How Can I Negotiate With My Lender To Save My Home?
2aI live in Ontario, Canada and have fallen behind my mortgage payment for 3 months .At the moment I am only one month in arrears however I have an equity line with the same lender that is behind in its payments, although I communicated with the lender and made an oral agreement to get caught up on all my payments, legal proceedings and a statement of claim has been made against me on the equity portion of my mortgage. How do I respond?
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If the lender has only made a claim on the equitable part of your mortgage, I would assume they do not intend to repossess. It seems as though they are just registering the amount outstanding to them, if you do put the property up for sale, their claim for this extra amount over and above the mortgage will be paid.
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