Toronto, ON -- (SBWire) -- 04/07/2016 --If you are facing a power of sale in Brampton, the Mortgage Broker Store can help. When homeowners fall behind on their mortgage payments, lenders can quickly take possession of their home. In Ontario, lenders use a legal process called a power of sale. If a homeowner stops meeting their mortgage payments, this process allows the lender to put the home up for sale in order to recuperate the full amount of the loan.

"Sometimes, people fall behind on their mortgages," says Ron Alphonso, licensed mortgage broker and owner of the Mortgage Broker Store. "It happens. What's important is how someone then deals with the situation."

Lenders looking to collect on delinquent mortgage debt must follow strict guidelines. They first issue a Notice of Default. If the owing mortgage payments are not paid in full within thirty days, the lender then issues a Statement of Claim.  The last step involves an Eviction Notice, which is enforced by a sheriff if necessary. The entire process takes a minimum of 120 days.

Homeowners who run into this type of financial trouble do have options. They can take out a second mortgage, they can refinance their first mortgage, or they can decide to sell their home. If they are stuck in a bad situation with a predatory lender, they can also take legal measures.

Most homeowners in Brampton want to stay in their homes, even when they have fallen behind on their payments. To do that, the first step is to stop the power of sale. This often involves negotiating with lenders to stop their legal action. It also involves paying in full all missed mortgage payments and fees, which can be done with the help of a small loan.

Alphonso points out that in order to stop a power of sale, homeowners need to act quickly. "Take action and contact a mortgage professional," says Alphonso. "We can come up with a plan to stop the power of sale right away. Then we can work on a long-term solution to solve the underlying problem. Along the way, the client gets to stay in the driver's seat."

About the Mortgage Broker Store
At the Mortgage Broker Store, licensed agents work with homeowners who find themselves in many difficult situations. The agents sometimes negotiate financing that lets the client keep their home. Other times, they issue short-term loans which allow homeowners to prepare for resale. They can issue first and second mortgages, as well as deal with power of sales and foreclosures.

For more information on stopping a power of sale in Brampton or any other city in Ontario, contact the professionals at the Mortgage Broker Store. Call them at 416-639-0786 or visit their website: http://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