✅Facing power of sale? We can help!
As household debt in Canada continues to grow, homeowners are finding it increasingly difficult to juggle all of their monthly bills, including their mortgages. The more debt being held by the average homeowner, the higher possibility of them defaulting on payments.
The most common way to collect on mortgage arrears in Canada is a process called a power of sale.
In a power of sale, the lender goes to court to get permission to evict you from the property and then sell it.
It is in your best interest and the lender’s best interest to come up with a plan that works for both parties. Lenders just want their money, and you may just want to keep your home, or to get the most of the money for it.
During the power of sale, if there is money left over after paying the mortgage and costs, it gets returned to the homeowner. If there is no money left over, you could find yourself being sued for that remaining balance from your lender. Indeed it is the worst case scenario as not only you just lost your house but might face salary garnishment and continuing collection activities as well.
It is advisable to do everything you can do to stop the power of sale on your home.
By selling the property yourself you have the ability to control the timeline of the time, the selling price of the property, and you can avoid many of the fees associated with the power of sale.
If you can’t catch up with bills, there are other options definitely to stop or immediately to deal with the financial results of power of sale.
With the right team by your side and wise advise you will get the most advantageous results in the most unpleasant life circumstances.
🇨🇦 Canadian Debt Advisors can help
– Behind on mortgage payments
– Collection calls
– Legal notices
– Court order
– Liens
– Judgements
– Notice of sale by the bank
– Repossession by the bank
– Foreclosure
– Evictions
– Power of sale
📲Contact us to learn about your options
