Home Rent to Own | Power of Sale/Foreclosure | Credit Management Homeownership Re-Engineering - How You Can Save Yo | Page 6

Power of sale homes – Myths Debunked
• The Power of Sale Is Not Time Consuming
– There is a proper structured procedure followed during the power sale.
It isn’t easy at it seems so all of those who consider it as a very easy
and quick process should think about it again. There are proper
documentation and legalities that have to be taken care of and must be
completed before the property is sold. Each step will take the required
time and to get a buyer who is ready to buy a power sale home also
takes time, it does not happen overnight.
• Plenty Of Foreclosure Properties Are Available.
– Mortgaging a property in Canada is much tricky, there are strict
guidelines when it comes to a mortgage. These rules and regulation
keep the rate of defaulters very low; resulting in a very low rate of
foreclosure properties. Properties are mortgaged to only those who
have the ability to pay back the money. But this doesn’t mean that you
won’t find a single house in power of sale, you will find it but really
few as compared to other countries.