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Whitby Power of Sale Stopped by Mortgage Broker Store

Via: ReleaseWire

Updated 10:19 AM CDT, Mon, April 18,2016

Toronto, ON -- (ReleaseWire) -- 04/18/2016 -- Homeowners who need to stop a power of sale in Whitby can now do so by contacting the mortgage professionals at the Mortgage Broker Store. Their staff specialises in helping those who are facing difficult financial situations, including a power of sale or foreclosure.

There are several methods homeowners can use to quickly stop a power of sale. "If a homeowner can no longer afford their mortgage, we can help them figure out what their options are. We'll help find the best possible solution for their situation," says Ron Alphonso, president and licensed mortgage broker at the Mortgage Broker Store.

According to Alphonso, the first step homeowners should take is to contact their lender, or have an independent mortgage professional do it on their behalf. "Homeowners need to tell the bank they are aware of the missed mortgage payment," says Alphonso. "Lenders want to know their clients are working on the problem and plan to repay the money they borrowed."

This advice may feel counterintuitive to a homeowner who may be tempted to avoid their lender during such a difficult time. However, ignoring a lender – and the legal notices they have issued – only worsens the situation. Working jointly with the lender is the only way to resolve a power of sale.

Homeowners may be surprised to learn that lenders generally don't want to initiate a power of sale. Taking such legal action is time consuming and expensive. Lenders may therefore be willing to negotiate the payment or to offer an extension. When contacted, lenders may also inform the homeowners of pre-existing options. Some mortgage agreements include one-time opportunities like "miss a payment" or "payment holidays". Finding out that an existing mortgage agreement includes such options may offer some relief – time that can be used by homeowners to get their finances back in order.

To protect themselves, homeowners are encouraged to make an appointment with a licensed mortgage professional experienced in power of sales. A mortgage broker can walk a client through the process to ensure they are well informed. Brokers can also work to immediately stop a power of sale.

When asked how to stop a power of sale that has already begun, Alphonso said: "The quickest way to stop the process is to pay back all missed mortgage payments. We can help do that with a small loan. We then work with the homeowners to find a long-term solution."

By working with a licensed broker from the Mortgage Broker Store, homeowners keep control of the decision making process.  "Some clients prefer to sell their homes. Others refinance their debt into manageable monthly payments. No matter which option a client chooses, we can help to negotiate the best possible deal," says Alphonso.

Contact the Mortgage Broker Store for help and advice on stopping a power of sale in Whitby, Pickering,  Ajax or Oshawa. Speak to one of their licensed brokers by calling 416-639-0786 or visit their website at www.mortgagebrokerstore.com

Contact:
Ronald Alphonso
Mortgage Broker Store
License #: M11001286
Address: 100 Consilium Pl. Suite 200 Toronto, ON, M1H 3E3, Canada
Phone: 416-639-0786
Email: ron@mortgagebrokerstore.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/whitby-power-of-sale-stopped-by-mortgage-broker-store-681515.htm

Media Relations Contact
Ronald Alphonso
Email: Click to Email Ronald Alphonso
Web: http://mortgagebrokerstore.com/