Menu
Stopping a Power of Sale on your home can be a complicated process unless you have a team of experts on-hand to guide you through every step.
For a lender to proceed with a Power of Sale, they have to follow a relatively strict process. At Burke Financial, we use our expertise and knowledge to help borrowers behind on their payments by stopping a Power of Sale from occurring.
Our team has the experience to STOP Power of Sale proceedings in their tracks and can do so using a number of tried-and-true methods. We help stop Power of Sale proceedings across Ontario in Ottawa, Kitchener, Toronto, and Richmond Hill.
Stopping a Power of Sale on your home can be a complicated process unless you have a team of experts on hand to guide you through every step. For a lender to proceed with a Power of Sale, they have to follow a relatively strict process. At Burke Financial, we use our expertise and knowledge to help borrowers behind on their payments by stopping a Power of Sale from occurring. We can help get lenders off your back and put you on the road to financial security and stability.
Marketing Analyst
Sales Manager
Marketing Planner
Our team has the experience to STOP Power of Sale proceedings in their tracks and can do so using a number of tried-and-true methods. We help stop Power of Sale proceedings across Ontario.
The first step in Power of Sale proceedings in Ontario is contacting the borrower. Typically, this step is done in writing. This point of contact notifies the borrower that they are in default and gives them a chance to fix the problem.
If a borrower defaults and doesn’t resolve the issue, the lender issues a Notice of Sale and a Bankruptcy Act notice, 15 days post-default. This notice, mandated by the Ontario Mortgages Act, is sent to all relevant parties in the mortgage agreement, including creditors.
During the Redemption Period following a Power of Sale, lenders must pause for 35 days, or 40 for married couples. Borrowers need to clear mortgage arrears or the entire debt, including legal fees. A debt consolidation loan can facilitate this repayment.
If the borrower cannot pay the lender the appropriate amount during the redemption period, the Power of Sale moves to the next step. At this point, the lender issues the State of Claim to collect any owing amounts and take possession of the property..
If a borrower fails to submit a Statement of Defence in response to a mortgage default, the lender can secure a Default Judgement and a Writ of Possession. This writ is then delivered to the local authority, often a Sheriff, who is responsible for enforcing the eviction of the borrower. Only after these steps, including the borrower’s physical removal, is the lender permitted to sell the property to recover their financial losses.
A Home Equity Line of Credit (HELOC) is always fully open to repayment at anytime, and can be reborrowed as needed. This gives you the freedoom and flexibility to make as small as the minimum payment each month or even pay off your balance in full is you so chose. This can be very attractive to clients who also want to pay down more than the minimum each month.
Once you register your Home Equity Line of Credit (HELOC), even if you do not advance the funds right away, you will be able have immediate access the funds typically in less than 24hrs and in most cases, online, directly to your bank account. This can be very important when opportunities arise, or in the case of needing emergency funds. This makes the Home Equity Line of Credit (HELOC) one of the most population solutions for most clients.
Whether you have a project that you want to complete or are worried about having funds available to finance an emergency home repair like a leaky roof or cracked foundation, a Home Equity Line of Credit (HELOC) allows you to tap into the equity in your property to complete those renovations and have quick access to funds for emergency repairs.
When a great investment opportunity arises, it’s important to be ready to act. Having quick access to funds through a HELOC allows you an opportunity to take advantage of those investment opportunities when they arise and make the most of them.
By using a Home Equity Line of Credit (HELOC) to consolidate higher interest debts you can reduce your monthly payments. In many situations, we have helped our clients reduce their monthly payments by up 75%! Helping our clients not only be able to better afford their obligations, but also be able to put money aside for what matters most!
Because a Home Equity Line of Credit (HELOC) is typically registered on your credit bureau, making consistent on-time monthly payments towards your balance is a great and efficient way to rebuild your credit. Every time you make a payment you will be slightly increasing your credit score and working towards better financial health.
Mortgage brokers are licensed financial professionals that have the resources to find the lowest rates and the appropriate payment plans for their clients. Working with a broker will save you time and ensure you get the best possible deal
A mortgage broker acts as the middleman between you and the extensive paperwork involved on your behalf for a set fee. They are often able to foresee problems that could arise during the application process and tailor your application based on what each lender needs.
The role of a mortgage broker is to act as a connection between the borrower and the lender to secure a loan on behalf of the individual or their business. Their responsibilities include negotiating rates, dealing with the paperwork, and facilitating an agreed-upon loan and payment plan
One of the most significant benefits of working with a broker is their extensive network, as they have the tools and resources to identify and obtain the loan that will fit your needs.
A mortgage broker compiles a homeowner’s financial documents, accesses their credit history, and confirms current and past employment to present an application to multiple lenders. They help negotiate the terms and conditions of your payment plan and, once the loan is agreed, will work with the lender to ensure a smooth and efficient transaction.
Mortgage broker fees in Ontario vary based on your unique situation and the solution you are seeking. Contact us today for a more personalized estimate of what you can expect your fees to be.
Owning a home is an investment that deserves detailed attention and care. When unexpected expenses occur, or you need to consolidate your debts, it’s essential to find the right broker to step in and offer a solution tailored to your financial needs. We operate with a vast network of lenders, including subprime mortgage lenders across the province, and we’ll work diligently to find the right match for our clients.
At Burke Financial, our mission is to give homeowners across Ontario the best possible borrowing experience through a high level of service and expertise.
When you work with us, you’re working with an award-winning team that specializes in getting even the toughest of applications approved. We’re putting money in your pocket faster, so you can invest in your future.
we know that each homeowner’s experience is unique. We offer a personalized approach and help connect our clients with subprime lending options across Ontario. From day one, we treat each interaction with our clients as a chance to change their borrowing experience to a positive one.
We take the time to understand what our clients are looking to accomplish with their applications. We personalize short-term and long-term solutions to help our clients achieve long-term financial health.
We look at our client’s main priorities to make sure we shape the optimal payment amounts, term length, prepayment privileges, interest rates, and much more. We know how important it is to align our clients with reasonable rates and terms and educate them on areas like an exit strategy to make sure they are always on the right path.
1-877-709-0709
