A power of sale occurs when a homeowner cannot meet the financial demands of their mortgage payments. This can happen in as little as fifteen days after a payment has been missed, this legal process in implemented by mortgage lenders who are solely interested in recuperating their financial investment. During this process the property is sold by the lender in the real estate market in an attempt to retrieve the remaining debt that you owe. While any profit that is made in surplus of the debt collected is returned to the mortgage holder, the fees involved in a power of sale can quickly eat up any leftover funds you might have received.
Selling Your Property to a Real Estate Investor
For this reason, it is highly important you learn how to stop a power of sale in Oshawa before it is too late. In most cases, the best solution is to pay the lender the fees they are demanding. Which sounds simple, but if you had the funds to pay you would have done so in the first place. Another viable option in stopping a power of sale comes from selling the property yourself. While this may seem like a difficult process there are actually many real estate investors who make these types of purchases their entire business.
Making a Sale Before Legal Processes Commence
Companies like R.W. Carr Investment Co. for example, purchase a variety of residential real estate properties that have been foreclosed on, or are in danger of being put through the process of power of sale. By choosing to sell your home before these legal processes take effect you are afforded more control over the sale of your home, including the price. While selling to a real estate investor may result in a discounted price in order to sell it quickly, it is far better than what you would receive if the lender were to sell it on their own.
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