A power of sale is a common legal process used by lenders when an owner is in default of their house mortgage. A power of sale in Windsor lets the lender sell the house after a certain period of time. For many people the cause of default on the mortgage is for non-payment of the mortgage, usually for 3 months with most lenders. Other factors could be not having the property properly insured or not maintaining the property. To stop the power of sale in Windsor you will need to correct the problem causing the default. This may also include paying off any liens or claims against the property. We have mortgage agents that specialize in power of sales. They can quickly tell you if you qualify for a loan and how long it will take to process your loan.
If you have been evicted or your home is now up for “power of sale”, we suggest you contact a lawyer and mortgage broker. In most cases the lender would like to sell your home quickly which could be within days. To stop the power of sale in Windsor tell your lawyer exactly what has transpired, give your lawyer any paperwork regarding power of sale homes. In most cases the only way to clear the default is to pay the lender any outstanding funds.
Lenders in Windsor
Lenders generally want to get the highest price for any house or property that they put up for power of sale. Lenders normally list the house or property with a multiple listing service which allows the maximum amount of buyers to get information on the house which should result in an offer for the house. There are factors which could also affect the price of a house in Windsor, the local real estate market could be down or the carrying costs of the property could be very high and the lender may be force to sell the house. These factors can force lenders to sell your house below market value. As the owner of the house you should also be aware that lenders have the right to sue you if there is a loss on the sale of the home.
In certain cases the home owner’s best option may be to sell the house themselves before the mortgage holder puts your home up for sale. This will result in much lower legal fees and the home owner will control the sale of the house to ensure that the house sells for it’s maximum value.
If you are considering buying, selling or has home in a power of sale Windsor you should contact a lawyer. Having your own legal representative will ensure that your interests are properly addressed. We are mortgage brokers and mortgage agents not lawyers, we recommend that our clients seek independent legal advice. Call our agents for a free consultation we can tell you within minutes if you qualify for a mortgage or power of sale in Windsor.