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Selling Your Home to Avoid Power of Sale

When homeowners are unable to make their mortgage payments, the most common solution for mortgage lenders in Ontario is to use the power of sale process to sell the property. Power of sale is a legal remedy that allows the lender to sell the mortgaged property and recoup their investment. When a property is sold under power of sale, the first to be paid are the real estate agents, lawyers, and other people who helped to process the sale. Secondly, all registered mortgages are to be paid off in the order in which they were placed on the property. Finally, any remaining money that remains after paying off debts and fees must go to the former owner of the property.

Unfortunately, the fees incurred in the power of sale process can be very high, and in many cases, there is no money left for the homeowner. A far better solution is for the homeowner to take action immediately upon receiving the initial set of power of sale documents. Ron Alphonso is an Ontario mortgage broker, who specialises in stopping power of sale situations. Ron lets his clients know if they can refinance their mortgage, or if selling is the best option. If selling is the best option, Ron connects the homeowner with a specialised power of sale real estate agent. If you need help with a power of sale, you can contact Ron at ron@mortgagebrokerstore.com or via phone at 416-499-2122.

This article was provided by http://mortgagebrokerstore.com/
and http://powerofsalesontario.ca/

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HomeLife/Realty One Ltd.
Real Estate Brokerage*

501 Parliament St. Toronto, ON M4X 1P3

Mobile: 647.225.2426
Business: 416.922.5533
Fax: 416.922.5808
E-mail: kat@katanderson.ca

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