Toronto, ON -- (SBWIRE) -- 09/08/2015 -- Staff at the Mortgage Broker Store have been working hard to prepare for a projected increase in power of sales and foreclosure homes in Barrie, Ontario.
Many Canadians have made home ownership one of their biggest financial goals. But those who have stretched themselves too thin may be facing hard times in the near future.
In the next year, interest rates are predicted to rise. Climbing interest rates mean homeowners will be facing much higher mortgage payments when it comes time to renew their mortgages in one, two or even five years' time. Those currently in variable mortgages will feel the pinch even sooner.
A potential downturn in the Canadian real estate market is also bad news for homeowners. If the housing bubble bursts, many will be left with a large mortgage and little else. If property values dip too much, thousands of Ontarians could be stuck with a house that is worth less than the mortgage loan.
These unfortunate situations can result in homeowners struggling to meet their mortgage payments. Once payments fall in arears, lenders look to protect themselves and get their money back. That means starting the power of sale or foreclosure process, and leaving former owners without a home.
Ron Alphonso, president of the Mortgage Broker Store, understands that the possibility of losing a home is difficult and stressful. Traditional banks generally don't allow loans to stop a power of sale. In these situations, homeowners likely don't have the money for a private consultation with a lawyer.
Alphonso says homeowners still have options, even when facing a power of sale. "Our team handles power of sales and foreclosures on a regular basis. We can help these homeowners by stopping the power of sale and getting them back on track with their mortgage payments."
There are specific requirements that must be met to stop a power of sale. A mortgage broker has the tools and expertise to do it right, which can includes setting up a new mortgage and consolidating debt.
Before taking on a loan to stop your power of sale, Alphonso says it's important to seek professional advice. He recommends working with a mortgage expert and a lawyer. "At the Mortgage Broker Store, we can provide our clients with access to free legal advice."
Alphonso also recommends working with a credit counsellor. "Those who had trouble meeting their mortgage payments in the past need a plan for the future. Once a power is sale is stopped , meeting payments and avoiding new debt needs to be a priority. Our team can help homeowners do just that."
By law, brokers in Ontario need to have the necessary education, training and have a valid license in order to work. Before choosing a mortgage broker, make sure he or she is licensed by the Financial Services Commission of Ontario (FSCO).
About Ronald Alphonso
Ronald Alphonso is a licensed mortgage broker – licence number M11001286. For more information on power of sales in the Barrie, Ontario area, visit the Mortgage Broker Store's website. Contact Ron directly at 416-499-2122 or by email at firstname.lastname@example.org
Toronto, Ontario, Canada