Alternative Mortgages can help impacted individuals on a case-by-case basis to find a solution that can provide temporary relief, without adding further financial stress in the long run. Alternative mortgages can also help anyone who simply does not fit the strict criteria of a bank.

If you were fortunate enough to purchase property back when times were different, and you have built up some equity by making the mortgage payments combined with some rise of property value, assistance will be available to those who meet the minimum requirement.

When applying for Alternative Mortgages, note that credit issues are not obstacles for Canada West Mortgage  – The key is to utilize the existing equity for your needs while it still exists.

If this describes your situation, contact me immediately or apply online for a confidential analysis.NoStress

In the meantime, here are some tips to keep the ship afloat in the short-term –

Our Alternative Mortgages Lending program helps individuals who have been laid off, have become unemployed, or who are scheduled to be laid off and need assistance to pay the household expenses for a period of time.

 If you are a homeowner who has been laid off from your job, one of your first orders of business is figuring out how to pay your existing mortgage. Contact your mortgage lender immediately and explain the situation if you anticipate that you might miss any payments or be late due to your unemployment.

Your lender might also agree to ease your payments through a forbearance plan for a short time while you are unemployed. It all depends on the lender’s policies. In some cases the lender would rather work with you on a modification instead of having to go through the long and expensive process of foreclosure.

The consequences of not paying your mortgage can be severe. One risk is the possibility of a much lower credit score. Another risk is the possibility that you could lose your home. In some mortgage agreements, a single missed payment constitutes a default and can cause all of the mortgage payments to be accelerated and become due immediately. The bank might also have the right to foreclose on you.

Another way to replace your income is to sell off assets so that you can build up a cash reserve. Start with non-essential items you might have, such as a vehicle used for recreational rather than essential purposes. In some cases, these assets may even be used as additional security in a refinance transaction. You might have to tap into your savings or retirement accounts even if you face financial penalties for doing so. Look for a part-time or freelance job until you can find another full-time position.

Keep monitoring how your resources are holding out against your bills, with an eye to how likely it is you’ll land another job soon. As long as you have the money to pay the minimum on credit cards, and continue paying on time, there should be no credit damage.

If you have job-loss mortgage insurance, now is the time to use it. This financial product lets the insurance company make your monthly mortgage payment for a certain number of months, based on the policy agreements. Many job-loss mortgage insurance policies contain a grace period before the insurance company will begin to make payments, so this might not provide an immediate solution for the first few months of unemployment.

Give me a shout if you want more information. Thanks! bigstock_Successful_Business_Man_5763823