Repossessions to Increase?

Today I met with Greg Matthews from Domus Select. Greg works in the Mortgage business in Cambridge. His company helps people to buy and sell real estate, re-finance 1^st and 2^nd mortgages. They can also help with other products such as secured credit cards and home equity visa's.

Greg was telling me that he is seeing an increase in industry regarding home repossessions. Some mortgage lenders are starting to take more note of the current housing problems being experienced in the United States and are taking steps to avoid similar problems in Canada. Your home could be at risk if you do not maintain your mortgage payments and some mortgage companies in the future may be a little quicker to 'pull the trigger' should you fall behind.

In turn, this could lead to an increase in personal bankruptcies and consumer proposals. Two things could drive this increase

• An increasing pressure to try and keep up with mortgage payments may mean resorting to unsecured credit (credit cards) to pay for other day to day expenses such as groceries, leading to higher interest charges and higher monthly repayments.
  
• If your home is repossessed and the sale by the bank does not generate enough monies to cover the outstanding mortgage balance and fees, you could still be liable to pay those expenses and shortfalls.
  

If you're experiencing financial difficulty, my suggestion would be to give our office a call at 519 623 3773 and talk to myself or one of my colleagues. We offer a free, no obligation consultation service. Everyone's situation is different and we can help to explain various helpful options for you to consider. From budgeting advise, credit counseling, consumer proposals, bankruptcy or referring you to a mortgage broker such as Greg, we can help you to understand the pro's and con's of each option so you may decide on what the best solution for you is.

Call 310-PLAN or email us your question today.