You should understand all legal requirements for stopping a London power of sale or foreclosure. These procedures do not always mean you will lose the property as there are ways to resolve power of sale and foreclosure. We have a team of experienced professionals who can stop any of the actions. We can also discuss your situation and help you decide on the best course of action when faced with a power of sale or foreclosure in London.
London is in the Quebec-Windsor corridor and has a large population of 383,822 as of the 2016 census. It is at the confluence of Thames River approximately halfway between Toronto, Detroit, Michigan, and Ontario. It is still the county seat of Middlesex county even if it is a separated municipality. London, Ontario is the regional healthcare and education hub of the region that is home the famous University of Western Ontario. There are several cultural events, exhibits, and festivals which attract visitors and promote the local industry. London has ample transport infrastructure including an international airport, bus station, and train. The city is famous the world over for its rich history in underground music. The city is home to the Grand Theatre which has a special place in the hearts and history of the entire country. Many acclaimed writers call London home including Emma Donoghue of Room, Kelley Armstrong, and James Reaney among others. The city ranks high in livability lists most recently of which rated it the 4th best large city of Canada to reside.
The lender will activate a power of sale if a loan is in default for 15 days. They must send the homeowner a ‘notice of default’ by mail which gives about 35 days to pay before issuing the ‘statement of claim’. At this point, you have to pay the fees and mortgage to avoid the writ of notice and eventual eviction. The fees include due land taxes, lawyer fees and any fees unique to London. Excess money from a power of sale is returned to the homeowner but things are different in a foreclosure which gives the title to the lender.
Whenever a lender decides to take the power of sale action or foreclosure on a property, you have two options. You should either stop the actions or leave the bank or lender to sell it off. If there is sufficient equity in the home, it is possible to negotiate another loan that can be used to pay off the first and avoid its sale. Without enough equity, a lender may have to take some of your wages until they are fully compensated. Most clients in London are in the middle of the equity range which demands expert advice to make the right decision. The power of sale may be cheap for the lender but it gives a short window for the borrower.
Some people specialise in the purchase of homes under foreclosure and power of sale in London. However, it is not easy to buy such a home without a general database or requirement to state the intent to sell. People who are interested in buying such properties must beware the risks involved. You should seek the assistance of an experienced lawyer to prevent losses that could occur from buying property under foreclosure. Our staff will help you avoid common mistakes and even provide information on properties in foreclosure. The main goal is to help buyers get the best deal on properties in foreclosure and the homeowner a chance to make the most from their property before it is sold off by banks. Our experts will take you through available options and help close the deal as fast as possible.
There are high legal fees involved in properties under foreclosure or power of sale and these are often unpredictable. The buyer must also abide by several terms and conditions, which is why you need a lawyer for such deals. Our professionals will help you get organised and even recommend the right lawyers to help with your circumstances.