(MENAFNEditorial)
Power of Sale Ontario is a specialist company in Ontario and the only Ontario company that specializes in stopping power of sales and foreclosures .
The company is reporting record numbers of people needing the foreclosure and power of sale stopping service.
With Canadian mortgage rates at record lows many people are taking greater financial risks and subsequently defaulting on payments. In a move that surprised all Canadian economists the Bank of Canada reduced its interest rate from 1% to .75%. This move was a response to dropping oil rates but will have dramatic effects on the rest of the Canadian economy. Prompted by the change by the Bank of Canada RBC has reduced their five year fixed rates by .1%.
Critics say that the worst is yet to come in terms of the number of evictions. Many people are hardly able to currently make mortgage payments and the number of foreclosures in Ontario is predicted to spike. Toronto’s condo market is of particular concern. Many condo building are being built but it is uncertain if Toronto’s strong demand for condos will be maintained. Many condos are being presold before they are completed and a lack of demand would have a strong negative impact on Toronto’s overall real estate values.
According to an article in the Toronto Star there has been a spike in the number of power of sales in the Greater Toronto Area. Statistics on power of sales and foreclosures are not tracked by any public or private agency. According to real estate brokers who deal with Ontario power of sales there are 472 such properties listed for sale up from 44 percent in last year. Despite the increased number of power of sales there are very few companies that can effectively deal with them.
Stopping these legal processes is the specialty of Power of Sales Ontario. Most mortgages brokerages do not have the expertise to understand the complex legal documents involved with power of sales. As a result these brokerages fail to consider all the different alternatives and have a low success rate. By stopping power of sales people are able to save thousands that typically are eaten by legal and administrative fees.
Ronald Alphonso (President of Power of Sale Ontario) has said that "For the past year or so we’ve been inundated by the number of people needing assistance in this area. Its just one example of how mortgage brokerages have not kept up with demand.”
Have any questions regarding a power of sale or foreclosure please email ron@powerofsalesontario.ca or call 647-385-2122.
Ronald Alphonso is a mortgage agent licence number M11001286 and operates powerofsalesontario.ca
You can find more info on power of sales at http://www.powerofsalesontario.ca/
Contact:
Ronald Alphonso
647-385-2122
Toronto Ontario Canada
ron@powerofsalesontario.ca
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