Stop Power Of Sale
Stop Power Of Sale Explained
The power of sale is a legal right that lenders have to recover funds when a homeowner defaults on their mortgage payments. Essentially, this means that the lender has the ability to sell the property to recover the outstanding balance on the mortgage, including interest arrears and other costs. It’s important to note that the power of sale is not typically exercised after missing just one mortgage payment, but rather after a pattern of missed payments or after missing 2-3 consecutive payments. It’s important for homeowners to be aware of this potential consequence of defaulting on their mortgage and to work with their lender to find a solution if they are struggling to make their payments.
How To Stop Power Of Sale?
When a homeowner defaults on their mortgage, the lender may use the power of sale to recover the funds owed. This means that they can put your home up for sale to recover interest arrears and other amounts owed to them. It’s important to note that lenders typically don’t issue the power of sale after missing just one payment, but rather when there is a habitual pattern of missed payments throughout the mortgage term or when 2-3 consecutive payments are missed. If you receive notice of power of sale, it’s crucial to contact a mortgage broker within 30 days. We can negotiate on your behalf to explore other funding options, but it’s important to act quickly and not give up, as this can be a stressful situation.
Avoid The Sale Process
During a stop power sale process, lenders aim to recover their funds but they are not looking to sell the property at a low price. It is common for lenders to accept the first offer at 95% of the home’s value, resulting in a loss to the homeowner. Working with a mortgage specialist can help produce the best possible outcome during the stop power sale process. Our team is dedicated to helping you regain your financial stability and can assist you in negotiating with your lender for an extension of the sale process to explore other finance funding options. It is important to act quickly and seek a solution by contacting us within 30 days of receiving notice to prevent the sale of your home.
Types Of Funding Available
When a lender decides to use the power of sale process to recover their funds, they are not looking to sell the property for the highest possible price. In fact, it is common for lenders to accept the first offer that comes in, even if it is only 95% of the home’s value. This means that you could end up losing a significant amount of money in the process.
Our team of mortgage specialists can help you navigate the stop power sale process and work towards the best possible outcome for you. It is important to take action as soon as possible and seek professional assistance to avoid further financial hardship. Let us help you regain your financial stability.
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