It is important to understand the legal options you have when faced with a Vaughan power of sale or foreclosure. Our staff have been helping to stop the power of sale and foreclosure process and we can explain your options to help you make the best decision for your circumstances. Discover how to stop Power of Sale and Foreclosure in Vaughan.
Vaughan is within the York region in Ontario, