Refinance Foreclosure BC – How to Refinance A Foreclosure

How to Refinance Foreclosure BC – Help Is Here Call Now! 1-877-744-3436

Foreclosures happen for a variety of reasons but how you react is critical in keeping the best options open to you. We have helped refinance foreclosure in BC many times and have the experience and the connections to the best mortgage products & techniques to stop and/or reinstate your mortgage once foreclosed.

Top 6 Reasons Foreclosure Happens

• Unemployment – temporary or permanent unemployment can significantly affect people’s ability to meet their monthly obligations. Not all Canadians have enough in their savings to bridge themselves through work layoffs. This can be a leading cause for foreclosures.
• Credit Card Debt – We all have credit card debt but mismanagement of these monthly obligations can has significant impact on your cash flow. Debt consolidation can help improve cash flow helping you form missing mortgage payments which can lead to foreclosure.
• Medical Expenses & Illness – both illness & medical expenses can impact not only your cash flow but in most cases your employment income to. The decision to pay for medication or medical treatment can easily outweigh your choice to make payments on your mortgage. Unfortunately once you have missed payments you run the risk of your mortgage holder starting a foreclosure action against the property.
• Divorce – Relationships end and this can have a dramatic impact due to legal bills, arguments due to emotional distress, job loss or transitions in income.  Many times couples miss payment due to miscommunication. This miscommunication can lead to foreclosure action being started.
• To Many Bills – Home owners that hold Lines of Credit, Credit Card Bills, Auto Loans and other bills can have a tough time juggling bill payment dates. You can find your accounts coming out early or late and sometimes pay cheques being held due to past missed payments. This can lead to missed mortgage payments which are a leading factor in bank foreclosures.
• Sudden Job Relocation – People follow the boom and what once might have been a great economic work environment now switched to a different town or province. A lot of people in BC have moved into Alberta following that job boom. The travel and other expenses can have a significant impact as you make this transition. Missed payments due to job relocation can be a leading cause of foreclosure action.

8 main steps in the foreclosure process in BC

• Demand – when the home owner is in violation of the mortgage agreement the lender sends out a demand letter outlining how to solve the issue.
• Contested Foreclosures – The respondent has the right to provide defense of the demand in court.
• Order Nisi – Is an amount of time given by the court to the respondents to pay a set amount. This period of time is called the Redemption Period.
• Enforcement Options – There are two options available to the petitioner once entered into a Order Nisi. 1. Enforce or execute on the judgment obtained by selling other assets of the respondent mortgagors.  2. Proceed with the foreclosure proceedings.
• Order Absolute – This application can only be taken after the redemption period has expired.
• Appointment of a Receiver – A receiver maybe appointed by the court of the purpose of taking possession of the property.
• Order for Conduct of Sale – This order provides the property be sold and that the party obtaining the order have the ability to list the property with a real estate agent.
• Lawyers fees in Foreclosure Proceedings – The Petitioner will be awarded the costs in an amount to be assessed pursuant to Appendix “B”

For a complete review of the steps in the foreclosure process please check with The Canadian Bar Association of British Columbia.

How to Stop a Foreclosure

The best way to stop a foreclosure is using a home equity loan to bring the 1^st mortgage current. This is not always possible but by obtaining a 2^nd mortgage we can help bring the current mortgage arrears up to day pay property taxes and home insurance if needed. We have a variety of lenders for foreclosures throughout British Columbia.

Service Areas in BC

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In the BC Lower mainland I can provide mortgages in the municipalities and towns of Abbotsford BC | Burnaby BC| Pitt Meadows BC | New Westminster BC | Chilliwack BC | Maple Ridge BC | Coquitlam BC | Port Coquitlam BC | Langley BC | Richmond BC | Surrey BC| Vancouver BC | North Vancouver BC | West Vancouver BC| Whistler BC | Squamish BC | Hope BC | Lions Bay BC | Gibsons BC | Roberts Creek BC | Secret Cove BC | Texada Island BC | Irvings Landing BC | Salt spring Island BC | Powell River BC | Lund BC | Agazzis BC | Harrison Hot Springs BC | Boston Bar BC | Lytton BC and many others.

In the Okanagan, Kootenays & Interior we provide mortgages in the municipalities and towns of Kelowna BC | Vernon BC | Penticton BC | OK Falls BC | Summerland BC | Peachland BC | Princeton BC| Oliver BC | Osoyoos BC | Kamloops BC | Salmon Arm BC | Revelstoke BC | 100 Mile House BC | Ashcroft BC | Castlegar BC | Invermere BC | Cranbrook BC | Kimberley BC | Prince George BC | Quesnel BC | Vanderhoof BC | Fraser Lake BC | Burns Lake BC | Fraser Lake BC | Prince Rupert BC | Terrace BC and many others.

On Vancouver Island we provide mortgages in the municipalities and towns of Victoria BC | Sidney BC | Sooke BC | Port Renfrew BC | Duncan BC | Salt Spring BC | Chemainus BC | Cumberland BC | Parksville BC | Nanaimo BC | Parksville BC | Port Alberni BC | Saanich BC | Qualicum BC | Courtenay BC | Comox BC | and Campbell River BC plus many more.