Wednesday, March 25, 2009

Pre Power of Sale Properties question and answer

Hi Mark,
I understand what you have said about new and changed Power of Sale Properties in the GTA.
But Mark don't you have people calling you occasionally who are in fear of going into power of sale and ask you to sell there home for them before the bank takes over?
Thank you,
VE
Hello VE,
Yes, occasionally I get people who are in trouble and have been served POS proceedings, but often by that time they are so far behind that it will sell for less when it eventually goes POS.
I have one person right now, but they are 5 months behind, the bank just wrote them for the final time and their mortgage, arrears interest and bank legal fees are about 25k more than what the property is worth.
In this case the people will just wait it out, let the bank sell the property and then leave.
I will keep you signed up to the list, their are some very good deals that come out of that list, just have to keep watching.
Thank you,
Mark

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