If you wish to stop a Woodstock power of sale or foreclosure, it is of utter importance that you understand available legal options. Our Woodstock staff have been stopping power of sales and foreclosures for many years. We explain all your alternatives and assist you in making the ideal choice.
Woodstock is a city in Southwestern Ontario, with a population of 40,902 as per the census conducted in 2016. It is at the head of the Thames River and is known as the Dairy Capital of Canada. The first settlement in modern day Woodstock was in 1800. Sir John Simcoe, the governor of “Upper Canada” at the time, thought it to e a great town site. Woodstock Museum was once the old town hall, and it is an important historical landmark that was built in 1853. Post secondary education in the city is possible at Fanshawe College at the city’s south end. There are several secondary schools in the area including Huron Park Secondary School, St. Mary’s High School and SWAC an alternative education institution. Algonquin Public School, Central Public School, and Winchester Street Public School are some of the elementary schools in Woodstock, under different school boards. There are several gardens and parks in the city, most notably the Southside Park with a playground, walking trails, and a large pond. People can also relax at the sprawling Harry Roth Park with fishing opportunities. Toyota, Hino Motors, General Motors and Firestone are some of the biggest manufacturers in Woodstock.
When banks and credit unions decide to take power of sale, there are several phases to the process. When a loan is unpaid for more than 15 days, the lender responds with a letter known as “Notice of Sale Under Mortgage”. This notice ought to be corrected in approximately 35 days to bring the loan to good standing. If the fees aren’t cleared, a “statement of claim” is issued. The statement of claim outlines the many fees accompanying mortgage payment including land taxes due, lawyer fees and some other fees that are unique to Woodstock. If “statement of claim” is unpaid, the lender will issue a writ of possession and then request an eviction. With a power of sale, the lender doesn’t get title to the property, but they can sell it to get back their money. The homeowner will receive excess funds from the property sale but usually, there isn’t much left after legal and other fees. For a foreclosure, the lender can take title to the home and own it because you lose all equity remaining in it.
If a bank uses foreclosure or power of sale on your property, there are two options, either pay up or try to stop the sale f your home. Our staff can discuss your options if a bank is foreclosing your home in Woodstock. Most important is that you know how much equity is left in the home to know whether to sell or seek a second mortgage. If the value of your home is lower than the total debts in it, you should seek professional help in deciding what to do when faced with a power of sale or foreclosure.
Finding homes under foreclosure or power of sale can be difficult as there isn’t a general database in Woodstock. The real estate act does not require sellers to state this fact in their listings, which makes these types of homes even harder to find. For those interested in such properties there can be marginal profits but they could also lose money if they are not aware of the rules. Our specialists will advise you on how to avoid common mistakes and even provide you with insider information on recent listings for these kinds of properties. Most people in Woodstock are somewhere in the mid equity ranges and that requires the advice of our experts to determine your alternatives.