Equity Mainly Matters: Comprehensive Solutions to Stop Power of Sale in Canada
When facing the daunting prospect of power of sale, homeowners seek reliable, efficient solutions to safeguard their most valuable asset — their home. Equity Mainly Matters is at the forefront of offering specialized mortgage solutions designed to prevent power of sale, leveraging your home equity to keep you securely in your residence. With our deep understanding of the Canadian mortgage landscape, personalized approach, and commitment to fast, inclusive financing, we ensure that every homeowner has the tools and support needed to overcome financial hurdles.
Deep Dive into Power of Sale
Understanding the power of sale and its implications is the first step in mitigating its impact. Here’s an in-depth look:
What is Power of Sale?
- Definition and Implications:
- Power of Sale is a legal provision allowing lenders to sell your property upon mortgage default, aiming to recover the outstanding loan amount.
- It’s typically faster than foreclosure, leading to quicker eviction and sale of the property.
- Ontario’s Context:
- In Ontario, Canada, power of sale is particularly prevalent and comes with specific legal processes and notices.
In order to stop the Power of Sale process, it is advisable to engage the services of an expert Mortgage Broker. To help Stop Power of Sale or Foreclosure, the Mortgage Broker effectively negotiates with lenders/Banks and lawyers in order to reach a resolution on the borrower’s behalf.
Following a specific timeline of events, the Mortgage Broker presents Solutions to the lender and their lawyer in order to resolve the matter. The lenders generally cooperate with the Mortgage Brokers and work together to avoid further costs associated by the lender and to Stop the Power of Sale process.
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Power of Sale vs. Foreclosure
- Power of Sale: Focuses on control and quick recovery of funds. The lender does not seek to own the property but rather to sell it to recoup the loan amount.
- Foreclosure: A longer, more complex process where the lender aims to obtain the property’s title. It’s more about ownership and less about quick recovery.
The Process: From Default to Sale
- Notice of Default: The journey begins when you miss a mortgage payment, prompting the lender to issue a default notice.
- Demand Letter: A formal communication specifying the outstanding amount and the steps to rectify the situation.
- Redemption Period: A critical timeframe allowing you to settle the dues and halt the process.
- Legal Steps: If unresolved, the lender moves forward with legal actions, including issuing a statement of claim and potentially evicting the homeowner.
Stopping Power of Sale with Equity Mainly Matters
Early Intervention Strategies
- Utilize Home Equity: Convert your equity into a financial tool to clear arrears and reinstate your mortgage.
- Restructure Your Loan: We work with you to find feasible adjustments to your mortgage terms, aiming for manageable payments.
Active Resolution Phase
- Personalized Consultation: Each case is unique, and our experts provide one-on-one consultations to understand and address your specific situation.
- Diverse Financial Solutions: Explore a range of options like second mortgages, refinancing, or private lending tailored to stop the power of sale.
Finalizing the Solution
- Approval and Funding: Once a plan is agreed upon, we expedite approval and funding, often within 48 hours, to prevent further action from the lender.
- Ongoing Support: Our relationship doesn’t end with the transaction. We offer continuous advice and support to ensure long-term financial stability.
Comprehensive Services at Equity Mainly Matters
- Private Mortgages and Second Mortgages: Ideal for leveraging equity and consolidating debt, providing a lifeline in stopping the power of sale.
- Mortgage Refinancing: Adjust your mortgage to reflect your current financial reality, potentially lowering payments or consolidating debts.
- Home Equity Lines of Credit: Access funds flexibly, using your home’s equity to navigate financial challenges.
- Specialized Solutions for Unique Situations: Catering to those with bad credit, self-employed individuals, or those with unique income situations.
Your Next Steps to Security
- Contact Us for a Free Consultation: Understanding your situation is our priority. Reach out for a comprehensive assessment.
- Tailored Strategy Development: Together, we’ll craft a plan addressing your needs and stopping the power of sale.
- Implementation and Follow-Up: Once the plan is in motion, we monitor its success and offer ongoing support.
Facing power of sale can be a significant stressor, but with Equity Mainly Matters, it doesn’t have to be a crisis. Our dedicated team, extensive network of lenders, and commitment to fast, tailored solutions stand ready to help you navigate through these turbulent times and secure your home. Let’s work together to stop the power of sale in its tracks and lay the foundation for a stable, secure future in your home.
I had a very pleasant experience working with Shawn Sef at Equity Mainly Matters Loans. We contacted Shawn looking for help in order to pay off our high interest credit card debts. Shawn made the process very easy for us by explaining the Mortgage loan details for the Debt Consolidation Mortgage Solution which he recommended for us. Shawn was actively present every step of the way and was very knowledgeable. I will definitely recommend Shawn to my peers due to his knowledge, professionalism and expertise.
Shawn is extremely passionate about his job. Shawn always demonstrates a positive and professional attitude. His easy going and friendly personality always makes the experience of working with him fun and stress free. Shawn made the entire Mortgage loan process very simple for me to which I’m thankful for. Shawn is very proactive and updates me on a regular basis in regards to my file.
Me and my husband had never worked with a Mortgage Broker before. I needed to consolidate all of my debts. I was paying high monthly interest fees to my creditors and my bank informed me that I couldn’t get approved with them because of my low credit score. Shawn did an excellent job by helping me consolidate and pay off all of my various high interest debts. I’m now debt free. My credit score has improved and I don’t owe creditors any monthly high interest payments. We went from paying $1,650 month towards our credit card debts and loans, to now paying only $520 month which helped us build up a good savings. Shawn rescued us from our creditors and helped us save an extensive amount of money for our families future.
