A Power of Sale is a serious legal action that can result in the homeowner losing their property. If your property in Newmarket is in power of sale we advise you to call us to discuss your situation. Our consultants can explain the options that as homeowner has, each option relates to different stages in the legal process. Therefore it is important that you have the legal documents available when you call.
In most power of sale situations the home owners best option is to pay any outstanding amount that is requested by the mortgage lender. Any delay in stopping the power of sale will result in increased legal costs. Our expert advisors deal with these events regularly and can help you make the best possible decision.
Usually, both the lender and the borrower can make more money if they the borrower makes all of their payments. Due to the legal costs, many times the lender actually loses money from Power of Sales. For this reason, most lenders will only use Power of Sale as a last resort. Once the process is started, it is very difficult to stop, however we have specialized professionals who can stop these proceedings.
In most cases your lender will be willing to negotiate the terms of your mortgage. Many lenders will allow you more time to make payments or change other terms if you demonstrate your ability to make payments in the future. It is critical that you maintain a good relationship with your lender, avoiding them make force them to charge additional penalties.
It is important to keep all documents related to your Power of Sale, these documents include:
- Notice of Default
- Statement of Claim
- Writ of Possession
- Eviction Notice
Please contact us for help and advice if you are facing a power of sale or eviction in Newmarket. A power of sale is a time sensitive process, therefore the homeowner should act as quickly as possible to protect their property.