Power of Sale
For a lender, there is nothing worse than a borrower defaulting on their mortgage. A Power of Sale is a powerful contractual remedy that allows the lender to sell the property and collect on its debt.
There are a number of pitfalls for the unwary when it comes to Power of Sale. For example, while a Power of Sale can take place without a court proceeding, it is often the case that a court action does need to be commenced so that the lender can obtain possession of the property and/or collect any shortfall if there is insufficient equity in the property.
In every case, time is absolutely of the essence, as every day that goes by allows a borrower to live in the property without paying their mortgage, all while interest continues to accrue.
The lawyers at Powell Litigation understand the nuances of the Power of Sale process and can ensure that you collect your debt in as short a time as possible with as little expense as possible.
Click here for answers to the most frequently asked questions on the Power of Sale process.
While the lender is entitled to its debt, it is not entitled to excessive fees.
Powell Litigation can help borrowers whose property has been sold through Power of Sale in two ways: first, we can ensure that you are not paying any unjustifiable expenses; second, we can make sure that the sale of your property took place at fair market value and, if the sale was improvident (below fair market value), we can hold the lender responsible for your loss.
To contact us about your Power of Sale situation, simply call us at (647) 360-7147 or fill out the contact form on this page. We look forward to hearing from you!