If you deem it necessary to stop a Stouffville power of sale and foreclosure, it is essential that you understand the legal options available for these procedures. Our staff have been stopping the owner of sales and foreclosures for many years in Woodstock and we explain your options to help you select the most advantageous.
This is the main urban area within Whitchurch-Stouffville town in Ontario. The population of Stouffville in 2011 was 24,886, which was a major increase from 2006 census, which showed 12,411 people living in the area. The area is on the Rogue River and Ridges Moraine, bounded by a golf course and farmland. Stouffville urban area is 4.5km long from the Highway 48 to York-Durham line. Stouffville began to grow rapidly in 2005 owing to the Big Pipe, a new and massive sewage system. The entire area is about 2.7km wide and transportation is provided by GO transit. When there are not scheduled trains a bus service from Toronto offers service as well as York Region Transit bus 15 that goes along Stouffville Road to Richmond Hill. The closest communities are Ringwood, Bloomington and Uxbridge. The city of Markham borders Stouffville to the south.
In 1877, this became an incorporated village and in 2003, a 16th century Huron Village was discovered during land development. About 2000 people were believed to live on the site with a series of longhouses. Thousands of artefacts were discovered on the ancient settlement.
The process begins when a loan has been unpaid for more than fifteen days. Lenders respond to this default by sending a letter to the homeowner. This is called a “Notice of Sale Under Mortgage” and must be paid within about 35 days to bring the loan to good standing. If you do not settle, the lender will have to issue a “statement of claim” which in reality is a list of fees accompanying mortgage settlement. Mortgage fees, land rates due and legal fees are some of the charges listed in a “statement of claim”. They should be cleared before the lenders issue a writ of possession and request to evict. Power of sale allows the lender to sell your home and recover their money but it doesn’t give the title to the property. You are therefore entitled to remaining funds after the sale but usually, that isn’t much after all fees have been deducted. For a foreclosure, the lender gets full rights to the property, including remaining equity.
You have the option when a bank or other lender decides to take the power of sale or foreclosure action. If you have significant remaining equity, you can use it to get another loan or sell the home for the cash needed to clear the initial debt. If there isn’t enough equity, you should consider the help of professional in deciding the best course of action, rather than simply allow the banks to sell off your homes. Many Stouffville residents have average equity and that requires advice from our professionals to make the most appropriate decision.
Finding the power of sale and foreclosure homes in Stouffville isn’t an easy task without a general database for them. For people interested in such properties, there can be great deals but it is also possible to suffer huge losses if you are unaware of the rules. Our experts can advise on how to avoid the mistakes and even point you to the listings you seek. Our goal is helping buyers get affordable homes for the lowest price and ensure that sellers get the most money from their properties before banks close in. Our expert team can go over these and other opportunities with you to save you from unprecedented losses.
The legal costs and fees related to trading in power of sale or foreclosure homes are high and unpredictable. Buyers must accept many terms and conditions such as “AS IS” and limited ability to inspect the home. In light of these and other issues, we recommend using a lawyer for every foreclosure and power of sale deal.