If you want to stop a Whitby power of sale and foreclosure, it is important to understand the legal options for both procedures. We have staff in Whitby with many years of experience in stopping both power of sales and foreclosure. This way, we can explain your options and even help you pick the best one.
Whitby is a town in Durham, east of Ajax and the headquarters of Durham region. It is popular as a commuter suburb in the Greater Toronto Area. This is because many of its residents commute to work I other areas of the GTA. the biggest employer in the town is General Motors Canada but there are other companies like Johnson Controls, Patheon, and McGraw-Hill Ryerson among others. Durham District School Board is in charge of public education in the town. Whitby has twenty-four elementary schools and five secondary schools. There are a number of Montessori institutions as well as higher education institutions. Despite being one of the largest cities and towns in Canada, Whitby lacks a full-service hospital. The closest full-service health facilities are Markham Stouffville Hospital, Rogue Valley Health System and Lakeridge Health Oshawa. The closest international airport to Whitby is 65 kilometres way in Mississauga. Station Gallery, Whitby Brass Band, Camp X, and Whitby Heritage Day are some of the town’s most important cultural assets. As of 2016, there were 128, 377 people living in the Ontario town.
The mortgage lender can start the power of sale once a mortgage has been in default for more than 15 days. You will receive a letter giving you about 35 days to pay listed fees before a “statement of claim” is issued. If you fail to pay the statement of claim, the lender will issue a “writ of possession” after which they will evict you. A power of sale is a time sensitive process for the borrower but lenders prefer it for it is much faster. A foreclosure process may take long with multiple court appearances and high legal fees. For a power of sale, the owner gets any money remaining from a deal as the lender doesn’t get title to the property. This is different from a foreclosure where the home and equity left are lost to the lender.
When a bank uses a foreclosure or power of sale on a property, the owner has various alternatives. If a home is under foreclosure by a bank our staff can discuss your options which depend on how much equity is left in the property. If it is enough, you can sell the property or take a second mortgage to get the cash needed. If there are more debts in a home than its market value, the homeowner must work with an expert to determine the best course of action. Many people in Whitby have average equity in their homes when facing a foreclosure and power of sale. This also requires specialised help from our experts to do right.
Buying a Whitby Foreclosure or Power of Sale Home
There is no general database for homes on sale that are in foreclosure or power of sale and it is not a requirement to state when selling such properties. For people interested in buying such properties there can be great bargains but be careful as it is possible to lose money of you are unaware of the rules. We can provide inside information on such properties available for sale and even offer advice on how to avoid common pitfalls. We help buyers get the best home for their money while ensuring that sellers make the most out of a property before it is taken away by banks. Our specialists will provide all information that you may need about these opportunities.
There are high fees associated with buying and selling homes in foreclosure and power of sale. These fees are rather unpredictable, not to mention that the buyer has to accept several terms and conditions like “AS IS” and “limited ability to inspect a property” conditions. Thus the emphasis on having a lawyer for every power of sale or foreclosure in Whitby.