BUYING POWER OF SALE, BANK SALE, TAX SALE, FORECLOSURE PROPERTY (Part-4)
Power of Sale Process: Issuing a Notice of Sale (continue from last article)
Notice of Sale under Mortgage
The notice is attached to the Mortgages Act, and is called a Notice of Sale under Mortgage. It advised of the lender’s intention to exercise the power of sale, and includes details of the mortgage, such as:
- The date the mortgage was made.
- The parties to the mortgage and the property mortgaged.
- The amounts owing.
- A warning that if the amounts owing are not paid by a specified date, the lender will sell the property.
If the power of sale is contractual, the borrower has 35 days to pay, unless otherwise stated in the mortgage agreements. If the power of sale is statutory, the borrower has 45 days to pay. The lender cannot do anything further within this “redemption” period, but by paying the amounts owing, the borrower can redeem the mortgage.
Once the redemption period expires and the borrower has failed to correct the default, the lender can sell the property. Under power of sale, the property can be sold by auction, private contract, or tender. Usually the property is listed with a real estate agent and placed on the market for sale. To ensure that the property comes to the attention of a large segment of the market, guidelines have been set up, including; listing the property with a multiple listing service, obtaining appraisals, and ensuring the listing is for the usual period of such properties.
Once the property is sold and if there is any surplus, the lender must account to the borrower(s), and other subsequent encumbrances. The Mortgage Act requires that the proceeds of the sale first be applied to the cost of conducting the sale, then to interest and cost owing under the mortgage, then to principal money owing under the mortgage, next to pay any amounts due to subsequent encumbrances, and finally to pay tenants’ security deposits.
Foreclosure scares people because it means they may lose their house. But if you face foreclosure, you may still be able to help yourself if you understand what it is and how it works.
Distress Sales / Bank Power of Sale
Distress Sales resulting from bank foreclosures or Power of Sale often represents a great way to get a fantastic deal on a home. It’s not easy for the average homeowner to find these deals, because you have to keep scouring the paper to see when one comes up.
If you’re the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know about a new free computerized service which automatically searches out and downloads a current list of all such properties day in and day out. When you receive this free, no obligation service, you’re automatically plugged in to the most current list of Foreclosure or Power of Sale Properties on the market, in the price range and area that interests you. This FREE service every week will save you a lot of research and running around.
Here’s how it works. Every week, you will receive a FREE computerized report listing the current Foreclosure or Power of Sale properties in your desired price range and location. There is no cost for this information, and absolutely no obligation.only sign up the B>R>A> & This insider information, sent to you in an incredibly simple and efficient format, will give you a huge advantage over other buyers in the marketplace.
if you think you need my service for selling and listing-You can request this service by simply sending me a message or by filling out the information on the form on contact me tab including the details on. I can work with any mortgage provider, and most lenders to sell your home quickly, and try to get you relief from the note and also any deficiency. I will try to get you full relief from your underlying mortgage note regardless of how much you owe.
In some cases you may even be able to stay in your home!
*WE STRONGLY RECOMMEND FOR RIGHT LEGAL ADVICE IN THIS SUBJECTS.
The more informed you are the better chance you have of making a sound decision.
Please contact me and you will have no surprise!
(Next interesting INFO series see next articles…)
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