Hey Guys...

Just talked with their lawyer,, and he told me that the mortgage was up for renewal last month...

See no one tells me any of this stuff, I don't have any paperwork on it...

So it looks like we have to start shopping...

Debtslave

Do you own a car?

You didn't state what your monthly payment is but it can't be that much. I'm thinking you basically need $2500-5000. Again you can get this type of money instantly by going to a title lender (every city has at least a few). Yes it will be expensive but you only have a few weeks, bad credit, and are self-employed. Your options are friends and family or sketchy expensive lenders.

No bank will secure a loan to you against the house because of the PoS threat - no one wants to jump onto a sinking ship.

Loan sharks may be taking it too far. But yes, those outside the banks may finance but interest rates will be higher due to the increased risk you represent. Bear in mind that if you go this route the person / firm you obtain funds from will likely put themselves on title as well to protect their investment.

Regardless as to whether you want to take on more debt - you have to get the funds from somewhere if you want to maintain the house. You are working against a firm deadline now as outlined in your legal documents.

Do note however that if you did miss the deadline, you can still redeem the mortgage but be aware that the costs rise dramatically especially wrt to lawyers fees etc. Much better and cheaper to bite the bullet on the front end, rather than chasing the asset as it moves farther down the legal spectrum.

Hey Guys

Millie

""By going forward I meant can you afford to pay more in the future. Basically is the current financial crunch temporary or permanent?""

No, this is a Temporary Thing...

I'm just getting back on my feet and started running full production late Oct of 09... Business is picking up,, just with everything coming in at once,, insurance, repairs etc etc it's been difficult..

""With that much equity in the home you should be able to get something. If your credit is not that good then you might have to go to less favorable options but there are companies that will lend you $25k against the house with bad credit. They will just cost a lot.""

Well yaaa that's the thing,, more debt is something I don't want or need.. I'm not a big fan of loan sharks..

DebtSlave

By going forward I meant can you afford to pay more in the future. Basically is the current financial crunch temporary or permanent?

With that much equity in the home you should be able to get something. If your credit is not that good then you might have to go to less favorable options but there are companies that will lend you $25k against the house with bad credit. They will just cost a lot.

That will solve the current problem but the issue is will you now be able to afford the mortgage plus the new loan going forward. If yes problem solved but if no then you should be looking to sell the house.

Hey Guys..

I'm am on the Title....

Both my wife and I are the owners.
We were put on the title before he died..

Debtslave

Hi Millie

""Do you think you'll be able to afford more going forward?"

What do you mean "going forward" ?

Do you mean, keep making the mortgage payments ??

If so,, what choice do I have ??
It's either pay the mortgage,, or pay rent somewhere and own Nothing...

I've been self employed since I was 18,, I'm unskilled in the general work force, however Highly skilled in my line of work, and in the Top 3 Globally in my field. There is no one in Canada that does what I do, and only 3-4 others in the same field of the same caliber in the US..

So basically what I'm saying is that if I loose the house, I also loose my Only source of income, and no way to replace it...

""If your credit is decent and you have a lot of equity in the home get a HELOC and use that to bring the mortgage current. This will buy you time.""

My credit isn't in great shape right now...

I have about $100-165,000 in Equity in the house.. The mortgage is around $35,000,, which Basically amounts to a new car loan...

I just basically picked my business back up as I was doing barely any work for four years because of the care my father needed.. I basically baby sat him as he had dementia towards the end and couldn't be left for more than 15-20 mins at a time..

I simply need some breathing room to get back on my feet...

I would consider taking a part time job if I could find something I could do,, however then again,, this takes away time from my business,, which is what I Desperately need to concentrate on...

Are there Homsesteaders Rights in Ontario ??
Cane I get an Injunction to Stop this ??

Thanks guys,, and I apologize for the Whining,, I'm just Extremely frustrated and Afraid...

DebtSlave

Debtslave - if you are not on title, HELOC for you would be out.

Not to be the bearer of bad news...but the legal process has started and the clock is ticking. There is no more wiggle room.

From my experience your payment options are binary - you either pay all and stop the process, or you don't pay anything and the process continues. There is no partial payments at this stage.

Look around on the internet, there are outfits that purport to help folks who are facing Power of Sale. Beware though that they do extract their pound of flesh. My advice would be to look towards friends and family first.

Your bankruptcy would not help - especially if it is your fathers house.

Do you think you'll be able to afford more going forward?

If your credit is decent and you have a lot of equity in the home get a HELOC and use that to bring the mortgage current. This will buy you time.