Stop Power of Sale
Our client Alicia had a good paying job but was laid off. As she was struggling to find work, she eventually depleted her savings and missed a couple of mortgage payments. Soon after that, her family was served with a power of sale notice.
360Lending was able to use the equity in their home to pay off the mortgage arrears and keep the lender happy until Alicia could find a new job. We also paid down a good portion of her credit card debt and gave her $1,800 to put in a savings account.
In a power of sale, the home will be sold at fair market value and the home owner will receive any remaining equity after all the debt obligations are paid off.
|Home Sold:||At market value|
|Ownership:||Borrower's until sold|
|Extra money from sale:||Belongs to borrower|
|Lost money from sale:||Borrower's responsibility|
|$4,624 Mortgage Arrears:||PAID|
|$12,900 Credit Card Debt:||PAID|
Our client Shawn was served with a foreclosure notice after his mother passed away unexpectedly. The time away from work, funeral, and legal costs had caused an avalanche of financial strain on Shawn's family.
Our specialists were able to use Shawn's equity to pay off his mortgage arrears, and our lawyers were able to stop the bank from taking ownership of Shawn's home. We also gave them an extra $8,000 which was enough to cover the funeral expense.
Foreclosure is slightly different than power of sale. This process takes much longer as a lender must be granted the right to foreclose by a judge. In a foreclosure, the home will be sold by the lender and will likely be sold below market value. Any money remaining money goes to the lender, not the borrower.
|Home Sold:||Often under market value|
|Ownership:||Transferred to lender|
|Extra money from sale:||Belongs to lender|
|Lost money from sale:||Lender's responsibility|
|$6,200 Mortgage Arrears||PAID|
|Cash Back to Client:||$8,000|