Lenders in Mississauga use the power of sale process to recover funds from a mortgage that is in default. A power of sale in Mississauga has little involvement with the courts. This makes the power of sale process cheaper than the foreclosure process. 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.
Stop Power of Sales on Houses, Condos and Commercial Property
If you have been evicted or your home is now up for power of sale in Mississauga contact a mortgage broker immediately. In most cases the lender would like to sell your home quickly. To stop a Mississauga power of sale tell your lawyer exactly what has transpired. Give your lawyer any paperwork regarding the power of sale. In most cases the only way to clear the default is to pay the lender any outstanding funds.
When your home or property is put up for power of sale in Mississauga lenders have a duty to try and maximize the sale price of your home. Total costs for maintaining a property during the power of sales process can be fairly high. This may force the lender to sell your home below fair market value. Most lenders will use a multiple listing service to sell the house. Maximum exposure to potential buyers also ensures the highest possible sale price.
Get Legal Help and Advice
If your property is in power of sale of foreclosure we advise you to consult with a mortgage broker and get legal help. Our mortgage brokers can help you by explaining the various financial options that you have. Please have any legal documents such as a Statement of Claim, Notice of Default or Writ of Possession available when you call. More information will allow us the provide higher quality advice and help yo you
Please call us for further information on power of sales and foreclosures in Mississauga.