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One of the most exciting times in a person's life is when they buy their first home. However, despite any financial preparation, unexpected setbacks may leave them struggling amidst an unmanageable amount of debt. After a few years, what seems a small debt becomes an overwhelming amount, leaving foreclosure as their only option.

If you feel overwhelmed and confused about how to pay off your home debt, come to Grant Thornton Limited. We can help you through this stressful time. Our experienced team will walk you through the debt consolidation process and get your life back to normal.

Mortgage Debt in Vancouver and BC

Most people who buy a home cannot pay the full amount upfront. To cover the expense, they take out a mortgage loan. This long-term financing option is secured against their home. If the homeowner fails to make payments towards their mortgage, the lender may foreclose on their property.

At that point, the mortgage lender can sell it to cover the amount of debt owed. If the lender cannot sell the home for more or equal to the debt, they may require the previous owner to pay the difference. This difference is classified as unsecured debt and could cause the person to file bankruptcy or a consumer proposal.

Your Options

When people cannot pay their mortgage payments, they often either refinance or sell their home. Refinancing occurs when a homeowner pays off their mortgage by taking out another mortgage through a new lender. However, this may not work well if you have multiple mortgages registered for the property. You may want to consider selling if you can sell your home to cover the full amount of debt owed.

When you face home foreclosure, you may feel that you have no options left. However, the professionals at Grant Thornton Limited can assess your situation and determine the best course of action for you. Contact one of our offices in VancouverVernonPrince GeorgeVictoria or Surrey for debt help.