Home Rent to Own | Power of Sale/Foreclosure | Credit Management Homeownership Re-Engineering - How You Can Save Yo - Page 5

Understand the foreclosure in Canada • There’s always a smooth available way out of foreclosure. One thing you need to understand that the bank does not starts foreclosure just after the homeowner misses one payment. The foreclosure process can be really expensive and the lender avoids getting into it and prefers finding a way out of it. • There is a possibility for planning an alternative plan for payment of the mortgage to avoid foreclosure. The reason behind foreclosure is to recover the losses, so if an alternate payment plan is given this will save the losses. • Another thing that should be understood that in many states foreclosure is not in practice. Beside forecloses, those provinces consider the power of sale as a more feasible option because foreclose involves court interventions that require time and money. In power of sale, there are no such court interventions.