Foreclosure or Power of Sale is not something everyone is familiar with, but when it hits, you need to know what to do. Foreclosure or Power of Sale doesn’t just happen without a reason. Let’s assume that you fall into a situation where you are behind on your mortgage payments and heavily struggling to get back on track. The unexpected happens such as losing a job, getting ill or even your partner getting ill, and therefore keeping up with mortgage payments becomes difficult when your financial situation changes drastically, and your household income takes a hit.
If mortgage payments are missed, your bank or lender will then impose interest and fees on those missing payments. The costs can pile up quickly and not being able to get your mortgage back on track is what causes the eviction of the homeowner from the property, forcing the sale of the home.
There is an only way to save the property and get out of the power of sale and that is to pay all the arrears and penalties up to date as well as the mortgage amount in its entirety. In case of the power of sale or foreclosure, it is best that you speak with an educated mortgage broker who is familiar with the domain. A mortgage broker will look into your situation, build a plan, and find a way to leverage the equity from your home to pay arrears and put you back on the right track so that you can avoid this situation.
Many don’t realize until it’s too late and the interest added to those missing payments could have compounded to thousands of dollars. Our advice is to be proactive and doesn’t wait once you missed a few payments and have a plan before when you’re going to miss payments. The longer the wait, the more costs will occur and the more complicated the situation can become to resolve.
You can save yourself a lot of money by acting quickly with the help of a professional. Don’t get disappointed if your bank declined your refinancing request. We offer a wide assortment of financial tools and a strong team of committed, well-educated, and experienced financial specialists.
A mortgage professional will be able to determine the best alley for your needs. Give us a call today @ 1 (888) 704-1255.