|
|
|
Archive for the ‘CRA Liens’ Category
How is a Revenue Canada Lien on a home paid out?
There are a few ways you can payout a Revenue Canada lien that has been placed against your property. You can sell your home and use the proceeds from the sale, use your savings, liquidate an investment such as an RRSP or try to borrow the money from family. While none of these options seem overly appealing there is a simpler solution that does not involve cashing out your retirement fund, paying high commissions to realtors or putting your tail between your legs to ask family for the money. Refinancing your home is one of the simplest options a consumer has available to them to pay out a Revenue Canada lien on their property.
While traditional banks do not allow consumers to refinance Revenue Canada liens there are a multitude of lenders who will allow you to payout these types of liens. Not only are there a large number of lenders who allow this, but there are also a number of products that they offer. For those consumers who are facing large penalties to break their mortgage they can easily be avoided by obtaining a secured line of credit or a second mortgage which does not involve paying out your first mortgage.
The key to knowing what institutions will permit you to refinance Revenue Canada liens, what products you should be looking for and determining what the most cost effective route is, is to work with a mortgage broker that knows the answer to these questions.
If you have a Revenue Canada lien on a home, commercial property or a piece of vacant land that you want to pay call: Community Mortgage Services Corp. You can speak to one of our agents for a no obligation consultation to figure out your best course of action. Call Toll-Free 1-866-668-6570.
Posted in 