Where to Turn if You Face Foreclosure or Power of Sale Proceedings*
Where can you turn if you face foreclosure or power of sale proceedings on your home or property? Well, they’re the usual suspects: family/friends/employer but, quite often, the people you expect will be there to help you, aren’t, and that includes your bank, especially your bank.
Clients of mine have faced this and, perhaps surprisingly, one of the sources for re-financing a mortgage in arrears is or can be the second mortgage holder.
As long as you have a rational strategy (for sale or re-finance or revenue enhancement/cost reduction) to make everyone whole, second mortgage holders can sometimes be induced to take out the first mortgage (usually held by a bank or secondary lender) to protect their position and, maybe inadvertently, yours too. You can negotiate a new term and rate with them, and then work together towards a longer term solution.
Bruce M Firestone, B Eng (Civil),
M Eng-Sci, PhD
Century 21 Explorer Realty Inc
613.422.6757 x 250
each day count
* read more about power of sale v foreclosure here: https://profbruce.tumblr.com/post/115289302069/power-of-sale-v-foreclosure
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