Power of Sale Homes Listings
What is Power of Sale? “Power of sale” is when the homeowner defaults on the mortgage payments. The bank then sells the property in order to cover the amount still owing on the mortgage. The Lenders often has a built-in clause in the lending Agreement which gives them the Power to Sell the property in case of mortgage default.
When a home is being sold by power of sale it means the mortgage lender, not the homeowner, is selling the property. It's a remedy available to a lender when the homeowner defaults on their mortgage
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