Ron Alphonso of Powerofsalesontario.ca is a renowned real estate expert with special skills in stopping foreclosure and power of sale which a significant portion of Scarborough’s population is facing. Ron has a decade of experience in stopping the dreaded foreclosure or power of sale situation. He specialises in distressed mortgages and has access to private lenders who also contribute to stopping the legal acquisition of property. Private lenders accept people with low income or bad credit but they will not lend to low equity. Experts advise people with insufficient equity to simply vacate the property as there is no possible resolution. There are many reasons why this might occur including divorce, loss of income or illness which cause the individual to miss mortgage payments. The result is loss of a property through a power of sale or foreclosure.
It can take only six months from initial default to execute a power of sale and this is far much cheaper for the lender than a foreclosure which drags on for long. There are often multiple lawyers involved in a foreclosure as well as several court appearances, which makes a power of sale the better option for mortgage holders looking to recoup. The speedy process may be economical for lenders but unfortunately, homeowners have very little time to resolve matters and this leads to loss of treasured properties. Initially, there will be a Notice of Default sent, followed by a Statement of Claim and Notice of Eviction before the Sherriff’s Eviction Notice.
Also known as the Notice to Vacate, the Sherriff’s Eviction Notice involves the Sherriff removing the owner from the property. This notice comes with an eviction date when the Sherriff has legal right to forcefully remove the owner from a property if need be. Once the process starts, it is nearly impossible to stop unless with the assistance of an experienced professional.
Few people in Scarborough want to lose their homes in this way and so they try to stop the legal acquisition. The best resolution is to pay up monies demanded by lawyers or lenders but this is not possible without cash in hand. Banks do not loan to people facing a power of sale or foreclosure so they have to seek alternatives from private lenders. To get the money, a borrower can seek a second mortgage with which they can pay initial mortgage holders and bring the loan to good standings. Second mortgages are also open, meaning that the homeowner may choose to end it at any time. But this of, the course attracts a penalty in three months’ interest fees.
Being a veteran in real estate, Ron Alphonso has been able to stop Scarborough power of sale and foreclosure using different techniques. A new mortgage, replacing existing loans and selling off the property before eviction date are some of his tricks that often save people from losing their valuable homes to mortgage holders. To ensure speedy resolution, individuals must bring all documents regarding the power of sale so Ron knows exactly which course of action to take.