If you are looking to stop a power of sale in Whitby then you should understand the power of sale and foreclosure process. Lenders must wait 15 days before noting your loan or mortgage in default. Lenders must send a letter notifying the borrower that they are in default. The lender will, at a later date, provide a statement of claim outlining any money owed. The legal cost of a foreclosure or power of sale in Whitby can be expensive and every delay can add to the cost. Borrowers are advised to use a lawyer to ensure that the default is settled quickly. Remember in the power of sale process the property owner has the right to pay off the debt at any time. If you need help with financing contact our mortgage agent to arrange a loan.
Stopping Power of Sales and Foreclosures in Whitby
The fastest way to stop a power of sale or foreclosure is to pay off the existing mortgages. We recommend that you call us to find out if our mortgage agents can get a new mortgage for you. We will need you to provide as much information regarding the power of sale as possible. Important documents would include a statement of claim and any other legal notices. Many lenders charge a daily management fee and legal costs can be quite high. Therefore it is in the homeowner’s best interest to stop the power of sale as soon as possible.
When a property is put up for power of sale in Whitby the lender usually uses a multiple listing service to sell the property. The actual selling price of the property could be higher or lower than the estimated market value. The selling price depends on such factors as the condition of the property and ongoing carrying costs. In most cases we advise the property owner to try and stop the power of sale homes in Whitby as soon as possible. This can also reduce any further management or legal fees.
Whenever you buy, sell or place a mortgage on any real estate you should have a lawyer. As mortgage brokers we do not represent ourselves to be legal experts. We recommend that our clients receive independent legal advice. The power of sale process in Whitby can be more complex than most real estate transactions. Therefore having a lawyer familiar with the power of sales process can save time and money. Remember as the property owner you have the right to correct the default and bring the mortgage back into good standing. Call our mortgage agents for power of sale and foreclosure help in the Whitby area.