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Equity Take-Out

Stopping Foreclosure and Power of Sale

Foreclosure is an unfortunate event and it can happen to anyone, even you.  The good news is, if you are still in your home but you’re already in foreclosure, you may be able to stop it.  Generally speaking, real estate lawyers or very specialized mortgage agents, are the only people who are qualified to explain what Foreclosure and Power of sale means and what might be done about stopping it as we have the experience and expertise to analyze all documentation to help you make an informed decision.
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These documents could include: (more…)
By Meghan Van Houten, ago

Consolidating 1st and 2nd Mortgages

In the past you may have taken out a second mortgage to pay off your debt or make a large purchase, in doing so it’s likely your monthly payments have doubled, or you are paying interest only on that second mortgage.  Now you want to decrease the amount you pay each month or you could just be looking for better terms, and to accomplish that you need to consolidate your mortgages.

How to Consolidate your Mortgages? (more…)
By Meghan Van Houten, ago

Getting a 2nd Mortgage in Ontario

In Ontario, a second mortgage on a property title will appear as a separate charge on that property but does not change the first mortgage.  Since there is higher risk to the lender, taking a second mortgage typically has a higher rate of interest.

A second mortgage can allow homeowners to use the equity that they have in their home.  If your first mortgage has high pre-payment charges, or a low rate, a second mortgage can be a better option than a refinance.  This option may also be best for those who are self-employed, have bad credit, or for those in need of fast cash.

What are the Benefits of a 2nd Mortgage?

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By Meghan Van Houten, ago