Power of Sale
What Is Power of Sale?
The power of sale is language added to a mortgage document that allows the lender to sell the property if the mortgage payments are not met, thereby permitting the lender to repay the mortgage debt. A property that is foreclosed is sold by the lender (usually a bank) in order to recover losses incurred by the loan default.
In addition to a mortgage term, power of sale also refers to the power expressed or implied in a trust agreement permitting the trustee to sell the investments comprising the trust.
Mortago Can Help!
Located in Toronto, we at Mortago are experts in the mortgage market. We are able to approve our customers based on the equity in their home(the difference between the value of your home and what is owed against it). If your home has enough equity, we are able to approve you for new financing, even if you have been rejected elsewhere.
We will provide you with FREE practical advice, friendly service, and a mortgage that fits your needs and budget.
We can eliminate the Power of Sale proceedings.
We at Mortago believe you deserve another chance; we enjoy helping good people who are experiencing financial difficulties.
Mortago promises to treat you with the respect and dignity you and your family deserve.
Call Mortago today for more information on how we can better help you!