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- As little as 5% down
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- Work with industry leaders that specialize in foreclosures
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What Is Mortgage Foreclosure?
When a loan foreclosure is looming, it means only one thing: somebody is about to lose their home. A mortgage foreclosure is a homeowner’s worst nightmare, and presents a difficult situation for lenders as well.
Mortgage lenders in Canada have two enforcement options to ensure they get their money back. The first is loan foreclosure and the second is The Power of Sale. What’s the difference?
Mortgage foreclosure / Judicial Sale Guidelines
A mortgage lender uses this method of debt recovery as a last resort. Foreclosure proceedings will certainly not be started as soon as one mortgage payment is missed as the process is far too costly and time-consuming. The lender will generally give the homeowner every opportunity to rectify the situation and probably not start the foreclosure procedure for two or three months.
- The lender must apply to the courts to receive permission to sell the property
- The lender takes out a lawsuit against the borrower and any other parties who may be liable for the debt, which is costly and lengthy
- Ownership of the property is transferred to the mortgage lender
The lender may sell the property for a price they determine, which doesn’t necessarily have to be the highest possible price
Exceeded Our Expectations
Our son-in-law and his wife recommended your company to us. We are so thankful that they suggested your…
Mortgage Broker Company to us. The content of information that you provided to us for our refinance was absolutely fantastic, couldn’t have been handled any better. We had a couple of glitches that came up but Wrenetta took care of them immediately and brought our stress level back down. I don’t think we have ever had such a smooth flowing experience in attaining a new mortgage. This experience exceeded our expectations. Paul & I are extremely overjoyed and blessed to have worked with this company and especially Wrenetta Sinclair. Wrenetta dealt with every problem immediately and every time I emailed her, I had a response with minutes. We highly recommend Geoff Lee and GLM MORTGAGE GROUP to anyone looking for finance/refinance. Thank you so very much.
Paul & Betty Makarenko, Beeton Ontario
Beat Banks Rate Hands Down
Geoff was awesome from the get go. Always answered any questions I had regarding the entire process whether… that was by email or phone. My mortgage was approved relatively easily and with a great rate. Beat my banks rate hands down. Thanks again Geoff and GLM. Would definitely use you guys again.
Greg Wallace, Langley, BC
Geoff Knows What He Is Doing
Geoff knows what he is doing! I met Geoff earlier this year and I have been extremely impressed with…
his professionalism and dedication to his clients. If getting approved by the bank is challenging for you, Geoff can teach you what you need to do to get approved. He’s not about the sale, but helping people understand their options and teaching them what they need to do. If you like to get things done quick and painlessly Geoff at GLM Mortgage Group is your man!
Rob Torrance, Langley BC
Power of Sale Guidelines
This is a much quicker process and is the preferred method of mortgage recovery in some areas of Canada. The courts are not involved, which makes the entire process faster and easier. In this situation, ownership of the property doesn’t revert to the mortgage lender.
- The lender must send notice to the homeowner/borrower
- The lender is free to take legal action against the homeowner only after the property is sold
- The property must be sold for a reasonable price
- Appraisals must be obtained for the property
- Property must have an MLS listing
- The sale must be performed quickly
- The mortgagee will not necessarily recover all of his/her costs
- Any excess monies after the sale will be the property of the homeowner
- If there is a deficiency, the lender may try to recover it from the owner
In an ideal world, there would be no need for either foreclosure services or a power of sale. Homeowners who are having difficulty in making their payments on time need to speak to their mortgage broker or lender to make arrangements before things get worse.
What is the GLM Mortgage Group?
GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available.
We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!
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