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A power of sale is a clause written in a mortgage note which gives the said mortgagee authority to sell property that has been used as collateral, in the event of failure to pay the mortgage debt. The borrower can however recover their property if they pay off the interest and foreclosure sale price plus fees.
The lender basically has the right to take possession of property through a legal process known as foreclosure.
We will give some Power Sales Training website programs towards the end of this article.
This clause is legal in many US states, which is in accordance with Article 14 of Real Property Actions and Proceedings Law of the State of New York. The lender can also sell part of the mortgaged property at a sale or auction. The clause is non judicial which means it is settled out of court.
The lenders have the power to evict the current homeowners and sell the property to recover their money. It doesn’t happen instantly though, you are issued a warning notice two weeks prior to the eviction, along with the price that has to be paid. There’s also a redemption period about a month approximately, which is your final chance to stop the power of sale from proceeding.
How to Prevent it
By paying off your debts of course! If push comes to shove, taking loans or raiding your savings may be the only options left to save your property from being taken away. This can be done during the redemption period.
If that seems unlikely, your next option is a second mortgage, a home equity loan or home refinance. There are also many cooperative money lenders who may be willing to extend and overlook credit and income.
But of course, prevention is better than cure. Some helpful tips are:
- Don’t ignore your payments or leave it till the last minute.
- If you feel like you’re going to run into debt issues, contact your lender immediately. The sooner you let them know, the quicker they can find solutions for you.
- Educate yourself on your mortgage rights. Do your homework, read up on the foreclosure laws, clauses, pros and cons as well as what can happen if you don’t pay up. Also read about the specific laws according to your state.
- Make use of other assets. Things like cars, jewelry or life insurance can come in handy to reinstate your loans. Taking up extra jobs, basically anything to increase cash flow to make sure you have a significant amount.
- Yes, there is an actual university dedicated towards power sales training. It includes interactive sessions, modules, tests and thorough tracking and monitoring. Regardless of prior experience or qualifications, they take anyone that’s interested in their program.
- The power sales training program offered by Molloy Sales Development Group is one to consider as well. A six level certified sales program, it focuses on those with previous knowledge or experience with online lessons, workbooks, videos and tests ending with a certificate.