This information is provided for homeowners that would like help to stop a power of sale or foreclosure of their property in the Hamilton area. If you need more information or your situation is urgent, please call us at the number above.
In Hamilton a power of sale is the most common legal remedy used by lenders when a property owner is in default of their mortgage a foreclosure is not as common. A power of sale allows the lender to sell the property or house after the occupants have been evicted.
The main cause of a default on a mortgage is non-payment of the mortgage. Other factors may be not having the property properly insured or not maintaining the property. To stop the power of sale process against your property you will need to rectify the problem causing the default. In most cases this means 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 as soon as possible, meaning your house could be sold within days.
Lenders in Hamilton, Ontario
Lenders have a duty to get the highest price for any property put up for power of sale in Hamilton. Most lenders sell the property through a multiple listing service 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.
Stop a Power of Sale or Foreclosure in Hamilton
To stop a power of sale or foreclosure of your house in Hamilton from going forward tell you will need to arrange new financing for your property. You will need to provide 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.
Stopping a power of sale in Hamilton may save you money since the lender may 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 Hamilton should consult with a lawyer. We are mortgage brokers and mortgage agents not lawyers. We recommend that our clients seek independent legal advice. A power of sale in Hamilton transaction is more complicated than the standard purchase of a home. There is usually more than one legal firm with high legal costs. Therefore we recommend that the borrower try to resolve the 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 mortgage or power of sale Hamilton loan.