Stop Power of Sale

Stop Power of Sale If you are looking to apply for a power of sale second mortgage to stop power of sale, we offer 2nd mortgages for any situation.

Call us today to Stop Power of Sale and learn how to put an end to mortgage default.

Top 5 Reasons to Apply for a Second MortgageA second mortgage can benefit your finances in a number of ways. It is a gre...
04/01/2020

Top 5 Reasons to Apply for a Second Mortgage

A second mortgage can benefit your finances in a number of ways. It is a great way to consolidate higher interest credit card debt, stop mortgage default, can increase your credit score, and allows you to pull valuable equity out of your home. Below are the 5 main benefits of a second mortgage:

1) Consolidate your Debt - A second mortgage can be used to pay down other more expensive credit card debt, or other high interest loans.

2) Stop Mortgage Default - Using a second mortgage to pay off overdue interest payments will stop mortgage default and power of sale.

3) Increase your Credit Score - Using a second mortgage to pay down credit card debt will increase your credit score, and allow you to apply for a lower interest mortgage 6-12 months later.

4) Cheaper than Refinancing - A Second mortgage is often cheaper than refinancing. You can avoid hefty breakage fees and benefit from a lower interest first mortgage.

5) Free-up Home Equity -This equity could be used for a new investment opportunity, to buy new property, or to renovate your home prior to a sale in order to sell for a higher amount.

Applying for a second mortgage is easier than you think with 24 hour approvals, no credit checks, income verification or appraisals needed. Learn More by visiting our website at

We offer second mortgages for all situations. If you are in an Ontario Power of Sale, we can help! Apply for second mortgage and Stop Power of Sale Today!

5 Reasons to Stop Power of Sale Before it is too LateIf you are trying to stop power of sale, this article will provide ...
03/30/2020

5 Reasons to Stop Power of Sale Before it is too Late

If you are trying to stop power of sale, this article will provide valuable insight. The Power of Sale process in Ontario can result in some important changes to how your property is sold. That is why we had our in-house real estate agent, Jaime Shedletsky, write this article.

Once a Notice of Sale is delivered to you, you have approximately 2-3 months before your private mortgage lender can issue a writ of possession. The lender can then proceed to list your property under a Power of Sale. We explain this further on our website. Many issues can result along the way that can make this process undesirable for potential buyers and the home owner. Selling under Power of Sale will usually result in a sale well below market value, often wiping out large portions of your home equity for no good reason. There are a number of reasons why selling under Power of Sale will result in a lower sale price.

Why is it Important to Stop Power of Sale in Ontario?

1) Under a Power of Sale, the Lender is required to make a “reasonable effort” to sell your home for market value. Unfortunately the Lender is mainly concerned with getting only their mortgage commitment repaid, and not maximizing the sale price for you. So the result is often the Lender taking the first offer, and moving on. So if your home is worth $1,000,000 and is sold even 5% under market value by your Lender, that is $50,000 that you will lose in addition to real estate selling costs of another. If your home is sold well below market value, and the Lender charges high fees to sell the property, your equity that is left over will be severely diminished

2) Poor marketing or a failure to market your home at all, in part due to item (1) above

3) Lenders will often have an appraisal done prior to listing your home. Appraisals often come in below-market value, not taking into account value-added qualities that your home as over other comparables.

4) While selling under a Power of Sale, the Lender must sell the home in “as-is” condition, with no assurances on the property. Buyers will discount the as-is status resulting in a lower sale price.

5) Lenders often require longer than normal irrevocable periods to allow for review and signing of many participants. This could deter buyers from participating in a Power of Sale process

Learn more on our website where we provide a number of articles and resources to better understand second mortgages and the power of sale process in Ontario.

Our Service Areas:

Toronto and the GTA
Markham
Ajax
Oshawa
Whitby
Barrie
Pickering
Milton
Oakville
Newmarket
Brampton

We offer second mortgages for all situations. If you are in an Ontario Power of Sale, we can help! Apply for second mortgage and Stop Power of Sale Today!

Looking to Apply for a Second Mortgage? Here’s What you Need to KnowIf you are looking to apply for or a second mortgage...
03/30/2020

Looking to Apply for a Second Mortgage? Here’s What you Need to Know

If you are looking to apply for or a second mortgage in Toronto, or are caught in an Ontario Power of Sale, time is of the essence. Below we outline the 3 reasons why you need to be organized BEFORE you apply, and not after

What do you Need to Know When Applying for a Second Mortgage?

1) Requirements to Apply for a Second Mortgage

The first documents you need before you apply for a second mortgage are your financials. This includes T4, T1, self-reported income, NOAs, financial statements for corporations, proof of property insurance, current mortgage statements from existing lenders, and your last property tax bill to name a few. These documents must be ready to go, or most lenders will not begin looking at your application. For example, how is a lender supposed to approve your mortgage application if they do not have confirmation of your income? Are current mortgages and taxes being up-to-date? This will have the largest impact on how long your approval takes.

