Power Of Sale
Seeking the help of a mortgage broker when undergoing a power of sale or foreclosure is mandatory. A power of sale or foreclosure is typically the result of one of the following reasons; either payments are in arrears and the bank/lender wants to be paid out or the bank/lender does not want to renew your mortgage at the renewal date and has asked you to find replacement financing. In both instances, the consequences can be costly and cause you to lose possession of your home. It is important to recognize the urgency of this matter at first notice of a power of sale or foreclosure. The bank/lender will not just take possession of your home without proper and timely notice, usually by a legal letter named ‘notice of power of sale’. The time in which the bank/lender will give you to find new financing is typically 30 days. Any time beyond this grace period will result in loss of possession and eviction. If you do not succeed in finding replacement financing before the deadline, you may have the option of selling your home prior to possession being taken by the bank. If you neglect to act quickly, and the bank takes possession before you are able to find a solution, they have the power to sell your home at whatever they feel comfortable (usually much lower than market value, but enough to recover their investment). Now, as scary as a power of sale may sound for a homeowner, it is important to know that a mortgage broker such as Canadian Mortgage Services is very experienced in finding financing for these types of matter. With over 26 years in the industry and exceptional relationships with trust companies, it is common that we can get you out of such sticky situations. It’s also crucial to understand that time is of the essence in such a scenario, so the more time wasted, the more expensive the process gets as fees from the banks and any lawyer involved will accrue rapidly. At first acknowledgement of a power of sale or foreclosure, call us immediately to begin the process of seeking replacement financing. We work quickly and effectively to position the file in an attractive manner that will allow another bank/lender to give you a second chance. Sometimes homeowners just make mistakes, but like any bad situation there is a way to recover and turn your bad mortgage situation into a better one. With the right strategy, we can stop a power of sale or foreclosure and get you a mortgage that is still affordable and will allow the flexibility of shifting back to the prime rates in a shorter amount of time than you may imagine.
Remember, there is a way out of a power of sale or foreclosure, and Canadian Mortgage Services has had much success stories in saving homeowners from losing their homes. Call us for help, and we’ll be right there with all the support and back up you need.