Foreclosure / Power of Sale Explained

For most homeowners, the terms of “foreclosure” and “power of sale” are words that they never want to hear – because they mean that their home mortgage has gone into default, and the bank has started to take action against them. Over the course of life, things happen to us that we don’t expect – illness, job loss, divorce – and they can impact our financial situation in significant ways. If you’re falling behind on your home loan, the best thing you can do right now is reach out to your bank, explain the situation, and figure out a way to move forward without default.

Foreclosure / Power of Sale Articles

We’ve put together a set of articles for you to read about the entire process – not only how you can avoid foreclosure or power of sale, but what to do if the process is already underway. Many customers have sent inquiries our way, which we have assembled into a FAQ page down at the bottom here. We’re available by phone, live chat and email if you want to find out about how your personal situation could change for the better, and we also have an online application for you to fill out to see if you would pre-qualify for some creative financing solutions that could make a huge difference for you.

In Foreclosure Due to Property Taxes or Have a High-Interest Mortgage?

How to Get Out of a High-Interest Mortgage or Foreclosure There are few financial situations that cause as much stress as falling behind on your mortgage or your property taxes. After all, your home is your source of shelter, and feeling like you are going to lose it is extremely unsettling. If you are either ...
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Foreclosure to Eviction

How long from Foreclosure to Eviction? The process of foreclosure to eviction has a number of variables to it when it comes to the length of time you have between the beginning and your eviction from your home. Some of these have to do with the court system, and others have to do with your ...
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Who is responsible for property taxes on a foreclosure

Who is responsible for property taxes on a foreclosure When a home goes into foreclosure, financial chaos is about to ensue, particularly with regard to bills that go unpaid. It's true that foreclosure eliminates mortgage debt from your credit report, but any existing foreclosure property tax bills (both past and present) remain. The taxes are ...
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What Is Quit Claim Deed

Understanding a Quit Claim Deed If you take a look at the words inside the question "What Is a Quit Claim Deed?" then it becomes easy to figure out what it means. The person filing the quit claim (known as the grantor) is transferring the deed to a property to a different person or to ...
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Does Foreclosure Affect Credit

How long Does Foreclosure Affect Credit A foreclosure is one of the most traumatic events that can take place in your credit history. So How long Does Foreclosure Affect Credit? Depending on what your credit was like before the foreclosure took place, this event can reduce your score by anywhere from 225 to 300 points ...
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Can a Foreclosure Be Reversed

Can a Foreclosure actually be Reversed? Many people view foreclosure as a process that happens all at once. The borrower misses a payment, and the bank swoops in to seize the house and sell it at an auction, along with the borrower's possessions. Law enforcement deputies then make sure that the borrower leaves the home, ...
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Taking Foreclosure Prevention Measures – A Tale of Two Toms

When Facing Foreclosure, Private Lending Options are available if handled correctly, provided there is adequate equity in the property: During financial hardship, there are generally 2 paths you can take to meet your mortgage commitments. First and foremost, if the property is in satisfactory condition and there is more than 25% equity, you will likely have ...
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Is Foreclosure Looming? Here are the Actions to Take – Common Foreclosure FAQ Answers

How to save your home during the dreaded foreclosure process Answers to some of the most common FAQ surrounding Foreclosure and Foreclosure Prevention Here’s What to Do…And What NOT to Do If you’ve just gotten a letter from your mortgage lender indicating that foreclosure proceedings are imminent, chances are you’ve been stressing out about your ...
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Rent to Own Overview & the IPR Agreement

A “rent to own / lease to own”, agreement is exactly what it sounds like – a tenant lives in a dwelling and starts paying rent on it – but at a predetermined point in time he will have the option to purchase that property at a previously agreed price. Other terms that describe this ...
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How Long Does Foreclosure Take

This article goes through the timeline of How Long Does Foreclosure Take, to give you an idea of what's coming. If you have been laid off and are having a difficult time meeting your financial obligations on a monthly basis, one of the major problems you may be facing is that mortgage payment. Your house ...
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Foreclosure Litigation Guide

The Cost of Mortgage Foreclosure Litigation Foreclosure litigation is a legal brier patch that can lead to the loss of your home, even if you prevail in court. Here's the reason: the lawyer that you hire may end up being so expensive that you lose your home when paying your fees. Here's how it works ...
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Rent to Own Refinance in Canada

If you are looking for a flexible option for staying in a house when you have lost control of mortgage payments, received a demand notice from your lender, facing potential foreclosure, or you are within your redemption period after a Statement of Claim has been issued, then a Rent-to-Own Refinance may make a lot of ...
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Foreclosures Affect Property Values

How do foreclosures affect property values If you are looking at real estate as an investor or are looking for a value price on a new home for yourself and your family, you may be wondering, "How do foreclosures affect property values?" The simple answer is that each foreclosure has a unique influence on property ...
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What does foreclosure redeemed mean

Foreclosure redeemed definition The formal foreclosure process begins once your lender formally accelerates the promissory note that is part of your mortgage. At this point, the legal system gets involved, and a clock has started that will not stop until your foreclosure sale. This is the end of the time period in a foreclosure which ...
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The Foreclosure Process in Canada

Understanding Foreclosure in Canada Foreclosure is bad news for both the property owner and the lender. The property owner, of course, faces the loss of a home into which he has likely poured a ton of money, but the lender also has to go to the legal hassle and expenditure of taking the home back, ...
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About Foreclosure

What You Need to Know about Foreclosure One of the scariest experiences that any homeowner can endure is the possibility of foreclosure. If you don’t pay your credit card bills, the lender won’t let you use the card anymore. While your credit score will suffer, it’s nothing like being kicked out of your own home ...
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Foreclosure Process by Province

Select the appropriate Foreclosure Process Downloadable PDF based on your Province ...
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Understanding IPR Agreements: FAQ

When it comes to setting up IPR agreements, there are several common questions that we get from our clients. We’ve put together this page to help clients find basic information as they start exploring the process. If you have other questions, reach out to our mortgage specialists so that we can help you with your ...
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