If you want to stop or buy a power of sale or foreclosure home in Newmarket you should understand some of the laws governing the foreclosure process. We can help you avoid many of the pitfalls related to foreclosures and power of sales.
When a lender or uses a power of sale or foreclosure on your home or property the present owner has the option to pay off the mortgage holder or let the mortgage holder sell the property. With a power of sale, the lender has the right to sell your property, but does not claim title to the property. In a power of sale, the home owner gets the excess money from the home sale, but in many cases there is nothing left due to legal and other fees. A foreclosure means that the lender can take title to your home and own your home, you will lose any equity that is built up in the home. If the bank is foreclosing or you are forced to sell your home in Newmarket, we can advise you on your options. The most important point is how much equity is in your home, if there is a large amount of equity you should do your best to stop the foreclosure or power of sale, if there is no equity you should not fight the foreclosure or power of sale. Most people fall somewhere in the middle of the equity range and that will require the advice of a mortgage agent to confirm your options.
For people interested in buying a foreclosure property in Newmarket there can be great opportunities to make a substantial amount of money or you could lose money if you are not fully aware of the laws governing the foreclosure process. As foreclosure specialists, we can advise you on how to avoid some of the traps and we can also provide you with inside information on recent foreclosure properties. We can help a buyer to get the lowest price possible and also help the seller get more money for their house before the bank takes their home.
The legal costs and fees related to buying and selling a foreclosure or power of sale home can be quite high and is sometimes hard to determine. There are a number of conditions that the buyer must accept with a foreclosure or power of sale such as the “AS IS” condition or the limited ability to inspect the home, we recommend that you use a lawyer on all foreclosures.
If you want to stop a foreclosure or buy a foreclosure home in Newmarket, please call us for a free consultation.