● Sell your house;
● Look for private financing (very high rate, interest only payments, you will not be able to pay all your debts, all depends on the equity you have on the house);
● Rent with option to buy / buy-buy;
● Do nothing and wait for the bank to take your property.
The call option is a contract signed between you and the investor that stipulates your option to purchase the house. No sale can be made until you exercise your option to purchase during or at the end of the contract. Do not forget that the investor wants you to buy your house to put his money in another project – it is therefore in your interest to see you succeed.
The investor becomes the owner and keeps the house for you temporarily. He wants to put his money to get a return simply. He has no interest in occupying your home.
Insurance is strongly suggested because it protects your family in the event of an unexpected death.
Before entering the program, our mortgage broker will conduct a very thorough analysis of your situation and your file. It ensures that you have the financial capacity to recover your home.
If you can not fulfill all the conditions for a mortgage at the end of the contract, the investor can give you an extension of another year if necessary. This solution will be possible at the discretion of the investor. He will rely on his overall experience with you, your payment habits and the improvement of your credit over the term to renew you one more year.
On the other hand, if you do not meet the criteria of the ban