We do not personally offer any mortgage or real estate service. If we can find a solution for you to keep your home, it will be carried out by one or more members of the team of licensed professionals and investors that we work with.
Are you behind on your mortgage payments? Is your lender threatening foreclosure?
The “Don’t Lose Your Home” strategy lets you stay in your home for 3 years or longer.
The qualifying process is not an easy one.
All services required to execute any solution are provided by a team of real estate professionals that we’ve come to rely on, who operate in their own brokerages outside of RTO Partners. RTOP is not a lender or real estate broker/agent. RTOP does not usually charge any money to the client for the facilitation of any service, but is remunerated by any combination of a) a portion of a mortgage agent’s fee; b) a fee paid to us by an investor (“tenant locator fee”) or c) lead generation services for real estate agents. You will pay normal real estate transaction fees to any realtor, mortgage agent or lawyer required, not an inflated fee.
If you keep struggling with creditors and delay the inevitable, you may end up with liens on your property, which lower your home equity, and potential buyers will see the lien(s) and be scared off (if you sell on the open market). Potential buyers might smell your desperation and offer you a fire-sale price for your home. Things can get ugly.
The “Don’t Lose Your Home” strategy could solve several of your financial problems quickly …
- you stay in your home for 3 years (or permanently) and make no house payments during the first year (if you have enough equity to prepay the first year’s rent), while you work to repair your financial situation
- remaining home equity goes to you, minus a “Rent to own purchase option credit” (“like” a down payment) to the new owner, so you can establish a plan to deal with creditors, look for work, pay for career-related education, or whatever else you need to do
If you slip into a power-of-sale (foreclosure) situation …
- you instantly owe thousands of dollars in legal costs, penalties etc.
- you still have to pay for house insurance
- the CMHC does not keep the lights or the heat on, nor do they keep the house clean
- the house may lose $10,000++ in value because it is disrespected and not properly staged for sale
- your credit rating keeps getting worse
- you become a “motivated seller” – not a position you want to be in
(*) Note about bankruptcy: We are not recommending that you use this strategy immediately prior to declaring bankruptcy. A bankruptcy trustee can explain to you why this should be avoided if possible.
(**) We are not advocating that you “duck your creditors”. However, if you spend your immediate future trying to pay debts that are compounding at anywhere from 10% to 30% interest, you’ll probably get nowhere. But if you access your home equity, you can use some of that money to pay down (or negotiate) your debts with greater effectiveness and speed.
(***) Email List Terms: We do not share or rent your personal information. You agree to use the simple unsubscribe link in our emails if you wish to unsubscribe. You are liable for damages if you file an unjustified spam complaint against us. You agree to our disclaimer. You agree to receive rent-to-own and other financial program information only from Don’t Lose Your Home and companies we work closely with.
Canadian Real Estate Association Code Of Ethics
All transactions involve 1 or more real estate agents; all parties retain lawyers.