In Hamilton a power of sale is the most common legal tool that lenders use to recover money when a borrower goes into default. The power of sale process can be completed within a couple of months at which point the owner is evicted and the house is sold. If your property in Hamilton is in foreclosure or power of sale please call us for assistance.
Hamilton is a port city in Ontario with a population of 519,949 according to a 2011 census. Founded by George Hamilton when he purchased the Durand land shortly after the War of 1812, it has since become a central hub for the densely populated and industrialized region near the west end of Lake Ontario commonly known as the Golden Horseshoe. On January 1, 2001, the new City of Hamilton was formed through the gathering of the old city and the other nearby municipalities, namely the Regional Municipality of Hamilton-Wentworth with the upper-tier regional government. Residents are known as Hamiltonians. Since 1981, this metropolitan area was been listed as being the ninth largest in Canada and the third largest in Ontario.
A power of sale will result in the property being sold for the market value. The property can also be sold for a price well below market value. The proceeds of the house sale will be used to pay all outstanding bills. The original owner will receive any money left over after the bills are paid.
A power of sale could be started after the particular mortgage has defaulted for in excess of 15 days. The lender must forward a letter to the home owner. The homeowner has about 35 days to help acknowledge the “default notice”. If there is no response a “statement of claim” will be issued. The “statement regarding claim” will outline the many costs accompanying settling the mortgage. Including the mortgage key, land taxes due, lawyer fees and also any added fees or some other fees that are unique to Hamilton.
When the “statement of claim” is not paid the lender can issue a writ of possession and the request an eviction.
To prevent a power of sale or foreclosure in Hamilton call our representative for a free consultation.