When is a Power of Sale, NOT a Power of Sale?
When the Sheriff has been summoned to go out and change the locks on the clients door, how is it possible that we can stop a power of sale?
When is a Power of Sale NOT a Power of Sale? When a lawyer and a Mortgage Broker helps a client keep their home. That’s when.
The Sheriff is on their way out to the home to change the locks on their doors.
As a mortgage broker, we occasionally have clients that are power of sale. That means they have already received an eviction notice and the Sheriff is on their way out to the home to change the locks on their doors (meaning they are no longer allowed back into the home and no longer have access to the contents of the home) or they are getting close to that point.
Power of Sale / Foreclosure
Sometimes, often, my clients are in that position but won’t tell me and I’m not sure why. Either they truly don’t understand the process or they are hoping it goes away or they are embarrassed. It is usually one of the lawyers who inform me. Clients need to be upfront with us when they are in this situation as we can always help. There is always a solution. These are my priority clients.
In this one particular situation, we were able to put on a new second mortgage that allowed the client to catch up the arrears of the first mortgage that had placed them in a power of sale situation. Not all banks are willing to forgive the arrears and take back a client, but in this one particular case, this bank did. It worked out for this client and this case the power of sale turned out to be not a power of sale and they did not send out the Sheriff.
If you get into a power of sale situation, give us a call, RIGHT AWAY, email, text or download our app. We are here to help you. Boss Mortgages TMC 855-755-1904