How Home Owner Soon Can Help Home Owners Stop Toronto Power of Sale
When a homeowner receives a letter from their bank or lender threatening a Power of Sale in Toronto, they should immediately contact their lender. The issue may be as simple as an emergency such as illness, job loss, or injury which forced them to miss some payments — in this case, the bank or lender may be able to provide some assistance.
If this is not the case, or if the bank is not willing to help, the process moves to what’s known as a Power of Sale. Toronto and many other areas have seen an uptick in these since the economic downturn, and they have a number of causes. It may be there are missed or late payments on the mortgage, a low credit score on the part of the borrower, or — often most difficult of all — the lender may be a sub-prime outfit who simply does not do business in Canada anymore. These last “orphaned mortgages” are endemic for borrowers who chose to go with companies like Accredited, Citi Financial, GE Money, N-Brook, or Wells Fargo.
Refinance to Stop Power of Sale in Toronto
Fortunately, a Power of Sale (GTA or elsewhere) does not necessarily have to result in the homeowner losing their home. If they can pay off the mortgage, the bank or lender will go away happy. However, mortgage professionals find it increasingly hard to locate replacement lenders for clients in this situation — something which counts double for “sub-prime” clients. If no replacement lender can be found, the homeowner must often sell off their home.
Power of Sale In Toronto
HOS Financial Refinance Buy Back Allows Homeowners To Keep Their Home
Even if the situation looks bleak, HOS Financial Refinance Buy Back program often allows homeowners to hold on to their homes. This is because Home Owner Soon specializes in finding ways for clients to pay the existing lender without resorting to a home sale. By paying off the loan, there’s no need for the lender to proceed with a Toronto Power of Sale, and the homeowner can keep their home.
Because Home Owner Soon also specializes in credit counseling, the Refinance Buy Back program also lets clients rebuild their credit score and become borrowers in good standing. Even if this seems like a secondary concern to a homeowner who is facing eviction, in many respects it’s just as important.
For a sub-prime homeowner, it was the low credit score that resulted in them requiring a sub-prime loan in the first place, and it was the low credit score which meant they were not able to find a replacement lender when the sub-prime lender left the market. In other words, it’s the low credit score that left them facing a Power of Sale Toronto situation.
Therefore, the Refinance Buy Back program helps borrowers ensure that not only will they be able to stay in their home and improve their credit score, they will be much less likely to find themselves in such an unfortunate position again.
There’s more, as well. Since the Refinance Buy Back model only requires homeowners to have a minimum 10% equity in their homes, homeowners retain access to 90% of their home’s equity in order to consolidate their debts, pay off unpaid bills, pay back property taxes, and pay back taxes to Revenue Canada.
How Refinance Buy Back Works
HOS Financial Refinance Buy Back model works by connecting homeowners with real estate investors who are looking for opportunities. It turns out that it is a much better investment to put money on a family who would like to stay in their home than it is to purchase an empty property which may or may not sell.
Once the investor has paid off the existing mortgage, Home Owner Soon works with the homeowner to fix the problems that resulted in the Power of Sale happening in the first place. Once the process is finished, the homeowner takes back title to their home — and they do it all while retaining equity and without needing to move.
Who is Eligible for Refinance Buy Back
HOS Financial Refinance Buy Back program is available regardless of credit rating or credit score. After all, Home Owner Soon specializes in helping people regain their “credit health.”
The prime eligibility criteria for Home Owner Soon are a secure source of income and at least 10% equity in the home. Provided a homeowner has both of these, they should consider applying for Refinance Buy Back immediately in order to stop the Power of Sale from costing them their home and forcing them to undergo the pain, drama, and humiliation of eviction of Power of Sale in Toronto.