What is power of sale and how to avoid foreclosure!

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July 1, 2013
WHAT IS POWER OF SALE AND HOW TO AVOID FORECLOSURE!
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Posted by nathenmartin423 in Homes Foreclosure and tagged with Ontario Power of
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Sale, Power of Sale Houses, Power of Sale Ontario, Power of Sale Properties, Real
Estate Power of Sale
The power of sale is one of the primary debt-recovery mechanisms at work
today. The basis for power of sale is the legal ability of the lender party to
Topics
`take over' an immoveable property owned by the debtor, in the case of the
debtor failing to pay back the debt along with its compounded interest in the
stipulated period of time. this `takeover' of property is folowed by the
Homes Foreclosure
possessor, in this case the lender, proceeding to sel the property on the
open market - usualy in an unsupervised auction - in order to use the
income to settle the debt and prevent the `sinking' of the money. This action
of seling of the property is termed as `power of sale'. It directly folows the
`foreclosure'- which would be the technical term for the said `take-over'.
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For homeowners (read: debtors), foreclosure and power of sale of homes is
something to fear entails displacement, hardship, bad credit image, loss of
financial security, and of course, further expenditure to find a new house!
But for the lender, or in this case, the bank, failure to recover funds would be
a death- knel. People mortgage different kinds of property (depending on
what they own) in order to secure a loan.
So if you find out that your condo is up for foreclosure, due to a couple of
payments you somehow couldn't make, you know that foreclosure and the
`power of sale' process wil leave a scar on your credit history forever, then
you must find a way to wiggle out of the situation. A way to avoid
foreclosure is `distress sale'. It involves you seling the house off while you stil
can. You see, until unless the bank legaly initiates foreclosure proceedings,
you are the true owner of the property, and may choose to do what you
wish with it. So why not beat the bank to the finish line, and initiate a sale
yourself? This can have two benefits for you:
1. The sale wil make available to you funds, which you can use to settle the
debt account for once and for al.
2. Your credit history wil remain unharmed, even though you had difficulty
in returning the debt, but technicaly, your property never got foreclosed
and that means that you are a safe debtor!
3. The extra funds leftover from settlement of the debt can be used to get
for yourself new accommodation.
Remember, times of difficulty demand measures that are clever and
economical. Even though it wil cause initial discomfort and apprehension,
the result wil be a much safer future.
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