Stopping a Power of Sale in Hamilton

If you or someone you know has received a letter threatening foreclosure or Power of Sale in Hamilton, take up contact with the lender immediately. Foreclosure or Power of Sale is an expensive, time consuming process, and it’s likely that the lender would prefer to avoid it if at all possible. This is especially true if you have been reliably making your payments but now face rare emergency circumstances — like the loss of a job, a sudden illness, or an injury — which prevented you from being able to meet your monthly due. Here, lenders are most likely willing to work with you and provide some assistance so you can finish paying off your mortgage. 

In some cases, sadly, the bank or lender is not willing to help. The best-known of these situations are the so-called “orphaned mortgages” — mortgages made to sub-prime borrowers in the years before the financial crisis. Now with many of these firms (such as Citi Financial, Accredited, N-Brook, Wells Fargo, and GE Money) no longer doing business in Canada, they want their money back.

For the sub-prime borrower who finds their lender is suddenly no longer doing business in Canada, there’s a serious problem. Very few, if any traditional lenders are willing to write loans to people with sub-prime credit, yet somehow they must find money to pay the outstanding mortgage balance and avoid Power of Sale or Foreclosure.

This is true for other situations too. Borrowers with low credit scores or a history of missed or late payments can find that, though they need to find new financing, no bank is willing to give them any.

When this happens, the homeowner faces a Power of Sale in Hamilton. Most people call this a foreclosure — but they’re incorrect. A foreclosure requires the lender to go through the court system, and gain approval of a judge before selling the homeowner’s house to repay the loan. To avoid the long and drawn-out judicial process, most lenders instead set up the mortgage at the beginning to allow what’s known as a Power of Sale. With this, a third party trustee acts as the ‘judge’ and the home can be sold with the minimum possible amount of fuss or hassle.

Power of sale in Hamilton

Fortunately for the homeowner, a Power of Sale in Hamilton or anywhere else does not inherently mean the homeowner has to lose their home. The goal of the lender is to recoup their money by the fastest and easiest means available. If the homeowner can find financing, the lender will be satisfied and the home will not have to go on the market. Yet, with mortgage professionals finding it increasingly difficult to find replacement lenders for many clients in this situation — particularly sub-prime clients — what can the homeowner facing a Power of Sale do? Stop Power of sale Hamilton!

Enter programs like the Refinance Program from HOS Financial. With programs like this, even sub-prime homeowners can keep living in their homes while the lender is satisfied. The way this works is that HOS Financial’s Refinance Program locates alternate sources of funding which, unlike banks, are willing to lend money to a broader range of clients.

The Refinance Program also helps homeowners rebuild their credit. After all, the whole reason the homeowner is facing a Power of Sale is their credit problems are standing in the way of traditional financing. If they could repair their credit, a Power of Sale would never be a concern again. To this end, the HOS Financial Refinance Program incorporates credit counselling so that by the end, the homeowner becomes a borrower in good standing.

Who is Eligible for the HOS Financial Refinance Program?

Needless to say any homeowner facing a Power of Sale is not likely to fit the criteria of traditional lenders. Therefore, the HOS Financial Refinance Program only has two main criteria: homeowners must have a steady and reliable source of income, and they must have at least 10% equity in the home they wish to refinance.

Power of Sale Homes in Hamilton

By allowing homeowners access to the remaining 90% of equity, homeowners can refinance their Power of sale homes in Hamilton and also consolidate their debt. Using the remaining 90% equity they can pay back property taxes, take care of unpaid bills, and pay any back taxes due to Revenue Canada.

If you are facing a Power of Sale and you meet these criteria, contact HOS Financial immediately. The Refinance Program will allow you to stay in your home and rebuild your credit. Apply today and avoid Power of Sale in Hamilton.