How HOS Financial Can Help You Stop Power of Sale Foreclosure Ontario
With lenders increasingly willing to recall or not renew mortgage loans, many homeowners find themselves in a difficult position. Whether the issue is missed or late payments, low credit scores, or a sub-prime lender who is no longer in the Canadian mortgage business, homeowners may feel compelled to sell their home in order to stay afloat. This is particularly true for “orphaned mortgages,” where a sub-prime lender such as Accredited, N-Brook, Wells Fargo, Citi Financial, or GE Money is unable to renew the Mortgage not because the homeowner failed to pay — but because the lender is no longer in Canada…
For the homeowner who goes to a mortgage professional, the diagnosis is often bleak. Few mortgage professionals are able to find replacement sub-prime lenders for clients in these situations. At HOS Financial, doing exactly that is our specialty.
Power of Sale Foreclosure in Ontario
Halt Foreclosure or Power of Sale with the HOS Financial Refinance Buy Back Program
HOS Financial specializes in identifying ways our clients can pay the existing lender without resorting to a home sale. We do this even in the common situation where clients’ lenders will not renew the mortgage and the client may be facing foreclosure or Power of Sale.
The fact is, people with “orphaned mortgages” are usually still considered “sub prime” clients, and traditional lenders offer them few options for paying off the mortgage. Clients with credit challenges are not able to easily borrow money from traditional lenders, which is what puts them on the road to foreclosure or Power of Sale.
Foreclosure Ontario What Happens: House Foreclosures in Ontario Canada
For Foreclosure Ontario Residents, this is where HOS Financial “Refinance Buy Back” model comes in.
With the Refinance Buy Back approach, homeowners can stay in their homes. They do not have to sell!
Homeowners can also rebuild their credit standing in the process, better positioning themselves to access traditional lending in the future. Best of all, the Refinance Buy Back program allows homeowners to access up to 90% of their home’s equity.
This means that our clients can use up to 90% of their home’s equity in order to pay back property taxes, pay off bills, consolidate their debts, and pay Revenue Canada arrears.
What does it take to qualify for Refinance Buyback? In a nutshell, clients need a secure source of income as well as 10% equity in their home. Credit rating doesn’t matter, as Home Owner Soon specializes in mentoring our clients back to great credit.
How Refinance Buy Back Works
Real estate investors are always looking for new opportunities to invest their money and help people who need it. With the economic downturn, the market has been filled with Power of Sale and Foreclosure properties, many at tempting prices. Not all of them are such good investments, though.
It turns out a much better investment opportunity lies with the families which are facing foreclosure or Power of Sale in Ontario but do not want to sell. Instead of purchasing an empty or abandoned home, the investor buys a home from a family who is facing Power of Sale or foreclosure and allows the family to stay in their home.
Once the family’s home is safe, HOS Financial works with the family to correct any problems that got them into financial trouble. Once the process is complete, they take back title to their homes.
Not only does the family not have to move, but they retain their equity. In other words, it’s a “win-win” situation for everyone. Despite deteriorating property values in certain areas of Canada, the family is able to stay in their home and the investor has a reliable place to park their money.
What To Do If You’re Facing Foreclosure or Power of Sale
In the event your bank or lender sends you a letter threatening Power of Sale or Judicial Sale, your first step should be to contact your lender. If you were making payments regularly but now an emergency circumstance such as lost job, illness, or injury has forced you to miss payments, your lender may be willing to work with you.
In some situations, however, the bank may take an emotionless approach and ask for their money back. In this case, seek out a company which will allow you to stay in your home, such as HOS Financial. Using the Refinance Buy Back program, they can connect you with a real estate investor who will finance your home, repair your credit, settle your debts, and position you for success in the future.
Get started today! You don’t have to sell your home — with the right kind of help, you can escape Power of Sale or foreclosure in Ontario.