Lenders use the power of sales in Burlington to recover funds from a mortgage that is in default. The power of sales Burlington process has little involvement with the courts which makes the power of sales process cheaper than foreclosures. In Burlington lenders must wait 15 days before sending the borrower a notice of default; many lenders wait 90 days before sending a notice of default. As the property owner you should correct the default quickly since the penalties can be substantial. If possible work with your lender to arrange a new mortgage. If you cannot arrange a new mortgage with your present lender contact one of our mortgage agents for a loan that has more flexible terms than your present loan.
Power of Sale and Foreclosure Process
In most cases it is in the home owners best interest to stop a power of sale or foreclosure. If you are facing a potential power of sales in Burlington we suggest that you get help, contact a lawyer that has some experience with power of sales Burlington and a mortgage agent. Give the lawyer and agent information regarding the property, including mortgage papers, property taxes, notices from the lender, statement of claim and any liens. The more information that the lawyer and broker have the faster they can help you. A power of sale can result in your house being sold within a very short period of time; therefore we recommend that you act quickly to save your house and stop any further legal costs by the lender.
Stop Power of Sale
If your home or property in Burlington may be put up for power of sales, as the property owner you should try to stop the power of sales, try to reduce any legal costs and ensure that your home sells for its highest market value. In certain cases the homeowner may be already evicted from the property which makes the situation even more difficult. Lenders will usually sell the house through a real estate agent in Burlington that has access to a multiple listing service; this will let the largest number of potential buyers know the house is for sale. Lenders will do their best to get the highest price possible for the house. The house may sell for less than fair market value due to its condition or other factors in the housing market. As the property owner it is in your best interest to try and stop a power of sale since this could be the best way to reduce real estate and legal fees.
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 in Burlington.