Foreclosure is an unfortunate event and it can happen to anyone, even you. The good news is, if you are still in your home but you’re already in foreclosure, you may be able to stop it. Generally speaking, real estate lawyers or very specialized mortgage agents, are the only people who are qualified to explain what Foreclosure and Power of sale means and what might be done about stopping it as we have the experience and expertise to analyze all documentation to help you make an informed decision.
These documents could include:
Most of these documents are time-sensitive, so it’s vital to take immediate action, but to know what you can do to stop Foreclosure, you need to understand it.
Foreclosure is a process wherein the lender has repossessed and gained title of the property in order to begin the process of selling. This happens due to the borrower has failed to comply with the mortgage contract.
Most Common Reasons For Pending Foreclosure
Some homeowners’ willfully commit mortgage fraud. For instance if you don’t have intent to make your monthly mortgage payments, then this is considered to be mortgage fraud. In other circumstances, foreclosure can occur due to unexpected life events that cause a change in your income and/or cash flow thus preventing you from being able to pay your mortgage.
In addition to Foreclosure, the Power of Sale process is also a common problem for home owners.
Understanding Power of Sale
Power of sale is the Forced sale of the property by the lender when the borrower is in default of one or several obligations of the mortgage agreement. Unlike foreclosure, in this case, the borrower retains title of the property until it has been sold. Once the lender has been paid in full and all other debts and fee's related to the property and sale process are paid, if there is any remaining asset's, the borrower receives the remaining portion.
This could leave you feeling like you have no other choice than to sell your home, however, there are programs available that enable you to pay off your current lender without being forced to sell.
In both cases, the sooner you take action, the sooner you can regain control over the situation.
How-to Avoid, Delay, or Stop Foreclosure or Power of Sale?
Most of the population are not aware of their rights when it comes to dealing with matters of foreclosure or power of sale. There are a few ways you can avoid, delay and even stop it from happening, but you need to act quickly. A few things you can do:
If you have found yourself in either of these positions, contact me to discuss your situation. I can advise you on the best route to take and tell you all the options available to you.
Meghan Van Houten - Mortgage Agent
416-709-9062 | 1-877-366-3487
Independently owned and operated
202-120 Traders Blvd. E., Mississauga ON L4Z 2H7