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Power of sale

Power of sale is the right of a mortgagee to force a mortgagor (applicant) to sell the property in question. The power of sale is a frequently used method by which a mortgagee will remedy a difficult financial situation because it is more often than not the simplest, fairest, and most inexpensive procedure.

When an applicant’s debt becomes unmanageable, and he becomes incapable to pay them back, his personal assets are seized in order to repay this debt. When this happens, the applicant’s property is liquidated in order to retrieve as much of the lender’s principal loan to the applicant.

To ensure that the property is sold at a fair market price, the lender will contact a real estate appraiser to give an accurate, up-to-date value of the property.

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