Mortgage arrears occur for many reasons including but not limited to loss of job, critical illness, disability, business setbacks, divorce.
If you have sufficient equity, we may be able to help. Depending on your own unique situation, we may be able to pay-off your existing First Mortgage and increase the loan amount or leave your existing first mortgage, and simply pay the arrears and any other debt you may have by way of a second or even a third mortgage. In addition, it may be too costly to discharge the existing first mortgage based on, for example, the prepayment penalty.
If you “fall into arrears” with your existing lender, you may expect to receive notification that your mortgage is in default. In all cases, you should be responsive and truthful when your lender calls you and explain your position. Do not deny the problem or insist that it is a bank error as you may lose credibility in the eyes of the lender. If it is, in fact, a bank error, you should visit your local branch and have a manager produce a letter authenticating this claim which you can present to your lender. If you chose to ignore the lenders this can make matters worse or may result in immediate legal action. In other words, it is much easier to confront the problem with your existing lender. It is usually much easier to attempt to correct the problem prior to the existing mortgage lender instructing their Solicitor to issue a demand letter or begin enforcement proceedings.
Mortgage arrears can be an awfully stressful experience, let Jaime Vilas help you immediately! Jaime is very quick to analyze the loan request, and quickly issue a commitment once our preliminary review is completed.His credibility in the mortgage industry earns us a foothold when dealing with other lenders and lawyers, which helps us expedite generally lengthy processes