Licensed Insolvency Trustees
Licensed Insolvency Trustees
Mortgage in arrears
We understand that facing a mortgage default can be a source of stress and anxiety. At Mallette Redressement financier, we're here to help you understand the issues and find solutions tailored to your financial situation.
Understand the issues involved in defaulting on a mortgage
When you fall behind on your mortgage payments, it's important to take swift action to avoid defaulting (a mortgage default occurs when you miss one or more payments).
Delaying or missing a mortgage payment can have major consequences, such as impacting your credit and your ability to obtain future financing. Accumulating mortgage arrears can also lead to recovery action by your lender. This can include late payment charges, additional interest and possibly the seizure of your property. So it's crucial to act quickly to resolve the situation and avoid more serious consequences. It is essential to note that each situation is unique and to consult your financial institution to assess your specific options.
If you find yourself in mortgage default, our team of experts at Mallette Redressement financier can help. We can assess your financial situation, discuss your options and help you develop a plan to get out of this difficult situation.
We understand that dealing with financial problems can be difficult, which is why we do everything we can to help you overcome the situation and regain your peace of mind.
Frequently asked questions
What is a mortgage payment?
A mortgage payment is a fixed amount that you pay to your lender each month to repay your mortgage. It usually includes the capital, interest and sometimes municipal taxes and insurance.
Can I delay or skip a mortgage payment?
Delaying or skipping a mortgage payment is generally not recommended, as it can have a significant impact on your credit and financial situation. However, every situation is unique, and it's important to consult the person in charge of your file at your financial institution or a licensed insolvency trustee to assess your specific options.
What happens if you fall behind on your mortgage payments?
Accumulating mortgage arrears can lead to recovery action by your lender, including late payment charges, additional interest and possibly the seizure of your property. So it's crucial to act quickly to resolve the situation and avoid more serious consequences.
Meet with an advisor to sort out your debt problems
Are you concerned about your financial situation? Our advisors have several solutions to help you regain peace of mind.
Our qualified team will listen to you and answer all your questions. Call us today!