A power of sale in Guelph, Ontario is the most common remedy used by lenders when a property owner is in default of their mortgage. A power of sale foreclosure allows the lender to sell the property or house after up for sale. The main cause of a default on a mortgage is the non-payment of the mortgage; other factors may not having the property properly insured or not maintaining the property. To stop the power of sale in Guelph, Ontario against your property you will need to rectify the problem causing the default such as paying off any outstanding claims against the property. Our mortgage agents may be able to help you with the required financing.
If you have been evicted from your home or your home is now up for “power of sale”, we suggest that you contact a lawyer and mortgage broker as soon as possible. In most cases the lender would like to dispose of the house in Guelph, Ontario as soon as possible, meaning your house could be sold within days. To prevent the power of sale in Guelph, Ontario from going forward tell your lawyer exactly what has happened so far, give your lawyer any paperwork that relates to the power of sale. There are a number of ways to clear the default of a mortgage and most of them involve paying some amount of money to bring the mortgage into good standing.
Lenders have a duty to get the highest price for any property put up for power of sale. Most lenders sell the property through a multiple listing service in Guelph, Ontario which allows the maximum number of potential buyers to see the property; this should result in the highest selling price for the property. However, there are many factors that affect the price of a house, the present real estate market could be down or the carrying costs of the property could be very high. These factors may force the lender to sell your property at a price well below market value. As the property owner you should also be aware that the lender has the right to sue you if there are any losses resulting from the sale of the property.
Every person involved in a real estate transaction or power of sale in Guelph, Ontario should consult with a lawyer to arrange the real estate transaction. We are mortgage brokers and mortgage agents and we do not represent ourselves as legal experts, we recommend that our clients seek independent legal advice. A power of sale transaction is significantly more complicated than the standard purchase or sale of a home, there is usually more than one legal firm involved and the legal costs can be quite high for most people.
We also recommend that the borrower try to resolve the default situation as soon as possible. You can call one of our mortgage agents for a free consultation and to determine if you qualify for a loan regarding a power of sale in Guelph, Ontario.