Foreclosure options in Nova Scotia
You have several options while facing foreclosure in Nova Scotia. You can choose depending upon your circumstances. Life happens so are the choices and options while going through foreclosure process in Nova Scotia.
Your lender, financial institution or the bank: Review your mortgage document carefully, and talk with your lender, financial institution or the bank about options you may have if you are having financial problems;
Real Estate lawyer
It is best to try to talk with a real estate lawyer if you are unsure about what to do. Unfortunately Nova Scotia Legal Aid does not deal with foreclosures, although you should contact them directly so see if they can help in your situation – go to nslegalaid.ca, or look under 'Legal Aid' or 'Nova Scotia Legal Aid' in the telephone book.
A credit counselor
A credit counselor or trustee in bankruptcy: may be able to help you if you are having financial difficulties. Go to LISNS page on bankruptcy for information.
Friendly foreclosure or a deed-in-lieu
A friendly foreclosure basically means you hand back the keys to the property without The lender, financial institution or the bank having to go to court to force you. The advantage for the homeowner is that they will be immediately released by The lender, financial institution or the bank from the loan and from incurring additional mortgage payments, surcharges and assorted legal fees.
Private Investor may lend you money on short term basis to buy you some time so that you may sell your property at market value.
Refinance You may “redeem” the mortgage by paying the full amount owing on the mortgage, including the interest, principal and any penalties or costs, before the sale of your property at public auction. This way you keep the equity built up in your home. This may mean:
getting a new mortgage from a different lender in order to pay out the first mortgage. This can be difficult. Sometimes a mortgage broker can help. Mostly "B" lenders which are also known as equity lenders are extremely helpful to refinance.
Declare Bankruptcy: it may help you to declare bankruptcy on other debts so that you may concentrate your finances on paying the mortgage, and may deal with a deficiency claim if the property is sold at public auction and there is a shortfall. You should talk to a credit counselor or trustee in bankruptcy first.
Professional Real Estate Investors
Professional Real Estate Investors can offer you multiple options which include
*selling at discount price
*Joint venture or partnership
You can contact them at preigCanada@gmail.com or 1-416-409-7300
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