Stop Power of Sale.
Stop Power of Sale is a possible option that allows you to save your property from your mortgage lender forcing the sale. In comparrison 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 registered mortgage debt 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 your mortgage. This demand letter will outline the principal balance and any outstanding charges or charges in relation to the mortgage default.
It is very important to be proactive and to speak with us about your situation as opposed to ignoring correspondence from your mortgage lender.
Should you not act according to the demand letter, your mortgage lender can proceed with obtaining default judgement from the court. From here, they can obtain a write of seizure and possession which will eventually lead to the listing and selling of your home. During this process, mortgage default and legal fees will continue to accrue. What is most devastating about this is the fact that this is your equity. Your equity is what enables you to refinance or your home or what you can walk away with if you chose to sell your home under your own terms.
You as the borrower, referred to as the mortgagor, have an equity of redemption period which allows you to repay the loan and stop the power of sale process. However, your ability to actually stop the power of sale or foreclosure is only as good as knowing how to do so – this is where we come into play.
We will help you stop a power of sale or foreclosure:
- You’ll be treated with respect and will not be judged.
- We will cater to your schedule and make ourselves available for you even if it’s late into the evening.
- We will review the documents and correspondence that you have received from your mortgage lender and or their lawyer.
- We will very quickly be able to determine our course of action.
- We will communicate our plan to all parties in hopes of seeking an amicable environment.
- We will continue to communicate to speak to all parties while actively moving forward – it’s a juggling act we are very good at.
- We will help communicate the series of events to your lawyer and connect them with the mortgage lender and or their lawyer.
- We will tailor a mortgage structure that works best for you.
- We will act as a liaison throughout the entire process.
We have successfully helped clients navigate their way through the power of sale process and successfully stop proceedings entirely.
Stop Power of Sale and get yourself back on track.
While bank lenders will likely shy away from refinancing mortgage arrears or power of sale, we chose to assist our clients. Our knowledge, experience, and access to multiple funding sources will be of paramount value to you. 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.
We use a common-sense approach and can usually base your mortgage approval more so on the real estate asset itself.
Another situation all together is if you are simply in mortgage arrears by one or two payments and unable to rectify same. 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 your house is located in Toronto, values at $700,000, 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 8%. Why? Because your average rate would only be 3.31%, This will save you thousands compared to re-writing a new first mortgage as banks do not refinance power of sales or arrears.
Our concierge service will alleviate the stress associated with the power of sale and we will work relentlessly to help you and your family.
In summary, we invite you to contact us anytime to discuss the benefits of working with us and how to Stop Power of Sale or foreclosure and keep your home.
DV Capital Corporation
FSRA Brokerage License:. 13186