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Stop Power of Sale in Ontario – Keep Your Home
Are you behind on your mortgage payments and your lender has taken legal action? I Can Help!
My Keep Your Home program has helped many homeowners stay in their homes even after months of mortgage arrears!
Selecting the right mortgage broker is crucial during this time-sensitive matter. My expertise is in finding mortgage solutions for homeowners who are currently facing a power of sale.
With your consent, I’ll communicate with all parties including your existing mortgage lender and the lender’s legal team. I will also secure a new mortgage for you, which will enable you to pay off your mortgage arrears as well as any other outstanding debt.
In addition to keeping you in the comfort of your own home, you’ll be in a better financial position moving forward! With my help, all legal action and court proceedings will quickly stop.
Power of Sale Process: What Is A Power of Sale?
Power of sale is often used by a lender to recover funds when the homeowner defaults on mortgage payments. This is a way for the lender to begin proceedings against the borrower without using the courts.
Both the lender and homeowner must follow the proper power of sale process in Ontario. This power of sale process in Ontario set out in the Mortgages Act includes:
1. The borrower defaults on mortgage payments
2. The lender serves notice to the borrower
3. The borrower has a redemption period, which is 35 days after notice is received
4. The lender takes possession of the property
5. The lender sells the property
6. The lender is paid the outstanding amount of the mortgage plus any additional costs associated with the default and collection of money. Any remaining funds are paid to the borrower
If the property can’t be sold, the lender can then sue the borrower for the outstanding mortgage amount or sue for foreclosure. If, however, the defaulted mortgage is insured through a mortgage default insurance policy and there is still an outstanding balance, the lender will make a claim on this policy and not sue the borrower. The mortgage default insurer will pay the lender’s claim and proceed against the borrower to recover the amount paid.
It’s Important To Take Action Immediately!
Call Now To Stop The Power Of Sale Proceedings
Funded Power Of Sale Mortgages
Fast Turn Around Time & Efficiency
I pride myself on providing supreme efficiency and quick turnaround times on all mortgage inquires. With access to my extensive list of real estate investors, I’m able to assist homeowners with those “hard to place mortgages” in a short period of time. My professionalism and lengthy experience in the industry will allow for stress free and painless mortgage process.
I never charge clients upfront fees. I offer free no-obligation consultations to all homeowners looking for unbiased and up-to-date information on your very best options.
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