Anyone who wants to stop a Barrie power of sale or foreclosure must weigh all their legal options. This is not always easy but thankfully, our Barrie staff have been stopping these actions for several years. We will explain the possibilities and finally recommend the most beneficial alternative for your situation.
Barrie is on the shores of Kempenfelt Bay, on the western arm of Lake Simcoe. The central Ontario city is in the famed Golden Horseshoe and one of the densely populated industrialised parts of the province. According to the 2016 census, there were 141,434 people in the area with an elevation of 252m. Barrie was originally an establishment of warehouses and houses on an Aboriginal transportation route. The city is accessible from Highways 26, 11, and 400 and notably, it does not have major rivers within its limits. There are several communities in the city including Cundles, Painswick, Eastview and Holly to name a few. Coca-Cola Bottling Company, Sun Media, BMO Data Centre and IBM Canada Data Centre are some of the major employers in the city. Despite being home to several major companies, Barrie has long been considered the bedroom community for commuters to Toronto. It is one of the best places to live in Canada, featuring among the top 50 cities in quality of life rankings.
The power of sale process can begin after a mortgage has been unpaid in excess of 15 days. The lenders must send a Notice of Sale Under Mortgage to the homeowner who has about 35 days to pay the listed fees. If the Notice of Sale Under Mortgage isn’t handled, a statement of claim is issued outlining all fees accompanying loan settlement. These are mortgage fees, lawyer charges and other additional costs among them unique charges in Barrie. When a borrower fails to pay the statement of claim, the mortgage holder will issue a writ of possession and request an eviction. the lender can sell your house in a power of sale to recover their investment but that doesn’t grant them title to the property. This means that the borrower gets back any remaining funds from the action but that is usually a small sum after additional legal fees. Foreclosure means that you will lose ownership of the home to the lenders and that includes remaining equity.
When lenders or banks use foreclosure or power of sale on a property, there is an option of paying the mortgage holder or just allow them to sell your home. If a home is in foreclosure by a bank in Barrie, our staff will go over your options. The most important factor in this situation is equity and if it is enough you can use it to negotiate a new loan or sell the property for the cash to settle the loan in default. If there are more debts than the value of a home, you need our experts to help in making an appropriate decision. The lenders, in this case, might take away some of your income to recover the investment. Average equity is what most people facing a power of sale in Barrie have, and this calls for expert help when making a decision.
Finding homes under foreclosure or power of sale can be quite difficult considering it is not a requirement to state this when selling. Things become even harder for the person interested in such properties because there isn’t a general database for such. There can be great deals for buyers of homes under a power of sale or foreclosure but they should understand all the laws governing such properties before closing the deal. Our specialists will guide you through the process and help you by giving information on latest listings for the properties you seek. We help sellers make the most money from their home before banks sell it and connect buyers with the right property for the best possible price.
There are high legal costs associated with buying and selling homes in foreclosure. These are also quite unpredictable and the buyer must adhere to certain terms and conditions like the AS IS condition and limited ability to inspect a home. For these and other reasons, it is advisable to use a lawyer for all such deals.