PRE “POWER OF SALE” or PRE “FORECLOSURE” Stages
When being confronted with the severe penalties of a breach on a mortgage contract by a Lender, a defaulting homeowner goes through five phases. Can you recognize any of these?
- Constant Denial of the fact you may be losing your home “hard to believe”
- Procrastination; more talking with no action to stop foreclosure.
- Faint hope that the problem will solve itself and life will go back to normal.
- Justifying your own road to inaction, somehow its someone else’s fault “why is this happening to me”
- Finally a severe and RUDE AWAKENING to the reality of the
situation. BY THEN, IT’S TOO LATE TO SOLVE THE PROBLEM
and to stop foreclosure.
The Facts: Procrastination, denial and avoiding facing The Power of Sale or to Stop the Foreclosure problem ultimately will lead to the following
ü Doing little or nothing and burying your head into the sand – quickest way to lose your home-FAST
ü Losing your peace of mind and BEING STRESSED OUT 24hrs a day – 7 days a week, with seemingly NO WAY OUT to stop foreclosure .
ü Losing the roof over your head with all the EQUITY that YOU have built up over the years
ü Losing any chance of having a DECENT CREDIT SCORE AND RECORD for several years (Approximately 7 -12yrs). Ruined because you failed to stop foreclosure
To Stop Foreclosure or Power of Sale You Need to
· Assess Your Situation,
· Obtain Necessary Information (see steps below)
· Make a Plan and Implement it Quickly!
The Following Are The Steps That You Can Take Right
Now To Stop Foreclosure or Power of Sale!
· Sell Your Property: If you have to sell your property at a lower price, it still makes a lot of sense rather than failing to stop foreclosure.
· Renegotiating With The Lender Often overlooked, this is one of the easiest ways of escaping the Foreclosure or Power of Sale proceedings. The lenders are as reluctant as you to go through the entire foreclosure ordeal that can cost a great deal of their time and money. Your lender would be more than happy to help you get back on track by allowing you to make your current payments and a portion of your missed payments.
· Refinancing Your Home- Refinance your existing loan to stop Foreclosure or Power of Sale
- Reinstatement- Bringing the mortgage current to stop Foreclosure and Power of Sale Process.
- Redemption – Redeeming the loan by paying out the full loan amount usually by refinancing the mortgage. Refinancing can be obtained in the name of the cosigner by a understanding family member or friend. Tell them it is to stop foreclosure.
- Legal Delay – Many would be very surprised to know how often homeowners delay foreclosure proceedings on the basis of some legal grounds. The very easiest way of delaying the process, is to prove that the default amount is slightly inaccurate. This option gives you much needed time to delay this ordeal and simultaneously get some well needed extra time to sort out your financial issues and repay the loan to stop Foreclosure or Power of Sale.
- Deed In Lieu Of Foreclosure or Power of Sale– When you have reached a stage at which reinstatement, redemption, or selling of the property is out of the question, then you may want at least to save your credit. Few know that homeowners have the option of turning over the ownership of the property over to the financial institution, thereby escaping the torture of going through the foreclosure procedure.
· Bankruptcy- Filing Bankruptcy or Power of Sale is another option to stop a foreclosure and avoid expensive legal complications. According to the Canadian Bankruptcy Act, debts are waived off and nonexempt assets are then handed over to the bankruptcy trustee. Some exemptions may vary according to Canadian Bankruptcy Law in each of the provinces. However, bankruptcy must always be treated as a last resort as it has lasting consequences.
· Sitting Back And Let The Bank Deal With It- Not recommended but, if all other options have failed, then this maybe your only choice.
Now That You Have Explored all Your Options And If You Have Decided To Sell Your Property to Stop Foreclosure or Power Of Sale Process, We Can Help You Quickly Sell Your Property Now!
Don’t Wait Another Minute To Call Us!
We Have Investors Ready With Cash To Buy Today!
All Consultations are Completely Confidential, Absolutely FREE and there is Absolutely No Obligation. We work with each homeowner individually and explore all possible options. Do what you need to do to stop foreclosure and do it now.