Power of Sales Real Estate

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Don't lose your home and or damage your credit rating.

  1. Contact  your mortgage lender when you have a financial problem.
  2. Be honest about your financial situation. Do not breach your  financial commitments or promises especially at his stage.
  3. Stay in your home, don’t abandon it..
  4. Contact local financial government appointed or approved financial / credit counselor or lender, for financial counselling.
  5. Explore every legal alternative to keep your home.
  6. Beware of scams.
  7. Don't sign any papers you don't fully understand.
  8. Make sure you get all "promises" in writing.
  9. Beware of any contract of sale of loan assumption where you are not formally released from liability for your mortgage debt.
  10. If in doubt, check with a lawyer or your mortgage company before entering into any deal involving your home.
  11. If you're selling the house yourself to avoid Power of Sale check to see if there are any complaints against the prospective buyer. You must ask to see the credit report of the buyer if he is putting no down payment or very little down payment.  
  12. Signing over the deed to someone else does not necessarily relieve you of your loan obligation.
  13. Do not ignore phone calls or letters from your lender.
  14. Do not ignore any legal letters or notices.
  15. Respect the time given given  / allowed in the notices to rectify the situation.  Time is of great essence.
  16. Stay in touch with them and try to negotiate lower monthly payment
  17. Find out who in the mortgage company is assigned to your mortgage and who has the power within the company to amend the agreement or rewrite the mortgage. Talking to people at the lower level, who have no authority, will not get you any relief.
  18. Try to negotiate a new mortgage with a new term if it would reduce your monthly payments.
  19. If you have high total monthly payments that include mortgage payments, credit card payments carpayments and other loan payments, try to get  the loans consolidated so that you have one loan and one payment  and much lower than what you are making now.
  20. Make note of the day time and the person with whom you have conversation.  Keep a log of the notes.
  21. Do not count on verbal promises or commitments. In the court of law,   you will need written documentation and get every thing in writing.
  22. You should get the matter resolved before your file is handed over to the lawyers.  This will save you few thousand  dollars as once the lawyers step in the costs start clicking at an astronomical rate.
  23. If POS has started, find out how much money would they need to delay or stop the POS so that you know what you would need to do. Try to get this commitment in writing

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Nawel K. Seth, M.A.Sc; MBA; M.V.A.
Broker of Record
Trail Blazers Realty
, Brokerage,
Toronto Tel: 416.630.1999 / 905.660.7999. Toll Free 1.866.890.1999

 

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