What Should I Do When I Get A Foreclosure Notice In Edmonton?

What Should I Do When I Get A Foreclosure Notice In Edmonton?

Getting a foreclosure notice can be the worst feeling you can have. First you bought this home you dreamed of owning scott free and now you are in a position where you can no longer make the payments and the bank wants to take it away from you.

You think to yourself; how the hell did it come to this? I am embarrassed and I don’t know what to do. What am I going to tell my kids, my friends, my family.

You are not alone…. In Edmonton hundreds of families have to deal with this exact situation every year. Although the oil patch hasn’t dried up on us, many jobs have and we need to push through in order to move forward. Hopefully the pipeline is approved we say.

Right now Edmonton real estate is at a pretty low value and many families are unable to save their homes from foreclosure. I hope I can help, I am writing a series of articles for people in your exact situation.

Don’t worry, it is not the end of the world. Check out these other foreclosure articles for more information on what you can do to get out of foreclosure in Edmonton.

What should I do when I receive a foreclosure notice in Edmonton?

1. Don’t wait to act

The longer you wait, the more back payments and fees you will get tacked onto the principal amount. I have a client right now that has 36k in back payments at high interest. On top of that the current bank would not finance them any longer. They were lost and we were able to help them.

2. Get a payout statement

You Need to know exactly what you owe so that an Edmonton mortgage broker can get you financed by a different lender. They may be able to take some more money out of the houses equity for you to live on until you are back on your feet.

3. Try to make Payment arrangements

If you have had a good history of payment some banks may give you a grace period and tack it onto the back end of your mortgage term. This means your amortization period (time to pay off) will become longer. This is best case scenario

4. Refinance/extend your amortization

Say your house is worth 300k and you owe 100 k. If you refinance it you can pull out 150k out of the current house and get it financed elsewhere. Therefore paying back what you owe and having more cash in hand to pay out other debt.

5. Get a Home Equity Line Of Credit

Having a home equity line of credit, or HELOC is a major asset. A good mortgage broker will get you a mortgage in the first place with one of these built in. So that as you pay down your mortgage, more line of credit becomes available to you.

5. Debt consolidation

Consolidate all of your credit card debt etc in a home equity line of credit or unsecured line of credit so that the payments are low. Maybe having the monthly debt lower will make it easier to make your payments on time.

6. Get a new Job

Don’t let your ego be the reason you lose your house. I see too many people from Edmonton come into my office and tell me they are pipeline this and pipeline that. The fact is if it is not paying the bills, then it is not enough.

7. Get a mortgage broker

We can help you navigate the process and there are no upfront fees. We are paid by the banks to do a service for you.

8. Consider bankruptcy

If there is no equity and a lot of debt, going through the bankruptcy process may be your best option.

9. Sell your home

If the house is just too much, try downsizing or renting.

Whatever you decide to do we are here to help you. Please call us very early in the process so that we can get a jumpstart on fixing your situation. There is no reason to be embarrassed as we see this and fix this type of thing for people every day.

 

Read The Article 7 Secret Tips To Get Out Of Foreclosure In Edmonton

 

Or 12 Secret Ways To Save Money On Your Next Edmonton Mortgage

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free
Or Call Now 780-278-4847

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Understanding The CMHC Home Buyer Incentive in Edmonton

9 ways the CMHC Home Buyers Incentive benefits Edmonton Buyers

 Again we have done the research for you and picked holes in the new CMHC Homebuyer program for Edmonton Residents. Read on to learn more about this awesome program and contact us with any questions you might have.

The Bank of Canada has announced in their 2019 Federal Budget! They have proposed that they will be giving First Time Home Buyers an Incentive of up to 10% of their Purchase Price. Below i have outlined some of the most popular FAQ’s in regards to this drastic improvement to the Mortgage Rules and Guidelines. 

