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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 99954
Experience:  Lawyer
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Is there a way to fight a foreclosure. I was away and didn't

Customer Question

Is there a way to fight a foreclosure. I was away and didn't check my mail for a few months. Something happened at my bank and my payments weren't being taken out. Now I'm going to lose my house. I have more than enough money to pay my mortgage no problem.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Have you told the bank you can pay what is owing?

Customer: replied 1 year ago.
It's a private lender actually.
Expert:  Debra replied 1 year ago.

Can you pay the mortgage off or get refinancing?

Customer: replied 1 year ago.
I've tried refinancing and no luck. I made less money the last couple years and now can't qualify.
Customer: replied 1 year ago.
If I could just pay the missing payments and a penalty id be fine to keep paying the mortgage. What's in it for the lender? If the house sells for more than the mortgage is worth who gets that money? Me or the lender? There is over $100k in equity in the place minimum.
Expert:  Debra replied 1 year ago.

The lender has the right to demand full payment of the mortgage.

But you can try and fight the foreclosure and it is possible that a court will agree with your position though not likely.

You will get what is left after the mortgage is paid off.

I suggest you consider paying a lawyer to write one letter to the lender making the lender see it is not going to be easy to simply go ahead and foreclose.

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