Toronto, ON -- (SBWIRE) -- 08/12/2014 -- All of the services offered by Power of Sale Ontario are aimed at assisting homeowners to get lower interest mortgages and stop foreclosures or power of sales.
Critics have been predicting a Canadian housing market crash since the U.S. housing bubble burst. Last week Fitch Ratings added its voice, saying Canada’s real estate market is as much as 20 per cent overpriced.
Stephan Poloz the Governor of the Bank of Canada has stated that the Canadian bank rate will stay at 1 percent, where it’s been for four years, and things may not change for two more years. The fear is that low interest rates will continue to drive housing prices up creating a housing price bubble, which will then lead to a housing crash.
To avoid a housing price bubble the Bank of Canada has made a number of changes to make it harder to get a mortgage. The changes include a maximum amortization period of 25 years, a reduction in CMHC insurance and the ability to pay a mortgage if interest rates increase to 5 percent. A small increase in the bank rate of 1 percent, means a 33 percent increase in interest payments for many people.
The changes by the Bank of Canada have resulted in many mortgages not being renewed and falling into default. This has led to an increase in foreclosures and power of sales in Ontario and across Canada.
This is where Power of Sales Ontario comes in. Their services include getting a new mortgage and specialized service for people who are facing a foreclosure or power of sale. Client's can save thousands of dollars in interest payments and even keep their home out of foreclosure.
Ronald Alphonso, (President of Power of Sale Ontario) stated that "it is important to protect homeowners in their time of need, our goal is to reduce their costs and keep them in their home". For some homeowners this simply means getting a new mortgage, for other it means access to lawyers and a detailed outline of the foreclosure process. Those interested in a new mortgage or help with a foreclosure or power of sale can find more information at the company's website.
Have any questions regarding a power of sale or foreclosure, please email ron@powerofsalesontario.ca or call 647-385-2122.
Ronald Alphonso is a mortgage agent, licence number M11001286.
About powerofsalesontario.ca
This site is designed to help people whose home may be facing power of sale or foreclosure in Ontario. We will explain how to stop a power of sale or prevent an eviction.
You can find more foreclosure information at our web site http://www.powerofsalesontario.ca/