If you would like to stop a foreclosure or power of sale on your property in Brampton, we may be able to help you. If your situation is urgent please call us and have any legal documents from your lender ready.
Lenders in Brampton typically use the power of sale legal process instead of the foreclosure process. Power of sales are less expensive and a more expedient process than a foreclosure. Mortgage lenders may sell the house for any amount money but they must first try to get fair market value for your house. Even if your house has a large amount of equity, lender fees and legal costs can consume all of the home equity. We therefore recommend that homeowners act quickly before the costs get out of control.
A Brampton power of sale is often started after the particular mortgage has defaulted. The lender will send a notice that states that the home owner is in default of the your mortgage. The home owner has about 35 days to correct the default. If the default is not corrected you could receive a “Notice of Sale Under Mortgage” or a “Statement of Claim”. The “statement of claim” will outline all the costs related to paying off the mortgage. This involves the mortgage main fees, land taxes stated to be paid, lawyer fees plus any added fees or any fees that are generally unique to Brampton.
If you are not able to satisfy the mortgage holder claims, the lender has the right to send a sheriff to your home in Brampton and evict you.
To stop a power of sale or foreclosure in Brampton, please contact us for a free consultation.