1-844-ASK-ACCESS / 1-844-275-2223

Access Mortgage Facebook Access Mortgage Instagram

Encrypted Loan Application

1-844-ASK-ACCESS / 1-844-275-2223

Access Mortgage Facebook Access Mortgage Instagram

Foreclosure Hamilton

Foreclosure Hamilton

Foreclosure is a legal proceeding where a lender gets a court order to take over the property. There are strict rules of foreclosure. In a foreclosure ownership goes to the lender. The title to the property is registered in the name of the lender who accepts the property as a full payment of the loan. In a foreclosure sale the following is generally observed. 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. Access Mortgage can assist you with making sure the power of sale process does not proceed. Read on for more information about foreclosure in Hamilton and how Access Mortgage can help.  

Click here to set up your call with an Access Mortgage professional!

What is the power of sale process?

Power of Sale is a provision which allows the lender the power to sell the property when the borrower defaults the mortgage. In this process the ownership changes hand after the sale is complete. When selling by Power of Sale, the lender will still have some obligations to the mortgagor. When selling under Power of Sale the following may occur:

  • Ownership: The ownership of the property does not change hands till the subject property is sold.
  • Use of a relator: A relator may be used depending upon the jurisdiction.
  • Proceedings goes to the owner: Extra money is given back the homeowner, in case of a shortfall the owner is responsible.
  • No Fire Sale: The sale is normally done fast but no fire sale. The offers from the buyers should be carefully examined. The homeowner may request an accounting.
  • Default Insurance Claim: The lender may not be able to get the full money back. If the property is insured against default then the lender can make a claim and the insurer will pay the lender and sue the homeowner for that amount.

How can Access Mortgage stop the power of sale and foreclosure process?

Considering that fact that most lenders do not want to even bother with the power of sale or foreclosure process, most times, they will be able to work with you in regards to your payments. It is common that a lender will allow you to extend your payment deadlines if you ask. However, if you are not able to make any payments at all, you can ask your lender to change the terms of the mortgage. Working with the team at 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. We are on your side, and we are here to help!

For more information about foreclosure in Hamilton and how Access Mortgage can help stop the power of sale process from proceeding, please feel free to continue browsing through our website. Click here to find our contact information and to fill out our contact form.

Leave a Reply

WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
  • “A tough deal that others could not do!”
    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
  • “Seamless from beginning to end!”
    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
  • “Patient with deep understanding”
    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
  • “Got creditors off our back”
    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
Scroll Up