How to Stop Power of Sale.
If you have questions, we have answers.
How to Stop Power of Sale is a possible option that allows you to save your property in the event of mortgage default. Compared to a Foreclosure, this process is often less costly and time-consuming. With a Power of Sale, the difference in the sale price and the mortgages owing is returned to the borrower. However, if a lender forecloses on your property, they will assume title and all equity.
Your mortgage lender and their appointed solicitor will follow legal measures to enforce their security. This includes issuing you a demand letter which is essentially demanding repayment of the principal in addition to related costs.
Unfortunately, it does not get any easier from here on out if no positive action is taken. Your mortgage lender can legally proceed with obtaining default judgment from the courts.
We have a successful track record of savings clients’ homes from Power of sale proceedings.
Your mortgage lender will ultimately be legally permitted to list your property for sale. Not only is this emotionally stressful, but it can also be quite expensive. By the time the arrears and legal fees pile up, there may little to no remaining equity remaining. This means that you may not have sufficient funds to repurchase or rent a property after the power of sale.
You as the mortgagor have an equity of redemption period which allows you to repay the loan and stop the process. However, your ability to actually stop the power of sale or foreclosure is only as good as knowing how to do so.
We have helped clients navigate their way through the power of sale process and successfully stop proceedings. If your mortgage is being called by your lender, or if you are deep in the legal process, call us to discuss your options.
It is important to consult with an experienced Mortgage Broker.
Our experience allows us to contact the mortgage lenders or their solicitors to receive concise updates on the process. Furthermore, we are knowledgeable about requesting and obtaining pertinent information to help your situation. Once we understand the payout amounts, we will work on structuring a new mortgage. This might be replacing your existing first mortgage, or, replacing your second or third mortgage.
By stopping a power of sale, you will be able to stay in your home. It is important to address the underlying reason for default, which might include job loss, illness, or honest money mismanagement. We will help you structure a mortgage approval that will stop the power of sale.
While bank lenders will likely shy away from refinancing mortgage arrears or power of sale, we can help. Our access to multiple funding sources will provide you with very flexible and competitive solutions.
Regardless of less than perfect credit, or unverifiable income, or most any other reason for the underlying default is not an issue. In most cases, you can possibly be approved just on sufficient equity. In other words, we will use a common-sense approach and base your mortgage approval more so on the real estate asset itself.
Should legal proceedings have not commenced and it’s simply an arrears matter, this is different. We will contact the mortgage lender, verify the amount of arrears outstanding, and in addition, negotiate with them to keep their mortgage in priority. Assuming you have a fist mortgage for $300,000 at 3%. It would be much more cost-effective if you were to consider a $20,000 second mortgage at 10%. Why? Because your average rate would only be 3.44%, which would save you thousands compared to re-writing a new first mortgage.
Not only will we tailor you a solution, but we will also take the cost friendliest route.
Our concierge service will alleviate the stress associated with the power of sale process, our experience will help navigate you through the process, and our passion to assist you and your family will make us work relentlessly for you.
In summary, we invite you to contact us anytime to discuss the benefits of working with us and how to Stop Power of Sale with a mortgage.
DV Capital Corporation
FSRA Brokerage License:. 13186