The method most used to lenders to recover funds from a mortgage that is in default is to use the power of sale homes in Oakville. The power of sale homes in Oakville has very little involvement with the courts system which makes the power of sale process faster and cheaper than foreclosures. Lenders must wait for at least 15 days before sending the borrower a notice of default on the mortgage, often lenders will wait 90 days before sending the notice. As the property owner you should work toward correcting the default as soon as possible since the penalties and legal fees can be substantial. If possible work with your lender to arrange new terms, if not contact one of our mortgage agents who will look for a new lender that has more flexible terms than your present lender.
If you are facing a potential “power of sale” situation we suggest that you contact a lawyer and a mortgage broker. Provide your lawyer and broker with all information regarding the property, including any notices from the lender and any liens. The more information that the lawyer and broker have the faster they can help you, provide any documents such as notice or a statement of claim. A power of sale homes in Oakville can result in your home being sold within a short period of time; therefore we recommend that you act to prevent any further legal action.
If your home has been put up for power of sale, you should try your best either to stop the power of sale homes in Oakville or ensure that your home sells for its highest value. In some cases the homeowner may be evicted from the property and is no longer allowed within the house. The lender will usually sell the house through a multiple listing service that will let potential buyers know the house is for sale. The lender has a duty to get the highest price possible in a power of sale situation. The house may sell for considerably less than fair market value due to the condition of the house or other factors in the housing market. As the homeowner it is usually best in your best interest to try and stop a power of sale homes in Oakville since this could be the best way to keep real estate and legal fees under control.
Whenever you buy, sell or place a mortgage on any real estate you should have a lawyer complete the transaction. As mortgage brokers and mortgage agents we do not represent ourselves to be legal experts and recommend that our clients receive independent legal advice. The power of sale homes in Oakville can be more complex than most real estate transactions; therefore having a lawyer familiar with the power of sale process can save time and money. Remember as the property owner you have the right to correct the default and bring the mortgage back into good standing. Call our mortgage agents for your mortgage or power of sale homes in Oakville.