Posted: 22 Mar '17

How a Mortgage Broker Can Help You Get Out of Foreclosure

Foreclosure Home Loans from Bad Credit Mortgage Brokers
Sometimes, things happen and leave you unable to work. When events like these occur, it can impact one's ability to continue to service their mortgage. If this goes on for a time, this can lead to a foreclosure which will have long-term detrimental impacts on your credit, and this can make it more difficult to get back on your feet. When facing a foreclosure, Edmonton's mortgage broker professionals have the expertise to facilitate alternative options that may enable you to avoid losing your home, reduce the consequences to your credit, relieve your financial stress, and give you the opportunity you need to help you take control of the situation.

Getting Foreclosure Home Loans

Acting as a bridge between borrowers and lenders, mortgage brokers have extensive experience in dealing with a large network of different types of mortgage lenders. This allows us to find a mortgage lender to help you out of foreclosure, get a foreclosure home loan and then once you are back on your feet we can find a mortgage lender that will lend to you with great rates and terms.

Refinancing

Experienced Mortgage Brokers design alternative financing strategies that adapt to your altered circumstances. Refinancing your mortgage loan can produce a payment plan that reduces financial strain and allows you to regain control of payments in the short and long term. Brokers leverage their experience with lenders to ensure you get the best possible deal while creating terms acceptable to your lender.

The Long Term Plan

Many mortgage brokers take a transactional approach, where they are only worried about getting the current mortgage completed. Our mortgage brokers are “mortgage planners”. This means that while they will still get the current mortgage completed, they are also aware that it is in the best interest of the client to have a long term plan or strategy in place. The financing that will help you out of foreclosure is typically more expensive than regular mortgages, and therefore is only a short term solution. A Mortgage Broker that takes a planning approach will give you instructions on what to do so that when the short term (typically 1 year) of the more expensive financing is over you will be able to refinance into a mortgage with much better terms. Providing advice on how to maintain and fix your credit over that year is one example of how our expertise can help you get into a much more comfortable financial position.

Using the expertise and experience of mortgage brokers will have a huge impact on your ability to pull through a tough situation. Talk to our mortgage brokers in Edmonton to keep full control over your home, credit, and life and to learn more about foreclosure home loans or apply online today.

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