Jack was behind on his mortgage and needed help, Quickly. The POWER OF SALE Eviction date was less than a week away. I knew this because, desperate and out of options, he called after finding the bright yellow letter.
I was a little nervous to meet with him. After all, Jack had over $80,000 in equity in his home. He had procrastinated in dealing with his situation for so long but with careful negotiation he could score himself a home run.
As we sat at his kitchen table, Jack described his financial situation. He was disabled from a previous job and living off the insurance. Some unexpected expenses came up and he couldn't pay his mortgage. He got behind and just couldn't seem to catch up. Sad, but not uncommon. I’d heard many stories like his before. I listened carefully and told him I understood.
There are still some options even at this stage; Legal involvement in your situation, refinancing your program and getting you on your feet or simply to move out.
Controlling your own sale permits you the option of redemption until the Banks Sale goes through. Your mortgage holder will be reimbursed in this order
- The Condo Maintenance Fees
- Municipal Property Taxes
- Lawyers fees
- Sale Expenses
- Interest Expenses
- Then the balance is paid to principal
Now you are responsible for the deficiency (remaining) balance. That's what power of sale means. The Power of Sale Demand Notice is for both possession and the balance outstanding. In Canada when a property is foreclosed upon a Lender takes control of the Asset ( It now becomes their asset )
Veronica Thompson is a licensed Mortgage Broker providing First and Second Mortgages, Refinance approvals plus We can provide solutions to your money problems quickly. Some of the issues we have dealt with are helping you create household budgets, consolidations and refinancing.
There are many reasons why you need mortgage or credit assistance; we've heard most of them, so don't hesitate, give us a call send me an email. or
Veronica Thompson, a Mortgage Agent with Mortgage Alliance Accumetrix (License #12036) concentrating her efforts in the Toronto GTA that includes Mississauga, Brampton and Oakville. Ask a question or Get Help Here.