9 Ways the CMHC Home Buyers Incentive Benefits Edmonton Buyers

1. Can i afford to buy my first home in Edmonton? 

The Federal Government of Canada and the CMHC-The Canadian Mortgage Housing Corporation, will be helping first time home buyers in Edmonton and throughout Canada to lower their monthly mortgage costs. This is huge, as they have never given buyers this option previously. Applicants will also need to pass the Federal Stress test to ensure you can keep up with your monthly debt payments. 

2. How much downpayment will you need to put down?

The minimum downpayment you still need to put down will be 5% of the Purchase Price of the home. The higher the downpayment, the lower your CMHC/Insurer premiums will be. These insurance premiums are included into your monthly mortgage payments. 

3. How much will i receive from the Government as an incentive?

5% Incentive if it is an Existing homes or 10% If it is a Newly built homes throughout Edmonton and surrounding areas

4. How does the government give the funds? 

The incentive that they are going to be providing will be given to applicants as a reduction in their Mortgage amount. For Example

If you are buying a home that is lets say:

Purchase Price $300,000 Residential Home in Edmonton 

5% Down  $15,000

Mortgage Amt  $285,000

10% Incentive -$30,000 Newly Built Home in Edmonton** 

**New Mortgage Amount $255,000!

6. How do i know if i qualify?

The one thing i always suggest prior to shopping for a new home, is to get pre approved.  By doing this very important step first, you are then sure of exactly how much you qualify to buy. I can use your income, monthly debt payments and the correct calculations to ensure you are pre approved for the right amount. The Government incentive is only offered to House hold incomes totalling less then $120,00.

7. Do i have to Repay the Incentive?

Eventually you will have to repay this and most likely at re-sale of the property, but the Government is still finalizing these details as it is unclear at the moment how applicants would pay this back and when. 

8. When can i take advantage of this Home Buyer Incentive?

The government is hoping September of 2019 or Fall-this will be finalized at a later time. 

9. Can i still take advantage of the RRSP Home buyers Plan and the Incentive programme?

YES! This is huge for all the buyers out there who have been saving up their RRSP’s and wanting to use them at this time would be extremely beneficial. THE RRSP Home Buyers Program lets buyers use their RRSP’s as their downpayment -up to $25,000-with NO PENALTY as long as they pay back the RRSP’s within 15 years! With these changes to the mortgage here in Edmonton and throughout Canada, the government is hoping to increase that amount to $35,000. In result of this, the Canadian government is hoping that this change along with the  Incentive program will help increase housing demands throughout Edmonton.

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free

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7 Secrets Tips To Get Out Of Foreclosure In Edmonton

7 Ways to Save Your Home From Foreclosure in Edmonton

Over the years many of our customers in Edmonton have had financial struggles, many of which have faced foreclosure. Foreclosure is when a home owner with a mortgage with a financial institution or bank is unable to make their payments, and the bank takes away the home.

There are many strategies that I have personally advised over the years that have saved my customers from having to loose their homes. In this article I will share many of the secrets you need to know on how to save your home from foreclosure. Also please feel free to call me so that I can give you some straight up advice with no judgement. We love to help people and understand that Edmonton and actually most of Canada’s economy is not great right now.

You are not alone, there are thousands of people right now in Alberta that are in your shoes. I want to help you all if I can.

We are Edmonton mortgage brokers that specialize in foreclosures, specifically getting people out of foreclosure.

Tips to Get Out Of Foreclosure in Edmonton

  1. Negotiate a deal with the financial institute

The bank does not want to take away your property, it creates a lot of work and expense for them. They have to go to court, get lawyers involved etc. Try to call someone from their lending dept preferably a manager. They may work out some payment arrangements with you to get you over the hump.

2. Sell the property

If the bank is not working with you, it is a good idea to sell the property and pay them out. If you wait too long on this, your amount owing to the bank can grow to a point where you will not be able to recover. Sell it before it is too late. When a house is in foreclosure in Edmonton there will be many high fees involved as well.

