggest a new homeowner so that the latter can prevent a foreclosure.

  • Contact Your Lender

Be proactive and get involved. As soon as you know that you are falling behind in your mortgage payments, begin communicating with your lender. If you know you are likely to face foreclosure, talk to your lender right away and see what kind of assistance programs you may qualify for in the event of imminent foreclosure.

Find out the applicable foreclosure procedures and ask the mortgage provider what you must do to cease the foreclosure. Do not ignore phone calls from your mortgage carrier. Practice how to speak in a professional manner and learn how to remain calm and composed even in the most heated circumstances.

  • Know Your Mortgage Rights

When you know you are falling behind on your payments, write down all the details that you know about your situation so that you can devise a suitable plan of action to avoid a foreclosure. For instance, if you realize that you’d not be deemed eligible for a loan modification program, discuss your options with the mortgage agency. It’s equally imperative to understand that your lender doesn’t have any obligation to work with you; you’re the one who needs to follow through with your plans.

  • Fathom Your Financial Responsibilities

If you’re planning to apply for a loan modification program to avoid an impending foreclosure, make sure not to make any promises that you cannot keep. Make a point to understand precisely what your payments will be each month and never miss one. This will ensure that you don’t fall behind your payments and receive a notice of default once again.

If you’re looking for an established property consultant near you, you can call Babak Mehrabi as he’s widely acknowledged as one of the top 10 real estate agents in Toronto

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