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Power of Sale | Foreclosure

Stop Power of Sale

This is not a notice we want to see in our mailbox or delivered to the house.  We help you to 

Take control and stop power of sale

When this arrives, most times it means you are unable to bring your mortgage up to date and we know what the next steps will be.

Once lenders, whether it be a Bank, Credit Union, Non-bank Lender or a Private Lender gets to this point, they move to the next step rather quickly. Especially private lenders.  Costs add up extremely quick and your equity gets sucked up day by day.  With some lenders, that equity gets sucked up faster than you can say "Help me"...have some private lenders in mind here.

As soon as you realize you are in trouble, contact your lender(s) and discuss it with them. Many times, they will work with you.  If your mortgage is insured, the insurer (Genworth or CMHC) have Homeowners Assistance Programs that may be able to assist you.  See below.

http://genworth.ca/en/homebuyers/homeowner-assistance.aspx

https://www.cmhc-schl.gc.ca/en/inpr/afhoce/fuafho/iah/afhopracca/afhopracca_009.cfm

Genworth's program is considerably easier BUT most mortgages are insured by CMHC.  As well, your lender needs to initiate the process.  The one challenge you will have is some lenders DO NOT even know about these programs and we've heard a few state these programs do not exist...until we send them the link!

If you have a private 1st or 2nd mortgage, your situation is not as easy.  Fees add up quick and some fees aren't even legal in Ontario but if you are hit with these fees, you have few options available...hire a lawyer but you may not be able to afford one or you can call Ministry of Consumer Protection who may be able to offer some assistance for you.  Altimately, if a Private Lender is looking at commencing or has commenced Power of Sale...act quick and call us!

Either way, you are in a situation where you likely have to choose between selling your home or re-mortgageing it.  Although a new mortgage seems like the best option, sometimes selling is actually the better option.

This is where we come in.  We work with you and your lender to reduce the stress and negotiate on your behalf.  We can help obtain a new mortgage, a 2nd mortgage to bring everything up to date, turn to a buy-back Lease to Own or in the unfortunate situation, work with you and a realtor to sell the house and get you into something you can afford.

Contact us as soon as you realize you are in trouble.  Hopefully, we can help you straighten things out (no cost to you) without requiring a new mortgage but if its too late, we will help you through the process.

Aside from easing stress, our goals are to reduce legal costs and most importantly, work to keep your family in their home and for kids, in their school with their friends.
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