Power of sales and foreclosures are used by lenders to recover their investment when a lender in Welland and Waterloo, Ontario has broken any of the terms in a mortgage agreement. There are some very significant financial and legal differences between a power of sale and a foreclosure in Welland and Waterloo, Ontario. The most important point to be aware of is that a foreclosure will result in the owner of the house losing title to the house and any profits or loss that would result when the house is sold will go to the new owner. With a power of sale the house will be put up for sale, when the house is sold the lenders will be paid off and any fees to the real estate agent, government taxes, hydro, lawyers, etc will then be paid. If there are any funds left over once every else is paid the homeowner will receive that money.
Lenders in Welland and Waterloo, Ontario can choose either to use the power of sale or the foreclosure process to sell a house or any property. Foreclosures can take many months or even years to complete and require a great deal of the homeowners time, in contrast a power of sale can be completed in a few months with a limited amount of court time. The foreclosure process is long and expensive, the power of sale process is faster with less legal requirements and therefore is a much cheaper method for a lender to recover their investment.
As the homeowner you should get advice on how to handle or stop a power of sale or foreclosure on your home in Welland or Waterloo, Ontario. In most cases, it is in the homeowners best interest to stop the power of sale or foreclosure on their home as soon as possible. Once the power of sale process has started the mortgage holder has the right to charge the property default fees as outlined in the terms of the mortgage agreement, which could include daily management fees, legal fees and so on, the fees can wipe out any equity that the homeowner has.
Our mortgage agents can quickly tell you what your options are regarding the foreclosure or power of sale in Welland and Waterloo, Ontario. Your home is your most important investment and we will work to stop a power of sale and save your home in Welland and Waterloo, Ontario.