When You are Facing Foreclosure

Foreclosure

 

In my practice I have unfortunately encountered many situations when clients are facing Foreclosure or Power of Sale of the property. I successfully helped clients to stave off the foreclosure or Power of Sale proceedings.

This should not be confused with urging clients to sell their properties quickly, before it will be sold for them. Frequently you will find advertisement postings on Craigslist and Kajiji by real-estate agents trying to attract clients, who are in financial trouble and are facing the sale of their home.

What does “Stop Power of Sale” really mean when used in advertisements on platforms such as Craigslist and Kajiji?

If we dig a little deeper, we quickly realize, this is a popular marketing strategy for Real Estate Companies hoping to attract listings for a quick sale. This is not Stopping the Power of Sale…it is helping the client to “sell” their home before the Lender takes it. Clients selling their house only stops the bleeding temporarily.

What is next for families who are forced to sell their home?

For Mortgage Professionals, “Stop Power of Sale” is an opportunity to find an institutional or private lender. Not surprisingly, traditional lenders do not like to finance a client facing a Power of Sale once the judicial process has begun.

When traditional lenders decline such an application, the client may end up with the option to accept funding by a private lender, who typically offer money at an higher interest rates with the addition of lenders’ fees. What is even more limiting is many private lenders roll down their maximum loan to value and are not the solution when the Loan-to-Value for a Power of Sale is exceeding 80%.

One may wonder, if private lending is really the best and most suitable option in a Power of Sale or Foreclosure situation.  A private mortgage may only be a brief financial band-aid for up to one year, but with a low credit score, amounts outstanding with collection agencies, writs or judgments, and the need to rid oneself within an one year period from a private mortgage, clients find themselves in dire straits.  After 12 months they might even have less equity available than before and may not be able to exit their private mortgage.

I am able to provide my clients with an alternate financial solution; a solution where I can help you to pay off existing lenders, pay-out any debt and collection agencies, improve your credit score and to find yourself in a credit management program, which helps you to manage your future financial stability with the goal to have access to traditional financing when the time comes.

When you are facing Power of Sale or Foreclosure – don’t delay and call me today to enter into a sound financial future. I will do all the work for you and will halt all foreclosure proceedings.