3. Refinance the property with a B Lender

B lenders are a great option if you have equity in your home. They can finance you short term, giving you time to repair your credit and situation.

4. Consolidate all of your debt

Consolidating your debt on a line of credit or home equity line of credit can bring down your overall payments.

5. Sell household goods or toys like campers to make the payment

Albertans love their toys. Sometimes too much.

6. Switch Banks

If you have not totally destroyed your credit, it is possible to switch banks before the foreclosure. Most banks will not fund someone currently under foreclosure so make sure you d this early.

7. Rent the property out

Don’t let your ego get in the way. If you really want to save your property this is a good option. Have someone else paying the bill until you are back on your feet.

Common Question About Edmonton Foreclosures

  1. Can the bank kick me out of my house?

Yes the bank can have you removed from your property if they have given the correct notice. This does not happen right away.

2. Will the bank give me any money when they sell my house?

There will be many fees that add up including legal fees. They will give you money in the end if there is any left after the fees.

3. Are there large fees when my house goes into foreclosure?

Yes there are many large fees, and they can charge them all to you.

4. Do I need a lawyer if I am getting foreclosed on?

No the bank hires the lawyers and charges you for it.

5. I have bad credit, can I still save my house?

Yes we can try to get you finance with a B lender or a private lender. Call us if you find yourself in this situation for a free consult.

6. Who is the best B lender in Edmonton?

The best b lender is whoever gives you the best rate. We shop them all for you.

7. What is a high risk lender?

Someone who lends based on equity usually for higher interest.

8. Do I need an appraisal in I am refinancing my house?

Yes you will need to get an appraisal from a lenders approved list.

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free

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12 Secret Ways to Save Money On Your Next Edmonton Mortgage

12 Secret Ways to Save Money On Your Next Edmonton Mortgage

Are you buying a home this year? Well we have gathered together the top 11 ways for you to save money on your next mortgage! Buying a home & Getting a mortgage is an extremely important step in your life. Why not take some extra steps to ensure you are saving the most money! 

 

1. Use a mortgage broker.                                                                                                                                                                                  

 It’s very easy to get information from the internet, friends and family but not all mortgage rules and rates can apply to you-every mortgage is unique. By using a mortgage broker, you can utilize their ability to shop over 50+ Canadian banks to get you the lowest rate out there and only checking your credit once! Using a mortgage broker here in edmonton can give you an exact idea of what you can afford, Guarantee a rate and explain all the costs involved with the home buying process

2. Put 20% Down!

Conventional Mortgages are a great way to save money long term. Your mortgage will be conventional if you are putting 20% Down or more. This means that you would not be paying the CMHC Insurer fee’s. These premiums can range anywhere from 2.80%-4.00% Of your loan amount. This will be dependent on how what your purchase price is and how much downpayment is being put down.

3. Shorten your amortization!

Amortization is usually set at 25 or 30 years, This is the total length of time it would take an average person to pay off their entire mortgage. By cutting it down to 15 or even 20 years, this can reduce the total amount of interest that you would normally with a 25 year amortization

4. Getting an inspection on your new home.

Once your financing is complete, it is highly recommended that you complete an inspection of your home with a qualified Inspector. This can range anywhere between $300-500. Although this may sound like a lot, this can save you THOUSANDS of dollars on any deficiencies, issues, mold and anything that could be wrong with the physical structure of the home.

5. Ask your realtor or mortgage broker for a referral for a Lawyer.

Realtors and mortgage brokers work with Law offices on a regular basis and have built strong relationships with real estate lawyers. In return, some lawyers can give a discount on legal fee’s for your mortgage closing process. Sometimes you can save anywhere between $200-$500 in legal expenses.

