Stop Power of Sale – Refinance Today
We have mortgage lenders ready to stop the Power of Sale process you are currently experiencing. We can offer a plan to help you move forward and keep your payments current. We can advise on a mortgage structure to suit your needs and current income situation.
If you have sufficient home equity you can be approved!
- Our lenders will refinance your mortgage based on equity, not income or credit rating
- We can stop a power of sale or a foreclosure in a few days
- We can offer a short term and long term solution for you
Power of Sale – What is it?
Falling behind on your mortgage payments for 2-3 months will cause most banks/lending institutions to give a notice of its intentions to exercise a Power of Sale. This process gives legal right to the bank or lender to sell your property with a set process, based on the laws in Ontario.
Your mortgage contract contains a legal clause that will authorize the lender to sell the property if the borrower defaults on the payments and/or breaches the terms of the contract. The lender will issue a ‘Statement of Claim’, registered with the Ontario courts, the borrower usually has 4-6 weeks to remit the missed payments and negate the mortgage default and the Power of Sale.
Why a Power of Sale Happens
Borrowers fall behind on their mortgage payments for several reasons and this can cause a Power of Sale to be initiated by a lender.
The mortgage default can result from different personal financial mismanagement:
- Job loss or decreased income
- Variable income and cash flow due to self-employment
- Major health issues, medical expenses
- Poor management of credit cards and finances
Regardless of the situation or circumstances, a Power of Sale is a serious action on the part of the mortgage lender and one that requires immediate attention. Some mortgage borrowers wait too long to start the refinancing process to stop a power of sale. You need to act now and use an experienced mortgage professional who has the mortgage lenders to move fast and secure new financing for you. Don’t risk losing more equity in your home as significant fees both legal and other, will continue to add up while you are in the power of sale situation.
Stop a Power of Sale Today! Call Now For a Free Consultation – Toll Free #1-888-540-4720
A simple online application – Get approved for refinancing your Power of Sale anywhere in Ontario. Approvals in less than 24 hours.