Our home page provides a list of answers for questions that you may have regarding a power sale or foreclosure in Peterborough, Ontario. If you have a home or property that is in power of sale in Peterborough we recommend that you consult with us and a lawyer as soon as possible.
The power of sale process in Peterborough could result in you home being taken away from you and sold for any price that the lender determines is acceptable. If there is a substantial amount of equity in the house you should act quickly to protect you equity. If you have additional questions you call us.
A Peterborough power of sale is usually started after the particular mortgage has defaulted for over 15 days. The lender must send a letter that says that the home buyer is in default of the the home loan in Peterborough. The house buyer has 30 days to correct the “default notice”. If the default is not corrected the lender has the right to send a “statement of claim”. The “statement of claim” will outline all related to paying off the mortgage. This consists of the mortgage principal, property taxes, lawyer fees and any related fees.
If your “statement of claim” is not paid the lender has the right send a sheriff to the home in Peterborough. The sheriff will remove any occupants and take control of the home and give possession to the particular mortgage holder.
If you are in the middle of a power of sale or foreclosure, you will lose equity. A power of sale in Peterborough can be completed in less than six months. Lenders must inform the homeowner of their intent to sell the property. The Ontario Mortgage Act gives you the ability to stop a power of sale. You can do this by paying off the mortgage or bringing it into good standing. Lenders can sell your property for any price but they are required to “try” and sell it for fair market value.
We have a team of people who are experts in Peterborough. Please contact us for help on your power of sale or foreclosure issues.