Home owners demand for Vancouver second mortgages will go up due to dropping home prices, tight liquidity problems and tightened lending by Canadian banks. Many home owners are maxed out!
There are not many options for a home owner to deal with the problem. A major cut back in personal spending and getting rid of major financial obligations have to be made. A home owner’s personal and family finances will only improve when incomes and expenses are back into balance.
Second Mortgage Financing – A Short Term Solution
If a home owner has enough equity in his home, he may be able to take equity out to finance his emergency cash requirement. A home owner has to understand that second mortgage financing is only a short-term solution to solve his cash needs. A second mortgage may give a home owner the breathing space to sell his home at a more favorable price. Without a second mortgage to tie over the few critical months required by a home owner, his loss will be much more if his home is foreclosed.
A recent Global BC video segment “ BC Real Estate Foreclosures Explode!” high-lighted the huge increase in foreclosures in BC.
If you are in need of a short-term loan, and like to find out whether you can borrow the fund your required, you are welcomed to contact me at 604-721-4817.
Note: Second mortgages are governed by BC’s Mortgage Broker Act. Borrowers are expected to be provided with proper and full disclosures on the terms and conditions of the second mortgage loans.