People trying to stop foreclosure or a power of sale must understand what legal options they may have in resolving both procedures. A Hamilton power of sale or foreclosure is a serious matter that requires you to act immediately to have it resolved. Our Hamilton professionals have many years of experience in stopping the power of sale or foreclosure process and can help clients make the best decision according to their circumstances.
Hamilton is a port city on the western tip of Lake Ontario and the centre of the densely populated Golden Horseshoe region of the province. It is home to various attractions including the Royal Botanical Gardens, Canadian Warplane Heritage Museum and Bruce Trail among much more. The 4th best university in Canada, McMaster University is located in Hamilton as well as the Canadian Football Hall of Fame. Manufacturing is the main economic activity in the city with steel being the main product. More than half of Canada’s steel is produced in Hamilton which is duly called the Steel Capital. The population density in 2016 was 536,917 and that is bound to grow as more people seek residence in the industrialised port city of Canada. More people are coming in from the GTA to Hamilton where they can find great quality homes for a fraction of the price in Toronto. The geographical position of Hamilton also makes it a great place to live with enough room to play; on the trails and other great locations.
A lender can activate a Hamilton power of sale if a loan is in default for 15 days. The homeowner will receive a ‘default notice’ giving them 35 days to take action after which a ‘statement of claim’ will be sent. The document is, in reality, a list of charges and fees associated with the loan settlement such as legal, due land taxes and mortgage fees among other rates unique to Hamilton. If you fail to pay the statement of claim, lenders will go on to issue a writ of possession and then request an eviction. With a power of sale, the lender doesn’t get title to the property but rather the right to sell it and recover their investment. This means that a homeowner has right to remaining money from a power of sale unlike in a foreclosure where the lender gains the title to the property. A homeowner who loses their home in a power of sale has no right to remaining equity in the property but lenders would rather use the power of sale which is the cheaper option.
When you face a power of sale or foreclosure, the best action to take is to try and pay up in order to stop it. This is only possible if you have sufficient equity to act as collateral for another loan. The money will be used to pay off the existing mortgage and all fees. If you do not have enough equity, it is impossible to get another loan and you need special assistance from our experts. In such a situation, a lender might take some of your income to recover their investment. Many Hamilton residents have average equity which requires specialist advice if they want to make the most suitable decision.
It is never easy finding homes in the power of sale or foreclosure that are listed for sale. This is due to lack of a general database for such properties as well as the fact that it isn’t required that one states their intent to sell a property in Hamilton. While it can be a great deal buying such properties, it is also highly risky for the buyer. We offer to advise on how to avoid common mistakes and also provide insider information on properties in foreclosure or power of sale. Our goal is to ensure that the borrower makes the most money from their property before the mortgage lenders come calling. We also help clients interested in properties under the power of sale to get the best deal out of a property.
Fees for such properties are very high and often unpredictable. This coupled with myriad terms and conditions for the buyer make it all too risky, hence the recommendation for a good lawyer. A lawyer will help with the necessary documentation to ensure the buyer gets true value for their money.