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Sault Ste. Marie Power of Sale and Foreclosures

Sault Ste. Marie is a city located in Ontario, Canada. It is in Northern Ontario and is the 3rd largest city in the province. The area was settled by French missionaries. The city’s name means “Saint Mary’s Falls”, or “Saint Mary’s Rapids”. People who live in the city are reffered to as Saultites. French Jesuits claimed the area in a mission in 1668. The city is one of Canada’s oldest settlements and developed due to the fur trade. South of the city is the U.S. and the city of Sault Ste. Marie, Michigan.  These cities are joined by the International Bride. The Sault Ste. Marie Canal is a popular spot for water based recreation. The city’s economy heavily relies on steel-making.  Algoma Steel is the largest employer with about 4000 workers. During the 1940s, chromium and steel industries were important for the war effort in the U.S. and Canada. Steel was needed for military machines and also the railway. When Algoma Steel was bankrupted many were laid off but it was bailed out by the Ontario government. Another large company in the city is OLG (Ontario Lottery and Gaming).

 

To get to the city’s official website please click here

 

A power of sale in Sault Ste. Marie should end in your home being removed from you and sold for any price that the lender determines is acceptable.  If there is a lot of equity in the house you must act quickly to keep your equity. If you have additional questions you contact us.

If the default is not corrected then the lender may send a “statement of claim”.  The “statement of claim” will outline all the costs related to paying off the mortgage. This includes the mortgage principal, property taxes owed, legal fees and any other fees or charges against the property. Private lenders are the most common lenders for power of sales.

If the “statement of claim” is not paid off the lender will send a sheriff to the home. At this time the sheriff will evict any occupants of the house.

 

To stop a power of sale in Sault Ste. Marie contact one of our mortgage agents.

 

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