If you are looking for power of sale real estate then you should understand the legal process regarding the sale. Lenders must wait 15 days before noting a loan or mortgage in default and then send a letter notifying the borrower that they are in default. The lender will also provide a statement of claim outlining any amounts owed. Power of sale real estate can be expensive and delays may increase the cost of settling with your lender. Borrowers should use a lawyer to ensure that the default is settled quickly. In the power of sale real estate process the owner has the right to pay off the debt during the power of sale process. You can call and talk to one of our agents if you need financing.
In most power of sale real estate situations the property owner should retain a lawyer and give the lawyer any information regarding the power of sale real estate. Some important documents that a lawyer would need are a statement of claim, mortgage papers, liens, lenders lawyer phone number and address, plus any other letters or notices. In most power of sales lenders charge a management fee and legal fees, to reduce these costs it is in the homeowner’s best interest to stop the power of sale. In most power of sale real estate situations the homeowner will also need a mortgage agent to arrange financing for the property.
When a house or commercial property is put up for power of sale, the lender will usually use a real estate agent with access to a multiple listing service to sell the property. The goal is to sell the property for the highest price the present real estate market will bear. The actual selling price of the property could be higher or lower depending on factors such as the condition of the property and ongoing costs. In most cases we advise the property owner to try and stop the power of sale real estate as soon as possible. If the house must be sold consider selling the house through your own real estate agent, let the lender know that you are selling the house, they may give you more time to sell the house.
Any person that plans to buy, sell or place a mortgage on any real estate or property should have a lawyer arrange the paperwork related to the transaction. We do not represent this website, mortgage brokers and agents to be a legal opinion and recommend our clients receive legal advice from a lawyer. The power of sale process can be more complex, therefore having a real estate lawyer familiar with power of sales can save time and money. As the property owner you can correct the default and bring the mortgage back into good standing, this usually involves paying any outstanding amounts owed. Our mortgage agents can tell you within minutes if you can be approved be a mortgage or power of sale real estate loan.