Life is unpredictable. It’s those unexpected occurrences that can sometimes throw a wrench into your carefully considered financial plans. No matter what the reason for your financial troubles, things can get stressful, and can be costly. When you need a way out, an emergency mortgage may be the right option.
Whether your home is going into power of sale or you just need a financial cushion to get through a few months, there is no reason for financial difficulty to affect your everyday life or ruin your credit. An emergency mortgage might be the thing to improve your situation. This type of mortgage is based primarily on the equity in one’s home
Surprise: Financial Struggles May Not Disqualify You for Emergency Mortgage
You can borrow up to 85 percent of the property value of your home, even if you are behind on the following:
- Mortgage payments
- Property taxes
- Income tax
- Credit card payments
- Child support payments
Difficult situations often lead to financial stress. If you’re dealing with a situation where your home has fallen into power of sale or you have filed for bankruptcy, you may still be in luck and able to get an emergency mortgage. You may also qualify even if you’re dealing with one of these situations:
- Tax lien from the Canada Revenue Agency
- Harmonized Sales Tax (HST) Lien
- Family Responsibility Lien
A Word of Warning
Although it can get you out of a jam, it is important to know that this type of mortgage, no matter what the reason for obtaining it, comes with a higher interest rate than a conventional mortgage.
If you’re in a bind, come talk to the professionals at CVE Mortgage Inc., about an emergency mortgage. We can help you buy yourself some time to either find work, sell your house to maintain the equity you have built in it, improve your credit, consolidate debt and improve cash flow. Even if everyone else has turned you down and you can’t get a conventional loan or mortgage to solve your problems, we just might be able to help.
The benefits of acting quickly
Taking the steps to get your emergency mortgage is better to be done sooner than later. Now that you have discovered that it is entirely possible for you to get this type of mortgage you should not prolong doing so. The faster you get the debt situation under control that is creating the issue the better it will be for you. You will no longer have the fear of potential legal action being taken against you. The stress of having to get up every day and face a bad financial situation will be eliminated.
Getting your debt under control with an emergency mortgage is your first step to putting yourself back in control of your finances once again. Once the financial burden has been lifted off of you it will allow you to be more positive about your financial future.
When debt gets out of control it tends to snowball and the situation only gets worse. You have spent a lot of hard work at building the equity in your home, so why not put that to work for you now by utilizing it to obtain an emergency mortgage through a trusted and reliable broker. Having one payment to make instead of several, or eliminating mounting penalties and interest is a good step in the right direction.
Emergency Mortgages may represent a unique mortgage solution/option for you. If you wish to get more details on if this option is right for you and your family, do not hesitate to either call us, or use our contact form. Either way, someone from CVE Mortgage will be proud to help walk you and your family through the right solution to ease your financial burden.