Stop Power Of Sale Ontario
Simply put...
When a borrower fails to make the agreed-upon payments on their mortgage, a mortgage lender has the option to begin a Power of Sale process to recoup their money. A power of sale can seem daunting, but it doesn’t have to be.
A Power of Sale can also happen if the borrower is using the property for an illegal purpose, if they have not kept the property in good condition, haven’t paid their property taxes, or if they don’t have adequate property insurance.
When faced with a Power of Sale, Ontario residents can be evicted and see their homes sold in order to pay the mortgage lender the principal amount they initially loaned. This amount includes interest and related expenses and fees, which can add up quickly.
Luckily, there are several effective methods you can use to stop the Power of Sale process, and Burke Financial is well-versed in all of them.
The Power of Sale Process in Ontario
Stopping a Power of Sale on your home can be a complicated process unless you have a team of experts on-hand to guide you through every step.
For a lender to proceed with a Power of Sale, they have to follow a relatively strict process. At Burke Financial, we use our expertise and knowledge to help borrowers behind on their payments by stopping a Power of Sale from occurring.
Our team has the experience to STOP Power of Sale proceedings in their tracks and can do so using a number of tried-and-true methods. We help stop Power of Sale proceedings across Ontario in Ottawa, Kitchener, Toronto, and Richmond Hill.
Contacting the Borrower
The first step in Power of Sale proceedings in Ontario is contacting the borrower. Typically, this step is done in writing. This point of contact notifies the borrower that they are in default and gives them a chance to fix the problem.
Notice of Sale
If the situation is not taken care of, the lender will then deliver a Notice of Sale via registered letter, as well as notice under the Bankruptcy Act. This can only be done 15 days after the borrower has gone into default and no sooner. According to the Ontario Mortgages Act, the notice of sale must be sent to all appropriate mortgage agreement parties, including creditors.
Redemption Period
At this point, a lender cannot take any further action for 35 days. If a married couple occupies the property, the lender must wait 40 days. This is called the Redemption Period. During this redemption period, all mortgage arrears must be paid to bring the mortgage into good standing. If the mortgage is due, the borrower must pay off the entire mortgage debt (including any of the lender’s legal fees). This can be done by using a debt consolidation loan.
State of Claim
If the borrower cannot pay the lender the appropriate amount during the redemption period, the Power of Sale moves to the next step. At this point, the lender issues the State of Claim to collect any owing amounts and take possession of the property.
Statement of Defense
If a borrower does not file what is called a Statement of Defence, the lender can obtain a Default Judgement, have a Writ of Possession issued, deliver that writ to the appropriate authority in the jurisdiction where the property is located, and that authority (sometimes a Sheriff) will arrange for an eviction.
Only after all of these steps are taken (and the physical removal of the borrower from the property) can the lender sell the property to recoup their losses.
The Benefits of Using Burke Financial to Stop Power of Sale
Stopping a Power of Sale on your home can be a complicated process unless you have a team of experts on hand to guide you through every step. For a lender to proceed with a Power of Sale, they have to follow a relatively strict process. At Burke Financial, we use our expertise and knowledge to help borrowers behind on their payments by stopping a Power of Sale from occurring. We can help get lenders off your back and put you on the road to financial security and stability. Our team has the experience to STOP Power of Sale proceedings in their tracks and can do so using a number of tried-and-true methods. We help stop Power of Sale proceedings across Ontario.
Here is what you can expect to experience during Power of Sale proceedings:
Fast Access to Equity
When you are facing an incredibly stressful situation like a Power of Sale, you need access to your equity quickly in order to catch up the arrears and stop the process. We can help you get access to that equity, fast, and have closed Stop Power of Sale applications in as little as 48 Hrs!
Reduce Stress
We have worked with hundreds of clients facing Power of Sale, so we understand how extremely stressful the situation can be. Our team knows that time is of the essence in a situation like this, and work hard to get this completed as quickly as possible so you can stop worrying about losing your home and get back to a normal life.
Future Equity Growth
By not losing your home under Power of Sale, you are able to take advantage of the future value growth of your home. For example, if you own a $500,000 home and the value of your home goes up 10% over the year, you have just earned $50,000 you would have lost out on if you lost your home. In most situations, that alone offsets all any fees or costs associated with the financing.
Housing Stability
Let’s face it, moving sucks. Especially when you are forced to move and might not be in the right financial situation to do so. By getting a Stop Power of Sale solution you will be able to stay in your current home and not have to worry about dealing with the immense stress and costs associated with finding a new place to live and moving.
Reduce Additional Costs and Fees
When you are in a Power of Sale, there are very high costs associated with the entire process that you must incur. Including lender fees, administration fees, property management fees, legal fees, and more. Every day that goes by will cost you more and more time and money. Our Team will work to get you funded as quickly as possible to minimize those costs.
