If you want to stop a power of sale or foreclosure in Fergus, it is important to understand the legal implications of both processes. Our experienced team has been helping homeowners stop power of sales and foreclosures for years. We’ll walk you through various options and help you make the best decision for your situation. Learn how to stop power of sale and foreclosure in Fergus below.
Fergus, Ontario, is a community within the township of Centre Wellington in Wellington County. Known for its rich Scottish heritage, Fergus is home to the annual Fergus Scottish Festival and Highland Games, one of the largest festivals of its kind in North America. The town is also known for its historic architecture, scenic beauty, and proximity to the Grand River, making it a popular spot for outdoor activities like hiking and fishing.
In recent years, Fergus has grown into a vibrant community with a blend of rural charm and modern conveniences. The town’s economy is supported by agriculture, tourism, and a growing residential base, as more people are attracted to its unique character and proximity to major cities like Guelph and Kitchener.
If you fail to make mortgage payments for 15 consecutive days, the lender has the right to initiate the power of sale process by sending a “Notice of Sale Under Mortgage” by mail. Once this notice is received, you have 35 days to pay the listed fees, including mortgage arrears and legal charges, or you will receive a “Statement of Claim.” This claim details all additional costs associated with the sale.
If these fees remain unpaid, the next step is a “writ of possession,” which will lead to eviction. The lender can then sell the property to recover their investment but does not gain title ownership.
After a power of sale, any remaining money after legal fees and charges will be returned to you. In a foreclosure, however, you relinquish the title of the home to the lender, and they gain full ownership, including any equity you had in the property.
If a lender moves forward with foreclosure or power of sale, your equity level will determine the best course of action. Homeowners with significant equity can often obtain the necessary funds through a second mortgage or by selling the home.
For those with lower equity, it’s essential to consult experts who can negotiate with lenders on your behalf. Many Fergus residents facing foreclosure or power of sale find they need professional advice. Our team will review your options and help you decide on the best course of action for your unique circumstances.
A power of sale moves quickly and must be addressed before the grace period expires, as the process cannot be reversed once initiated.
Finding foreclosure or power of sale homes in Fergus is challenging due to the lack of a central database. While such homes can offer great deals, buyers must proceed with caution to avoid potential pitfalls.
Our team can help you navigate the foreclosure or power of sale process and provide insider information on local listings. We aim to help buyers secure excellent deals while assisting sellers in maximizing property value before a lender takes control.
Legal costs for properties under foreclosure or power of sale can be unpredictable. A knowledgeable lawyer can help you navigate the legal complexities and ensure you get the best deal possible.
Our team is here to connect you with the expert legal advice you need. Call us at 647-931-5396 or email ron@mortgagebrokerstore.com for expert advice.
Call 647-931-5396 for free advice on your Power of Sale or Foreclosure.
