What is Power of Sale or a Bank Sale? Almost each and every mortgage contains a term that allows the mortgage holder (bank, trust company or private lender) to sell the mortgaged property if there is a failure to pay (default). The mortgage holder ( lender) has the authority to take possession and market and sell the property; the mortgage holder (lender) never actually "owns" the property. What can you do? Try to negotiate with the person or company that holds the mortgage to try to bring the mortgage back into good standing and pay the legal costs in starting the power of sale. Remember that the mortgage holder does not have to co-operate. Try to find alternative financing to pay out the mortgage and costs as shown on the notice. Try to sell your property and then pay out the mortgage holder from the sale proceeds. In today's competitive real estate market, timing is everything. Lenders generally want to quickly liquidate properties that they have acquired by re-possession or by Power of Sale proceedings or other forms of leagl authority to recover monies owed to them. If you are in default or if you are behind in your Mortgage payments contact me to see how we can help. In most instances, default of Mortgage Payments is normally an indicator of other financial woes. I would be happy to provide you with a FREE Home Evaluation to determine how a Quick Sale can not only save your equity but also save your credit rating from further damage.

  

Needless to say, When you hear the words “the property is under Power of Sale”, immediately you envisage a ‘great deal’. It may seem that you can pick up the property for a song. If you are looking to buy Power of Sale properties, do get on to our mailing list and we will keep you informed on properties that sold due to financial constraints.   RE/MAX Vision Realty Inc. Tel: 416 321-2228 Fax: 416 321-0002 Email: gill@remaxvision.ca         © 2004 banksale.ca.  All Rights Reserved NOT INTENDED TO SOLICIT PROPERTIES CURRENTLY UNDER CONTRACT Privacy Policy