June 21, 2018

Sometimes Debts Are Strictly Due To Family Illness

Last week I outlined an example of a client I am working with that can no longer meet his financial obligations.  This happens to many of us for various reasons.  Below are 2 testimonials from clients I have worked with where debts spiralled due to illness in the family.

“When my husband became ill, we fell behind in all our payments, we didn’t know what we were going to do. Colleen was recommended to us and she arranged a private mortgage for us and not only paid out all our debts but actually reduced our monthly payments. We thank the day we met Colleen as she literally saved our lives. There was no way we could move with my husband’s condition and the stress we were living under was delaying his recovery. When everyone else gave up on us, Colleen believed in us and we will be forever grateful.” FK

“My wife was going thru chemo and we got behind on our payments, as the very expensive drugs required were not covered under our plan. Our financial planner referred us to Colleen and she was able to consolidate all of our debts into our mortgage after our Bank turned us down. With everything else we were dealing with, our debts and mortgage were not high on our priority list, so Colleen took care of everything for us. I don’t know what we would have done without her thoroughness and compassion during this horrible stage of our lives.” SF

Financial stress impacts all aspects of our lives.  I work very closely with my clients in a confidential and non-judgemental way to alleviate this stress.  I take great pleasure in helping people with their goal to work their way back to financial security!

Colleen Saunders is a 25 year veteran in the mortgage industry serving Oakville, Burlington, Mississauga and Toronto and offering all mortgage related services such as 1st & 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Do You Know Someone That Needs Financial Assistance?

The holidays are over and now the credit card bills start coming in.  Prior to the holidays, statistics state that a majority of consumers  credit cards were already maxed out.  Add on gift buying and you have financial worries about how you are going to make all your payments.  This is a very stressful time of year for many people.

I work with many clients who can no longer meet their monthly obligations due to their debt load.  Between their mortgage payment, property taxes, utility bills, loan payments and credit cards, there just isn’t enough monthly income to cover all the expenses.

I had a referral last week that looked list this.  Client has $50,000 in credit card debt plus the mortgage and is on disability and pension income.  The first thing I do is look at the existing mortgage and if we were to refinance the mortgage, what would the penalties be to break the mortgage and what rate can we expect to receive compared to what the client is currently paying.  Build in the rates being paid on the credit cards, I do a profitability analysis and determine what is in the clients best interest.

In this particular scenario, the mortgage is up for renewal within the next 3 months so the penalties will be nominal.  I will be refinancing the home, paying off all the debts and the client will then be able to afford all the monthly obligations.  As the debt servicing will still be very tight, I will work with my client to establish a budget and hopefully a savings plan so we don’t get back into high interest rate credit cards again.

It gives me such pleasure to see the look of relief on clients faces when they know they will sleep better tonight without worrying about their finances!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Bikers Escort Bullied 10 Year Old To School

Bullying is a huge problem today.  I came upon this article and thought what a beautiful message to share to start off the 2018 New Year.

Xander’s mother said her son, who is indigenous, has been the target of racial slurs, insults about his looks and even death threats by other students.  The recent spate of teen suicides in Nova Scotia, with three young people dying by suicide in a span of six months, made the mother concerned for her child’s safety.

Imagine the 10 year old in Nova Scotia being depressed from being bullied every day at school and arriving to school flanked by two lines of tough-looking bikers clad in leather delivering the message ‘bullying is not okay’.  Xander’s said “It’s good, because I think from me getting all this help and support, I can also spread it to help others.”

If Xander can reach out and make a difference knowing he has the support of his new biker friends, think of the opportunities that arise every day where we could support any person that is being bullied, depressed or just lonely.  All we need to do is reach out and we could all make a world of difference.

https://www.ctvnews.ca/canada/bikers-escort-bullied-10-year-old-boy-to-school-1.3469184

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Clarification: Access To Real Estate Listings

I believe in education and providing my clients and contacts with up to date information within the industry.  In speaking with a realtor, there is something I wasn’t aware of.  The reason that TREB is appealing these sites as they stand today is because there are issues in their reporting.  Let’s say a property is sold conditionally, these sites will report this info and the conditional sale price.  This could hurt the sale of your property as this info should not be made public until the property is actually sold and all conditions removed.

In purchasing and selling your home, there are a lot of variables and it is important to use a realtor to do the background check and investigation into the marketplace and to negotiate on your behalf.

Just like within the Mortgage industry, you need a professional to find you the right product at the best cost.  With all the changes within the mortgage and real estate industry, 2018 is going to be a very challenging year.  You will need a professional to look out for your best interests and to act on your behalf.  As in every industry it is all about relationships and you do not receive that from an on line website.  These sites should be used for info purposes only!!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Hot Off The Press!! Access To Real Estate Listings

Are you looking to purchase or sell your home or maybe you are just interested in what the real estate market is doing and want to do some research?  Here are 2 great resources where you can check house prices or current listings.  HouseSigma and MongoHouse are Real Estate information sites that show list or sold prices for the GTA.  This is all thanks to a ruling last week by the Federal Court of Appeal.

This information from the Multiple Listing Service used to be kept secret by the Toronto Real Estate Board (TREB), which said only its agents had the right to share that information with their clients.

Last Friday, the Federal Court upheld a previous decision in favour of the Competition Bureau, which had argued that TREB’s practice of keeping information about home sale prices and real estate agent commissions secret is anti-competitive and bad for consumers.

TREB plans to appeal that ruling to the Supreme Court of Canada and is seeking an order to stay the decision in the meantime. TREB CEO John DiMichele argues that is personal financial information that should be kept private.

Meanwhile, MongoHouse, HouseSigma and Sold.Watch (emails you listings or solds every day) have rolled out websites with the information and consumers have been flocking to them.  HouseSigma also has a mobile app, as does Blue Pages.

The court ruling last Friday opens up the door for more innovation in the real estate sector, including discount real estate brokerages and online services. Information such as commission rates, previous listings or sold prices on the same property and transactions that haven’t closed can be made public.

The consumer is going to be more educated and be able to make better decisions. I think that’s the wonderful thing!!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

http://www.cbc.ca/news/business/court-ruling-house-sales-data-1.4434251?cmp=news-digests-canada-and-world-morning