We’ve Got It! www.megadox.com Foreclosure Help Ultimately, the only thing that stops foreclosure proceedings is repayment of the debt. However, sometimes circumstances are beyond our control and every other attempt is simply just a delay in the process. So what are the options available to us? A) Should you Keep Your Property or Sell it? As a rough guideline, if your monthly mortgage payment, including taxes and insurance, does not exceed 40% of your gross monthly income, you should be able to keep your home. B) Have you Approached your Lender? Banks prefer to lend money, not to own homes! Have you tried to come to terms with your lender? Can you pay the arrears over a period of time? Can you add the arrears to your current mortgage balance? These are the questions that you should approach your lender with before deciding on what to do. One of the first things your lender will want to know is why the mortgage is in default and why you think you'll be able to continue to make the payments. C) Refinancing and Second Mortgages. Lending guidelines will require that the total of all loans shall not exceed 75% of the value of your home. Of course, if you have more equity than that, you should have no difficulty in obtaining new financing or a second mortgage, however, expect a higher interest rates on those loans. D) Private Loans. These are loans that can be obtained from family or friends to get you back on track. If you can get a loan this way, do it now! Just make sure you can pay it back. E) Bankruptcy. This is a major step and will have lasting impact on your credit. It is important to know that if you file for bankruptcy, your financial matters fall under the jurisdiction of the courts. So seek legal advice before you decide to do this and determine how much equity you have accumulated in your property as this could make your mortgage exempt from bankruptcy. Note: This information is not intended as legal advice. Should foreclosure be an issue, then consult the appropriate professionals for legal advice and possible tax implications. Visit us at AlbertaForeclosures.com or call (403)850-2241. “We’re always happy to answer you questions!”