“We handle a lot of powers of sale, foreclosures, that kind of stuff; Toronto Life was looking for situations in Toronto where people were being kicked out of their house or being foreclosed on,” Matrix Mortgage Global’s Alphonso told MortgageBrokerNews.ca. “They called me and I gave a few cases of clients we’ve worked with.”
One of those cases was a power of sale for a house in the Davenport/Dupont area in Toronto. Alphonso says he stepped in and convinced the lawyers working the case not to sell the home.
He also put a halt on the clients’ eviction.
“It took about 3-4 months to sell the house, but the lawyers eventually got paid,” Alphonso said. “Clients purchased a house in Bobcaygeon (Ontario), and I arranged the financing for them, based on the fact that the other house would be sold.”
Alphonso admits these deals aren’t the biggest money-maker, despite the fact that they take up a great deal of his time. So why does he do them?
“We do have some excess time, people ask us for help, and as long as we make our margins on it we’ll do it; if we can’t make our margins, we tell them their alternative options,” he said.
They also result in happy clients who become repeat customers.
“That’s exactly what happens,” Alphonso said. “And the real estate agents love us, so they refer their clients to us.”
Alphonso says he got into this segment of the business three years ago, when he noticed a number of his clients being foreclosed on.
“We let the lawyers take care of it and at the end of the day I didn’t get any money; this happened a couple of times … the lawyer would start the power of sale process and after the power of sale there would be nothing left for us,” he said. “Self-preservation is why we got into it. Especially because we took on a lot of high risk mortgages, we couldn’t afford to keep taking the losses.
MBN
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