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Power Of Sale Mortgage

Get Approved in 3 Simple Steps
Step 1
  • Type of Loan
  • Mortgage Request
Step 2
  • Property Value
  • $ 50,000
  • Mortgage Request
  • $ 50,000
Step 3
Your Estimated Monthly Payment *

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Power Of Sale Mortgage

There are unforeseen circumstances that can send us into a downward financial spiral. We could lose our jobs or fall ill. A loved one could pass away suddenly leaving us to pay out of pocket for the funeral expenses. If we are challenged by something that is out of our control it may lead us to fall behind on our mortgage payments. Should that occur, we could find ourselves facing a power of sale situation on our home.

If you do not want to lose your home, you will need a power of sale mortgage.

What Is a Power Of Sale Mortgage?

If you unfortunately fall behind on your loan, your lender has the right to initiate a power of sale. This means that the lender has 10 days after you miss a payment to begin the power of sale process. The lender seizes your home in order to recover the loan amount with interest and any other fees that may have been lost. However, if you are able to come up with the missing funds within 35 days of the power of sale’s initiation, the lender has no choice but to return your property to you.

A power of sale mortgage is a specific loan designed to get you the necessary funds to stop the lender from seizing your property.

How Is Power Of Sale Different Than Foreclosure?

In order to foreclose on a home, the lender needs to acquire permission from the courts. Conversely, power of sale does not need permission from the court. However, that does not mean that your lender has no obligations to you, the borrower. You will still technically own your home until it is sold and the regular channels need to be used for the sale, IE a realtor lists the property and the price of the home must be fair and set by the market value of the home. Unlike a foreclosure situation where the lender takes possession of the property almost immediately, with a power of sale you do not lose ownership of your home until the sale is final. If you are faced with power of sale or foreclosure, it is in your best interest to contact PrivateLend.com.

Why Do You Need The Services Of PrivateLend.com For This Type Of Mortgage?

Conventional lenders do not usually grant this kind of mortgage because they are the ones generally enforcing the power of sale. Private lenders like us at PrivateLend.com will gladly help you secure the funds necessary to stop the power of sale on your home because we understand that sometimes there are circumstances beyond your control (illness, lay-offs, etc.) that lead you to default on your mortgage payments. We do not discriminate against our clients and for whatever the reason for your default, we will ensure that you don’t lose your home.

If you are dealing with a power of sale for your property, contact us. PrivateLend.com can help you fix your financial situation for the better so you can keep your property and your dignity.

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Current Mortgage

  • Home Worth $300,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • $50,000 Mortgage Requested
  • $25,000 Tax Arrears $500/month
  • $25,000 Credit Cards $750/month
  • Total $2,750/month

Second Mortgage

  • Home Worth $300,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • 2nd Mortgage Payment $250
  • $25,000 Tax Arrears Paid
  • $25,000 Credit Cards Paid
  • Total $1,300/month
You Save $1,450/month!

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Posted by | Jun 27,2016

Are you thinking about purchasing a home? If so, then here are the questions you need to consider before you start shopping for a mortgage. What type of lender do you want to use? Mortgages are available through a wide variety of sources. You can obtain a home loan directly through lenders such as credit unions, mortgage companies, and commercial banks. You can also use a mortgage broker, who can contact lenders for you and present you will several different offers. Read More

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Being a new resident from another country and working for yourself can pose a lot of problems financially and I tried a number or people before finding Privatelend. Alicia and Sunny were quick, helpful and just made my life a whole lot easier. I can breathe again. I would recommend anyone to use them in a heartbeat.

D & E, North York

Thanks again for getting us back on track with our finances. You are all very pleasant and I have nothing but admiration for your professionalism with us in this big step we have taken at this stage of our life. We wish you the very best always.

K & S

I just finished a refinance with privatelend but it would not be complete unless I gave a shout out to my contacted people Alicia and Sunny they were competent ,prompt, easy to contact and very pleasant thanks a bunch girls great job.

Wayne from Whitby
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