Toronto, ON -- (SBWIRE) -- 07/27/2015 -- The experts at the Mortgage Broker Store are helping families throughout Hamilton who are facing a power of sales or foreclosure to sell their properties fast.
Although most Canadians dream of owning their own homes, home ownership doesn't always go according to plan. With Canada's current 6.2 percent unemployment rate, and a possible recession looming, some families are falling on hard times.
In Hamilton, homeowners who fall behind on their mortgage payments can end up in a serious and difficult situation. They can face a power of sales, which means the lender – often a bank – can evict the homeowner and sell the property. It's currently the most common way for banks to recoup the money they are owed from owners who have defaulted on the loan payments.
A foreclosure is another possibility. In this scenario, the lender can petition the courts to become the legal owner of the property. After the required timeframe and legal steps, the bank or lender gets the deed to the home. They can then do as they wish with the property, including selling it and keeping the proceeds.
Power of sales and foreclosures are never in the homeowners' best interest. They benefit the bank or lender, which get the sum of their loan back. However, the owner comes out of the process worse than before. Homeowners are better to take action and find a solution that also benefits them.
Selling the home is one option for those who find themselves in this difficult situation. By doing so, they can recover whatever equity they have. Homeowners facing difficult tax issues may also need a quick home sale in order to access their money.
A sale means loans can be paid back in full. Owners are protected from serious outcomes like possible bankruptcy and a ruined credit score.
When facing a possible home loss, more and more owners are turning to mortgage brokers for help. A licensed brokerage, like Toronto's Mortgage Broker Store, works with different real estate experts. They can set up short-term loans that enable homeowners to keep their homes until they sell.
"We can help you sell your home quickly," says Ron Alphonso, president of the Mortgage Broker Store. "Our team will open your file right away and get the ball rolling. We work with the best real estate agents, lawyers and loan experts. We'll make sure your home sells so you don't have to face a foreclosure or an eviction."
Working with a licensed mortgage professional can allow homeowners to minimize expenses. The faster a home sells, the less money owners stand to lose. "Our most successful clients are those who call us right away, when they first get the notice from the bank," says Alphonso. "But anyone who might lose their house should contact an expert, no matter how far along in the process. There's always a chance we can help."
For more information on selling a home quickly, contact Ron Alphonso, president of the Mortgage Broker Store, at 416-499-2122, or visit http://www.mortgagebrokerstore.com
Toronto, Ontario, Canada