If you ever want to stop a Bradford power of sale and foreclosure, it would be wise to learn about the legal options available. Our professionals have many years of experience in stopping power of sale and foreclosures. We explain all the possibilities and even help our clients make the best decision for their situation.
This is an urban area in Ontario, overlooking The Holland marsh, a farming region on the Holland River. The river was named after the first surveyor general of British North America – Samuel Holland, who went through when on one of his explorations. Three Irishmen were the first settlers you cross the Holland River in 1819 but the pioneers to Bradford and areas close to it were mainly Irish protestants. A few years after the Northern Railway of Canada was built, Bradford was declared a town with about 1000 residents. Village Inn Hotel is an important landmark in Bradford and it is still operational today, since the 1900’s. The hotel has survived two fires and was once hit by a crane but it has since been remodeled. Statistics in 2006 census indicated that there were 24,039 residents in the local census unit of Bradford West Gwillimbury. There are different cultures represented here by British, Portuguese, German and Hungarian people. Most of the people in the urban area are of European descent. On the intersection of County Road 4 and 8, is Bradford’s downtown core. Public transit is a new and very limited concept in the town with 2 bus lines running across town during the day.
The process of power of sale or foreclosure may begin as soon as a loan has defaulted for more than 15 days. The lender triggers action by sending a “Notice of Sale Under Mortgage” alerting the borrower to pay up in 35 days or less. If this does not happen, the homeowner will get a “statement of claim’ which is a document indicating all the many charges to accompany mortgage settlement. If you can’t pay the mortgage and fees on time, there will be a writ of possession issued, before the lender requests to evict you. The eviction is necessary as it paves way for the sale of your home so the lender may recover their investment. The power of sale only allows the lenders to sell your home for their money but it doesn’t give them the title to it. This means you are entitled to any change from the sale but that isn’t much after legal and other fees.
When lenders use power of sale and foreclosure on your property, it is important to consider your options. You could sell it or take a second mortgage for the much-needed cash but this is only possible if you have sufficient equity in the home. If you have more debts than the home’s value, it would be good to get expert help. Many residents of Bradford have average equity and they must, therefore, seek the help of our specialists if they are ever faced with foreclosure.
These are not easy to find because Bradford doesn’t have a special database for homes under foreclosure and power of sale. The sellers aren’t required to state the nature of properties, which makes it even harder for potential buyers to narrow down their searches. Properties under power of sale and foreclosure can be very profitable, but only if the deal is done according to the rules. Many who didn’t follow regulations lost their money. Our professionals can help you avoid common mistakes and even point you to the homes you seek. We help buyers get the best homes for the lowest price and sellers make the most from their homes before the banks close in.
The legal costs and fees for homes in this state are often high and unpredictable. In addition, potential buyers must meet several terms and conditions. The “AS IS” and “limited ability to inspect” conditions are not always favourable to the buyer looking for foreclosure homes. For these and other reasons, it is advisable to use a good lawyer on all power of sale and foreclosure deals.