A home is considered one of the most valuable possessions of all—both financially and emotionally. For many, the thought of losing their home can be extremely stressful. When a homeowner is unable to make their full monthly mortgage payment, the mortgage account falls into arrears. Since part of the monthly repayment covers the interest charges, the mortgage balance will increase, leading to more interest being charged on the loan.
To keep ownership of your home, maintaining your mortgage payments is a must. Most lenders will begin foreclosure proceedings after three mortgage payments are missed, which may result in the loss of your home.
Are your mortgage payments falling behind?
Contact Faber as soon as possible to review your options and discuss a consumer proposal or personal bankruptcy debt restructuring plan.
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