Latest Mortgage Rates
| Term | OUR RATES | Banks |
| Updated August 8, 2010 | 0.0 % | 0.0 % |
| Variable ARM | 2.05 % | 2.65 % |
| 1 Year Closed | 2.60 % | 3.75 % |
| 2 Year Closed | 3.04 % | 4.05 % |
| 3 Year Closed | 3.54 % | 4.65 % |
| 4 Year Closed | 3.74 % | 5.25 % |
| 5 Year Closed | 3.65 % | 5.85 % |
| 50/50 Mortgage 3 yr | 2.87 % | 0.00 % |
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Mortgage Foreclosure
If you're behind on your house payments, your lender can declare a default and foreclose on your property.
When you took out your home loan, you gave your lender a mortgage (called a deed of trust). This gives the lender the right to start foreclosure proceedings to force a sale of your home if you fail to pay your loan according to terms.
The good news is that lenders don't like foreclosures because they are costly and difficult. The bad news is that lenders won't hesitate to foreclose on past due loans if they aren't given better options.
What To Do
The chances are that your home loan is only a part of bigger financial problems. Don't hide out and wait for more bad news. Develop a plan to deal with the situation immediately. Your options include:
-Reorganizing, consolidating or even eliminating debts through proceedings that may include bankruptcy
-Trying to work out a compromise with your lender
-Selling your home
Negotiating With Your Lender
Talk to your lender about a compromise, such as Different payment terms (lower payments over a longer period of time), Forgiving some late payments now in exchange for a longer period of payment. Lower payments in exchange for a higher interest rate over a longer payment period or Refinancing at a lower interest rate (to make payments lower)
The Foreclosure Process
Throughout Canada, the foreclosure process varies. The basic remedies available to the mortgagee (lender) upon default by the mortgagor (borrower) are the action on the covenant, the action for possession, the action for for foreclosure, the action for judicial sale and exercise of the power of sale.
The two most common remedies used by lenders to recover a mortgage debt when a borrower defaults are:
1. Judicial Sale/Judicial Foreclosure - This method has extensive court involvement, the court has complete authority during the process. These proceedings involve a mortgage lacking the power of sale clause, a lender must petition the court to sell the property.
2. Power of Sale - This method allows the lender to seize your property and sell it without court intervention in most cases. The approximate time frame for the power of sale process to conclude is in the vicinity of 3 to 5 months.
**At any point during these proceedings, you are usually in the position to keep your home if you pay off the loan and pay for foreclosure costs.***
Contact us now and we can help you keep your home
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