If you want to stop or sell a power of sale or foreclosure property in Toronto it is necessary to understand your legal options for these procedures. Our Toronto staff have many years of experience stopping foreclosures and power of sale, we explain all your options and help you chose the option that is most beneficial to you.
Toronto, is the largest city in Canada, and the capital of the province of Ontario. Toronto’s population is over 2.6 million and is the fifth most heavily populated city in North America. The surrounding cities, known as the Greater Toronto Area, has a population of over 6 million people. Toronto is one of the world’s most ethnically diverse cities with about 50% of residents being born outside the country. The Economist magazine announced in January 2015 that Toronto the best city to live in the world based on its quality of life factors which include, safety, cost and livability. Statistics Canada lists the average income for Toronto families as $72,830 in 2013. The Toronto District School Board (TDSB) is Canada’s largest school board with approximatively 600 schools and over 250,000 attending students.
A power of sale can be started after the mortgage has been in default for more than 15 days. The lender must mail a letter to the home owner. The homeowner has about 35 days to correct the “default notice” by paying the listed fees. If the “default notice” is not dealt with, a “statement of claim” will be issued. The “statement of claim” will outline the many costs accompanying settling the mortgage. Including the mortgage key, land taxes due, lawyer fees and also any added fees or some other fees that are unique to Toronto. When the “statement of claim” is not paid the lender can issue a writ of possession and the request an eviction.
When a lender or bank uses power of sale or foreclosure on your property you have the option to pay off the mortgage holder or allow the lender to sell your home. With a power of sale the lender does not take title but can sell your home to get back their investment. The property owner will receive the excess money made from the property sale, but this typically isn’t much after legal and other fees. A foreclosure means that the lender can take title to your home and own your home, you will lose any equity that remaining in your home. If the bank is foreclosing or are forced to sell your home in Toronto, our staff can go over your options. The most important factor is how much equity is left in your home. If you a lot of equity in your home, it is in your best interest to stop the foreclosure or power of sale. If the value of your debts exceed the property’s value, there is nothing to be gained from stopping the foreclosure or power of sale. Most people fall somewhere in the middle of the equity range and that will require the advice of our specialists to determine your options.
For people interested in buying a power of sale or foreclosure property there can be great deals on property, however you may lose money if you are not fully aware of the laws governing the types of property. Our specialists can advise on how to avoid the pitfalls and we can also provide you with inside information on recent power of sale and foreclosure properties. We help buyers get the lowest price as well as helping sellers get the most money for their home before the bank takes sells their home. Our expert team can discuss these opportunities with you.
The legal costs and fees related to buying and selling a power of sale or foreclosure home are typically quite high and can be unpredictable. There are many conditions that a buyer must accept with a foreclosure or power of sale such as the “AS IS” condition or the limited ability to inspect the home, we recommend that you use a lawyer on every power of sale and foreclosure.
If you are buying or selling a foreclosure home in Toronto, please call us for a free consultation.