Mortgage Solutions to Stop Foreclosure in BC

Facing foreclosure? You still have options to save your home or exit strategically. As a mortgage broker specializing in foreclosure solutions, I help homeowners in Vancouver and across BC find last-minute financing—even with bad credit or income challenges.

3 Ways to Stop or Delay Foreclosure

1. Refinance with a Private Mortgage (Fastest Solution)

✅ No income verification – Approval based on your home’s equity.
✅ Funds in 5-10 days – Faster than banks.
✅ Stops foreclosure immediately – Pays off your existing lender.

How it works:

• Private lenders loan up to 80% of your home’s current value, but for foreclosure usually it's only 65%.

• Short-term (1-3 years), giving you time to rebuild finances.

• Renew or refinance later if your situation improves.

2. Negotiate with Your Lender

Banks often prefer alternatives to foreclosure. Ask about:

• Payment deferrals (temporary pause).

• Loan modifications (lower payments).

• Forbearance agreements (reduced payments for a set period).

Tip: A mortgage broker can negotiate on your behalf.

3. Sell the Property (If Refinancing Isn’t Possible)

• Avoid foreclosure on your credit report by selling first.

• Use a quick-sale program or equity take-out to cover debts.

Foreclosure Risks vs. Private Mortgage Costs

Example: A $700K home with $400K owed could get a private mortgage for $455K (65% LTV), pay off the bank, and buy you 1-3 years to recover.

Act Fast—Foreclosure Timelines Are Short

In BC, foreclosure can happen in as little as 6 months after missed payments. The sooner you act, the more options you’ll have.

Need Emergency Financing?
???? Contact me for a same-day assessment of your foreclosure solution.

More information about private mortgages here: https://www.ipotekacanada.com/index.php/private-mortgages