You should consider all your legal options when faced with a Sault Ste. Marie power of sale or foreclosure. Our experts are available to serve everyone in this situation as they boast several years experience in stopping power of sale and foreclosure. They can discuss the options you can take and even recommend the best according to your circumstances.
Sault Ste. Marie is the largest city in Northern Ontario, on the St. Mary’s River. It is best known for the Sault Ste. Marie Solar park and several wind farms, that have earned it the tag “alternative energy capital of the world. Sault College, Algoma University and Lake Superior State University are some of the higher education institutions in the city. The Annual Algoma Fall Festival is a popular attraction that gathers local and international performing artists. Two-time Olympic alpine skier Brigitte Acton, martial artist Antonio Carvalho and Lila Kedrova, an Academy Award-winning actress are some of the notable people who call Sault Ste. Marie home. There are other cities in Michigan, Ireland and Portugal that also go by the name Sault Ste. Marie. This city is home to 73,368 according to the census conducted in 2016.
The power of sale process may begin as soon as a loan has defaulted for 15 days or more. It starts when the lender sends a “Notice of Sale Under Mortgage” by mail, giving the homeowner a chance to bring the loan to good standing. If this fails to spur action, the lender may choose to send a “statement of claim” which as the next step of the legal action. The statement of claim is, in reality, a document outlining the many costs to go with mortgage settlement. These include mortgage fees, land rates due and legal fees among other charges that might be unique to Sault Ste. Marie. Once the time expires when you were supposed to pay the statement of claim, the lender issues a writ of possession and requests to evict. This must happen so that the creditor can sell your home and recover their money. If anything remains from the sale of your house, the lender is obligated to give it back as they do not get title to the property. They simply prefer the power of sale to foreclosure which is a lengthy and expensive legal process. Unlike a power of sale, equity and the home are lost to the lender in a foreclosure.
When a bank or credit union comes after you with a foreclosure or power of sale action, you have several alternatives. The reaction to a power of sale depends much on how much equity is left in the home. If it is ample, you can use remaining equity to negotiate a second mortgage so you can get cash to pay off the lenders. If it is inadequate or in the mid ranges like most of Sault Ste. Marie’s residents, it is advisable to work with a professional in determining the way forward when faced with a foreclosure or power of sale situation.
Finding homes under power of sale or foreclosure that are up for sale is no easy task in Sault Ste. Marie, Ontario. This is partly because there isn’t a general database for such properties, nor is a requirement that sellers state this fact in their listings. For people interested in such homes, there could be major gains. However, you might lose lots of money in such deals if you are unaware of the rules. Our experts are available to help you avoid common mistakes and ensure you land the right house by pointing you to the right listings. Our main goal is to ensure that buyers get ideal properties for a good price and ensure that sellers make the most money possible before creditors come calling.
Fees for power of sale and foreclosure deals are high and often unpredictable. Buyers must accept numerous terms and conditions that do not always favour them. For these reasons and more, it is advisable to use a lawyer for each sale involving power of sale and foreclosure houses.