2) Be Organized

If you can show that you are organized, a lender will view you as lower risk. Borrowers that are unorganized and cannot produce basic financial documents will scare lenders away and result in higher interest rates. If a private lender sees that you already gone the extra mile to have the required documents in order, it is a sign that you are a reliable. The lender will believe that you will make interest payments on time as well. We can’t stress this enough!

3) Stop Power of Sale

The time of approval for a private second mortgage can be the difference of you being in mortgage default or entering the Ontario power of sale process. The more organized you are going into this, the faster your private mortgage will be approved, and the better chances you have of avoiding default and the fees associated. This also applies for after your mortgage has been approved. Staying organized and providing the right documents to your lender on time, especially when it comes to mortgage renewal, will save you in the long-run. A lender is more likely to renew your mortgage when the time comes if you are organized, as this is a big sign of your risk as a borrower. See our post on why you should Apply for a Second Mortgage BEFORE you are in a Power of Sale.

Read our post on 5 Secrets to get you the Lowest Rate Second Mortgage in Toronto to learn more, especially before you apply for a second mortgage. Learn more and contact Stop Power of Sale today for more information on second mortgages and refinancing options.

Our Service Areas Include:

- Toronto / GTA
- Ajax
- Markham
- Oshawa
- Whitby
- Barrie
- Pickering
- Milton
- Oakville
- Newmarket
- Brampton

We offer second mortgages for all situations. If you are in an Ontario Power of Sale, we can help! Apply for second mortgage and Stop Power of Sale Today!

5 Secrets to Get you the Lowest Rate Second Mortgage in TorontoAs a borrower looking for a second mortgage in Toronto, y...
03/30/2020

5 Secrets to Get you the Lowest Rate Second Mortgage in Toronto

As a borrower looking for a second mortgage in Toronto, your top priority is getting the lowest rate second mortgage. Over the years we have discovered a number of unique ways that will result in the lowest rate private mortgages.

How to Get Approved for a Low Rate Second Mortgage?

1. Tell your Story:

Every borrower has a story that relates to why they are applying for their loan. Most brokers are too focused on what is on paper – your credit score, loan to value (LTV), appraisal value, T4 income. They forget to tell your story to the lender – Who are you as a person, a couple? What is your career back-round? Why are you more likely to repay your second mortgage than someone else they are considering? Lenders are people too, and if they can understand your situation, outside of numbers on a page, they are more likely to get comfortable with you as a borrower, and offer you a lower rate second mortgage. This is the single most important job for a broker, yet 95% just pass your “numbers on a page” off to the lender and accept the rate they offer

2. Push your Appraisal Value:

Just because your home appraisal comes in at a certain value, does not mean we cannot explain to private lenders why your home is actually more valuable than the appraised amount. Perhaps you put extra money into renovating a bathroom or kitchen. You may have a better location in the neighbourhood compared to other homes that have sold nearby. Privacy from trees, wider parking spot, better view… the list goes on. It is not uncommon for appraisers to rush their valuation and ignore some of the thing that make your home more valuable. If we can explain why your home is more valuable to private mortgage lenders, they may offer you a lower rate

3. Explain your Reported Income:

Often times your T4, or self-reported income, is actually lower than your actual income. It is extremely important to explain to private lenders why your income is actually higher than reported. If this isn’t done, the lender will only see a low number on a page and move-on. If you are self-employed, we like to share your top-line revenue numbers, rather than net income, understanding that every business has write-offs that drive income down. This resonates very well with private lenders

4. Offer Pre-paid Interest for Second Mortgages:

If you can offer to pre-pay your interest, oven for only a portion of the loan duration, private mortgage lenders will view your loan as a lower risk. They no longer have to worry about being paid every month, or cheques bouncing, or a power of sale process

5. Offer up Additional Collateral or a Guarantor:

Lenders in Toronto are all about assessing the risk of your loan. If you can lower this risk, you will be awarded with a lower rate private loan. Consider putting up another property you have as collateral, perhaps a cottage, store, or close relative’s home. Even having a spouse or relative sign as a guarantor can significantly improve your interest rate

If you are looking to get the lowest rate second mortgage in Toronto, call Stop Power of Sale today to discuss your options. We suggest reading our other second mortgage and power of sale articles on our website at https://secondloan.ca/

We provide second mortgages to following areas:
- Toronto / GTA
- Markham
- Ajax
- Oshawa
- Whitby
- Barrie
- Pickering
- Milton
- Oakville
- Newmarket
- Brampton

We offer second mortgages for all situations. If you are in an Ontario Power of Sale, we can help! Apply for second mortgage and Stop Power of Sale Today!

Address

521 Atlas Avenue
Toronto, ON
M6C3R4

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+14162622054

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