Flexible Payment Structure
In most situations, a Power of Sale occurs because your monthly obligations are too much to handle. Our goal is to make sure you don’t end up in the same situation again. We will work with you to find the payment amount that is maneagable for you, and in many cases, we can even prepay the entire mortgage upfront, giving you no monthly payments during the term!
Power of Sale Solutions in Ontario
Burke Financial is an award-winning Mortgage Brokerage committed to helping homeowners maintain control of their properties. Even if you’ve had some trouble making mortgage payments or owe mortgage arrears, we have the resources to STOP Power of Sale proceedings in their tracks and have done so using several tried-and-true methods.
We go to bat for our clients across Ontario. Whether you’re facing foreclosure in Ontario or a Power of Sale in Toronto, Burke Financial can help. Learn more about what we can do to help you stop the Power of Sale process.
We Offer A Range of Solutions For All Your Second Mortgages Needs!
A home equity line of credit or HELOC is a line of credit taken out by a borrower to access the equity in their home. The amount you can access is based on the amount of available equity in your home, which is determined by subtracting the appraised value of your home relative to any existing mortgages. The more equity you have available, the larger the line of credit amount you can qualify for. Whatever the reason you have is for needing to access your equity, HELOC loans are a great solution that allow you to access equity with flexible terms and payment options.
Why Choose Burke Financial
At Burke Financial, we specialize in communicating with lenders on behalf of our clients and delivering the best techniques and resources to combat a Power of Sale in Ontario. When it comes to protecting your home and your family, we leave no stone unturned. Our Mortgage brokers are available on-hand to put a stop to this process and ensure you remain in your home.
We are a customer service leader, and we’re committed to creating a positive and stress-free experience for our clients. Your home is an essential part of your story, and you deserve to continue writing.
Don’t stress over losing your home. Let the experts help. Get in touch with Burke Financial today.
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Frequently Asked Questions
Mortgage brokers are licensed financial professionals that have the resources to find the lowest rates and the appropriate payment plans for their clients. Working with a broker will save you time and ensure you get the best possible deal.
A mortgage broker acts as the middleman between you and the extensive paperwork involved on your behalf for a set fee. They are often able to foresee problems that could arise during the application process and tailor your application based on what each lender needs.
The role of a mortgage broker is to act as a connection between the borrower and the lender to secure a loan on behalf of the individual or their business. Their responsibilities include negotiating rates, dealing with the paperwork, and facilitating an agreed-upon loan and payment plan
One of the most significant benefits of working with a broker is their extensive network, as they have the tools and resources to identify and obtain the loan that will fit your needs.
A mortgage broker compiles a homeowner’s financial documents, accesses their credit history, and confirms current and past employment to present an application to multiple lenders. They help negotiate the terms and conditions of your payment plan and, once the loan is agreed, will work with the lender to ensure a smooth and efficient transaction.
Mortgage broker fees in Ontario vary based on your unique situation and the solution you are seeking. Contact us today for a more personalized estimate of what you can expect your fees to be.
Owning a home is an investment that deserves detailed attention and care. When unexpected expenses occur, or you need to consolidate your debts, it’s essential to find the right broker to step in and offer a solution tailored to your financial needs. We operate with a vast network of lenders, including subprime mortgage lenders across the province, and we’ll work diligently to find the right match for our clients.
At Burke Financial, our mission is to give homeowners across Ontario the best possible borrowing experience through a high level of service and expertise.
When you work with us, you’re working with an award-winning team that specializes in getting even the toughest of applications approved. We’re putting money in your pocket faster, so you can invest in your future.
Burke Financial offers mortgage broker services, with a specialty in subprime mortgages, across the province of Ontario.
At Burke Financial, we know that each homeowner’s experience is unique. We offer a personalized approach and help connect our clients with subprime lending options across Ontario. From day one, we treat each interaction with our clients as a chance to change their borrowing experience to a positive one.
We take the time to understand what our clients are looking to accomplish with their applications. We personalize short-term and long-term solutions to help our clients achieve long-term financial health.
We look at our client’s main priorities to make sure we shape the optimal payment amounts, term length, prepayment privileges, interest rates, and much more. We know how important it is to align our clients with reasonable rates and terms and educate them on areas like an exit strategy to make sure they are always on the right path.
As an industry-leading Mortgage Brokerage, we leverage our vast network of banks, institutions, MICs, private lenders, and investors to connect our clients with some of the best lending options.
Even if your credit score is below 650, our vast lending network allows us to deliver approvals for even the most complex applications. We believe every homeowner deserves to make the most of their home’s equity. We negotiate on your behalf and shop your application to multiple lenders to get you the most competitive rates and terms.
With our quick turnaround times, we can put money in your pocket in as little as 48 hours. Our goal is to deliver the best possible results for our clients and deliver them fast!
Communities We Serve
We provide service throughout all of Ontario with a focus on the following cities:
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