6. Using a realtor to purchase a new construction home.

This is a hidden tip that most buyers first or 2nd time around are not aware of. Visiting show homes is fun and exciting. You walk in and out a row of them and check out samples of what your new home could look like. What most buyers don’t know, is that By using a realtor to purchase a home through a builder can save you tons of money!! Show homes usually have the price advertised and most buyers walk in, get excited after walking in and have NO representation to assist in the negotiation. So most buyers end up paying whatever the actual purchase price is and are unaware that there is always room to negotiate. SO the next time you check out a show home, USE A REALTOR! Realtors do not charge fees for buyers so having the real estate agents represent you help in the negotiation and also are on your side when it comes to the fine print when having an agreement with a builder.

7. Get Title Insurance.

This will protect you from any surprise and unpleasant revelations about your property’s history that could arise in the future. This would be obtained through your lawyer at closing and can cost anywhere between $200-250.

8. Are you an Alumni from a local Edmonton College or University?

Ask me for information in regards to First Time home buyers who have recently graduated from Post Secondary Education. We provide discounted mortgage rates that can save you money on interest throughout the term of your mortgage

9. Get referred to an appraiser.

Sometimes your mortgage may require an appraisal to be completed. The best way to save money on an appraisal is to ensure your financing is 99% Complete. If for any reason your income or downpayment does not get approved, your appraisal should be the last thing you check off of your financing list to ensure you are not our of pocket for the cost of the appraisal. So before you go ahead and pay for an appraisal, ensure your income & downpayment and all other conditions have been met.

10. Get a rate hold

Securing your mortgage rate up to 4 months! By getting pre-approved and securing your mortgage rate prior to purchasing a home, can save you hundreds of dollars. Here in Edmonton, the housing market is constantly changing-and along with that so are rates. So by speaking to us, you can secure a low rate for up to 4 months to ensure that if you are planning on buying the next few months, whatever may happen to the market, you can feel safe that your rate is lower than what the rate could be 4 months from now.

11.Keep your debt load low

If you are planning on purchasing a home in the future, keep your monthly debt loads low. Try to pay off your highest interest balances first. By doing this, you have a higher chance of qualifying for a LOWER mortgage rate. Sometimes if you carry a high debt load balance, your mortgage can still get approved but your mortgage rate may not be the lowest due to the HIGH credit card, line of credit and loan payments.

12. Make Bi-Weekly Payments

Making bi-weekly payments will help you make and extra couple of payments per year resulting in you paying down the mortgage faster!

Common Mortgage Related Questions

  1. What banks have the best mortgage rates in Edmonton?

Different banks run promotions at different times depending on if they are hitting their annual targets or not. At every time of year different banks and financial intstitutions will run promo’s on their rates.

If you are looking to find out who is having a promo give us a call at 780-238-2957, we can let you know. Often times it may not even be a bank, it could be a mortgage financial institution. We can let you know. Saving on the rate means saving thousands of dollars on you mortgage!

2. How much do I have to pay to use a mortgage broker in Edmonton?

Most mortgage brokers charge nothing for a regular transaction.

We are paid by the banks, and the best part is we can get you a better rate than your bank can!

4. Can mortgage brokers in Edmonton get lower rates than banks?

Yes, often times we can get much better rates than the banks. We send millions of dollars worth of transactions per month to them and they give us a discount on the rates.

5. How can I get the best mortgage rate in Edmonton?

Call us and let us shop around for you, we guarantee the lowest rate!

The just of it is, our brokerage is the largest mortgage brokerage in Edmonton. Combined they send millions of dollars worth of transactions to multiple banks every month. These banks fight for our business by offering us special rates.

6. How can a mortgage broker get me a lower interest rate in Edmonton?

Mortgage brokers pit the banks against each other to earn your business. A good broker will send your application out to many different banks and then get them to offer you a rate.

Your rate will depend on how great of a client you are. What is your credit like? How is your job stability? These are all things the banks will be looking for.

 

Buying a home is one of the most important and significant financial transactions you can make. Don’t do it alone, Contact me for your mortgage approval process and let me help you go through the process together. I can share my experience and knowledge that i have gained from the last 10 years in this role, and ensure i am there every step of the way. 

 

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free

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