As a first time home buyer, we required a Mortgage broker who was willing to be very patient with us and to explain every detail of the Mortgage loan process and provide us with as much information as possible. Shawn informed us of the exact required down payment amount (based on the types of lenders that we qualified for), fees, closing costs, Land Transfer tax etc. Shawn was very good in providing us with accurate rates, figures and calculations which we realized we could afford the monthly Mortgage payments and make the Home Purchase work. One other important factor was that Shawn kept on top of our file by updating the progress every step of the way which was very important to us. Shawn is very proactive which we appreciated!
Shawn helped our family obtain a low rate 2nd Mortgage from a Private Lender. Banks turned us down as we failed to meet their requirements for the stress test, income and credit criteria. However, Shawn was able to find various Private Lenders/Investors that were interested in making us an offer and we ended up taking a great offer for a 2nd Mortgage which made the most sense for us. We will definitely refer our family and friends to Shawn in the near future. I can’t say how much I appreciate all the time and effort Shawn put into our file.
Shawn demonstrates excellent customer service skills. He’s always very quick to respond to my emails and calls. Shawn helped me get approved twice in the past year alone and I hope to work with him again in the near future. Shawn was very friendly, attentive and dedicated his time and effort by providing me with solid knowledge, expertise and advice which in return helped the process of purchasing my first home very easy and stress free. Shawn even followed up on my behalf with my lawyer in order to finalize all the details. I would highly recommend his services.
From the first time I spoke with Shawn Sef, I felt comfortable and at ease which was due to his calm and patient personality and attitude. He was also very understanding and caring to our current situation and needs by providing the best course of action for us to take which made the most sense for our family. Shawn is very knowledgeable within the mortgage field and delivered exactly what he said he would. He even provided us with accurate closing/funding dates from day one. I would definitely recommend Shawn Sef to any borrower looking for a good
Shawn had helped my wife and I obtain a 2nd Mortgage from a Private Lender last year. We used the majority of the Mortgage loan proceeds to help renovate/upgrade our home. Once the refurbishments had concluded, we ordered a new appraisal and noticed that our house value had increased substantially. The following year, Shawn helped us refinance both our Institutional and Private Mortgages into a new low rate, 1st Mortgage with an A Lender (Bank) which is going to help us save an extensive amount of money in monthly payments moving forward. I’m very thankful for Shawn’s knowledge, skills and expertise within the mortgage industry which ended up helping us save thousands of dollars.
Equity Mainly Matters: Stop Power of Sale – FAQ
When homeowners face the threat of power of sale, it’s natural to have many questions about the process and potential solutions. Here’s an FAQ to address common concerns and provide clarity on how Equity Mainly Matters can assist you.
1. What exactly is “Power of Sale” and how does it affect me?
Power of Sale is a legal process that lenders in Canada, especially in Ontario, can initiate when a homeowner defaults on their mortgage. It allows the lender to sell the property to recover the owed mortgage amount. For the homeowner, it means potential eviction and loss of their property if they cannot rectify the situation promptly.
2. Can I stop the Power of Sale once it has started?
Yes, it’s possible to stop the Power of Sale, but it requires immediate and strategic action. Solutions like using your home equity, restructuring your loan, or obtaining a private mortgage can halt the process. The sooner you act, the more options you’ll have available.
3. How can Equity Mainly Matters help me stop a Power of Sale?
Equity Mainly Matters provides a range of mortgage solutions based on your equity, not just your credit history or income. We offer fast private mortgages, refinancing options, and tailored advice to help you stop the Power of Sale process, often within 48 hours of approval.
4. What are my options if I have bad credit?
Having bad credit doesn’t necessarily limit your options with us. We focus on the equity you have in your home and offer solutions like second mortgages or private lending, specifically designed for individuals with less-than-perfect credit.
5. How quickly can I expect to resolve my Power of Sale issue with your services?
We understand the urgency of stopping a Power of Sale. Once we assess your situation and decide on a solution, we can move towards approval and funding, often within 48 hours. Quick action is crucial, and we prioritize prompt, efficient service to help you regain stability as soon as possible.
6. Will I lose my home if I can’t stop the Power of Sale?
If the Power of Sale is not stopped, the lender has the right to sell your property. However, working with Equity Mainly Matters significantly increases your chances of stopping the process and keeping your home. Our various financial solutions are designed to match your specific needs and circumstances.
7. Are there any upfront fees or costs involved with your services?
We believe in transparency and will discuss any fees or costs associated with our services upfront. Our goal is to find you a solution that not only stops the Power of Sale but also aligns with your financial abilities.
8. What is the difference between refinancing and obtaining a second mortgage?
Refinancing involves adjusting the terms of your existing mortgage, potentially lowering your interest rate or changing the payment schedule. A second mortgage is an additional loan on top of your existing mortgage, which can provide the funds needed to settle your arrears and stop the Power of Sale.
9. How do I know which solution is right for me?
Every situation is unique, and the best solution depends on various factors, including the amount of equity in your home, your financial circumstances, and the urgency of the Power of Sale. Our experts will work closely with you to assess your situation and recommend the most suitable option.
10. What should be my first step if I’m facing Power of Sale?
Your first step should be to contact Equity Mainly Matters immediately. The earlier you reach out, the more options and time you’ll have to prevent the sale of your home. We’re here to assess your situation, provide a free consultation, and guide you towards the best solution to save your home.
At Equity Mainly Matters, we understand the stress and uncertainty that comes with facing a Power of Sale. Our team is committed to providing you with the knowledge, options, and support you need to navigate this challenging time and emerge with your homeownership intact. Contact us today to explore how we can help you stop the Power of Sale and safeguard your future.