If you ever want to resolve a Kingston Power of Sale and Foreclosure, there are some legal options to go by. Our Kingston staff have been stopping these actions for many years and we will explain your choices as well as the appropriate action to take.
Kingston city is in Eastern Ontario, at the beginning of Cataraqui River and the mouth of St. Lawrence river. The strategic location made this an important city for military troops since the late 17th century when Fort Frontenac. Kingston is also referred to as “Limestone City” by the locals, perhaps in reference to the number of heritage buildings built using limestone sourced locally. Kingston has many historic properties, with 1211 buildings listed on its heritage register according to the Ontario Heritage Act. Tens of the National historic sites of Canada are located in Canada. Tourism is a major income earner for many in Kingston who are employed in the tourism industry. The tourism industry continues to grow as more people take advantage of tourism campaigns to catch a glimpse of important world heritage sites and other spectacular locations.
A power of sale can begin when a loan has been in default for more than 15 days. The lender has to mail a letter to the homeowner who should respond in about 35 days by paying listed fees. If they fail to pay the fees stated in the “Notice of Sale Under Mortgage” when the time elapses, mortgage holders will issue a “statement of claim” which is a list of many fees accompanying the mortgage settlement. When the statement of claim isn’t paid either, the lender will issue a “writ of possession” and then move to evict. The power of sale action only gives a mortgage lender the right to sell a property in an attempt to recoup. Therefore, a homeowner is entitled to remaining funds from the sale of a house unlike in a foreclosure where you will lose all equity. The mortgage, in this case, gets the title to the property so they can do as they like.
When a lender uses a power of sale or foreclosure in your home, there are options to take in order to keep your home. If a bank is foreclosing your property in Kingston, you need to consult our staff who can help you make the right choice. The most important factor when trying to resolve a power of sale is equity left in the home. If there is enough, you can sell a home or get another loan to use in settling a mortgage in default. If the debts are too high compared with the home’s market value, you should consult with a specialist to determine the best course of action. Most people in the city have moderate equity which also demands professional help to ensure resolution. All attempts to stop a power of sale must be hurried as it is a time-sensitive process that gives limited time for the borrower to resolve.
Many people are interested in buying houses in foreclosure and power of sale but finding them isn’t easy. The law doesn’t require one to state when selling such properties, nor is there a special database for them. These types of homes can be a great bargain for interested parties but they must be fully aware of the rules to avoid incurring losses. Our experts can provide vital information needed to avoid common pitfalls as well as recent listings for home under a power of sale and foreclosure that are on sale. Our main goal is to get buyers great properties for lowest possible rates, ensuring sellers get the most money for a home before it is sold off by the banks.
There are many high and unpredictable costs associated with the purchase of a home in foreclosure or power of sale. In addition, the buyer must agree to several terms and conditions with such a sale like the limited ability to inspect a home and “AS IS” conditions. Thus, we recommend a lawyer for any foreclosure and power of sale deal. They will help you get the documentation right to prevent problems after the deal is closed.
