Power of Sale

Power of Sale provides a mortgage lender with the ability to evict the property occupants and sell the property if the Borrower is in Default of the mortgage. The Lender has a duty to sell the property at a fair market value. Once the property is sold, the former homeowner has the right to any profits from the sale after deducting debt repayment and fees. Lenders do not profit from a Power of Sale. Most lenders would rather the borrower pay off their debt than sell the property under Power of Sale. Power of Sale is a much faster process (can often be completed within six months, depending on the jurisdiction) than Foreclosure and requires less involvement from the court system.