For most individuals, their home is the most important possession of all. The mere thought of losing the home can become extremely stressful for all family members. There are a number of events that may lead an individual to fall behind on mortgage payments. These include job loss, injury, illness or relationship breakdown, to name a few. It is important to address mortgage payment arrears quickly, as most lenders will begin foreclosure proceedings once 3 mortgage payments are missed. Time is of the essence.
To retain ownership of your home, you will be required to maintain your mortgage payments; however, it may be possible to restructure your unsecured debts in an effort to protect your home.
If you are experiencing difficulty in maintaining your mortgage payments, it is important to contact a Faber Trustee as soon as possible to review your options and discuss a consumer proposal or personal bankruptcy debt restructuring plan.