Foreclosure Waterloo – Access Mortgage
Foreclosure in Waterloo is a court ordered process that occurs when a lender tries to recover the mortgage from the borrower who has failed to make payments on it. The lender then forces the sale of the property as collateral for the unpaid mortgage. In Ontario, there is a similar process to foreclosure called, “Power of Sale.” Like foreclosure in Waterloo, this process involves the lender recovering mortgage debt when a homeowner is in arrears or in default of their mortgage. People who are in power of sale typically leave things until it is too late, and this is where Access Mortgage can assist you. Our professional team may be able to help you stop the power of sale process from proceeding. Refinancing or releasing equity in the home to pay arrears are a few strategies we use to do this. Read on for more information about foreclosure, and how Access Mortgage can help you stop this process.
What is the power of sale process in Ontario?
Once a homeowner is in default on their mortgage a lender can start the power of sale process. This involves issuing a Statement of Claim which is the first step in the legal process giving the homeowner or the borrower the chance to bring the mortgage up to date. If the Statement of Claim process is followed and the homeowner or borrower does not bring the mortgage and fees up to date and into good standing, the next step is that the lender can apply for a Writ of Possession, ordering the borrower to vacate the property. A Power of Sale, allows the mortgagee to sell the property.
How to stop power of sale or foreclosure in Waterloo:
If you are not currently in default of your mortgage, but you feel like you won’t be able to make your next payment you should consider some options to avoid your property going into power of sale in Waterloo. Most lenders dislike using a power of sale or foreclosure and would rather work with the borrower to resolve any issues. In many cases, a lender will allow some extra time to make mortgage payments if asked. If you are not able to make payments at all, you can try asking the lender to change the terms of the mortgage (ie, mortgage refinance). Working with Access Mortgage makes it possible to reduce monthly debt payments by getting an interest only loan, consolidating debts into the mortgage, or by getting a longer amortization period.
For more information about foreclosure in Waterloo and how Access Mortgage can help you halt the power of sale process through a variety of strategies like refinancing or releasing equity, please feel free to continue browsing through our website or contact us by phone today! We can be reached at 1-844-397-3780 or by filling out our contact form.