A Foreclosure is a legal action that a lender can take if a person or company who borrows money using a mortgage stops making payments on the mortgage or violates any terms of the mortgage like “example” outstanding property tax or fire insurance policy that elapses etc.
If you’re one of the many homeowners that got hit hard by the COVID-19 pandemic and are now worrying about the loss of your property, this post is for you!
If you are a home owner in British Columbia and you have fallen behind on payments or your bank will not renew due to previous payment history here is some options you can consider.
A bad credit home equity loan will however help you improve your credit score by paying down your outstanding debt to zero. It will also significantly improve your cash flow. Credit cards and other loans are usually amortized reflecting in a higher payment. Typically, home equity loan payments are interest only giving you a lower payment and better cash flow.
What Rate Should I Pay For A 2nd Mortgage? What Your BC Mortgage Broker Should Know & Tell You!
I get this question every week, “What is your best rate for a second mortgage?”. The answer is not as simple as one might think.
