If you want to stop an Orillia power of sale and foreclosure, it is imperative that you understand the legal options available. Our teams of experts have been stopping both these actions for many years and we can discuss your situation to recommend the best action depending on your circumstances. Discover how to stop Power of Sale and Foreclosure in Orillia.
Orillia is a politically independent city within Simcoe County. The Huron people originally inhabited it as evidence dated 4000 years ago indicates. It was a popular trading, fishing, and hunting location for Native Americans who had lived there for hundreds of years. It has a large waterfront that brings visitors to the area in droves. There is a mixture of different industries in the city, including government services, manufacturing and tourism, among others. The largest employer in Orillia is Casino Rama, followed by industries like CCI Thermal Technologies, among others.
In Orillia, you can choose between French and English public education institutions. There are two post-secondary education institutions, including the campus of Georgian College, with 1600 students. There are also some private schools like Bethel Baptists. Orillia has an arts district with fine dining, art galleries and the Museum of Art and History, which plays a major role in local cultural events. It has many retirement homes even though less than 20% of its population is above 65. The other attractions include its waterfront, beaches and several natural attractions. There is an annual Perch Fishing Festival in the city, when enthusiasts gather to catch, tag and release perch for prize money. Christmas in June is a great time to decorate boats and indulge in turkey.
The power of sale or foreclosure action begins as soon as a loan has been unpaid for more than 15 days. It is important, therefore, to pay the listed fees within 35 days after receipt of a “Notice of Sale Under Mortgage.” Failure to bring the loan to good standing leads to the issuance of the “Statement of Claim,” a list of the many other fees accompanying mortgage settlement.
If you refuse or are unable to pay the Statement of Claim, there will be a Writ of Possession and a request to evict. The lender doesn’t take the title to a property with a power of sale, but they can sell your house to recover their money. The homeowner is, therefore, entitled to the excess money, but this isn’t usually much after legal and other fees. A foreclosure means that the lender can get the title to your home and own it.
Legal fees and rates for such deals are high and unpredictable. Buyers must also meet many terms and conditions that do not necessarily favour them. Due to these complexities, it’s advisable to use a reputable lawyer for each power of sale and foreclosure deal.
Need Power of Sale advice? Speak with us, and we’ll connect you directly with a Power of Sale lawyer you need. We have you covered. Call 416-499-2122 or email ron@mortgagebrokerstore.com and gain expert advice!
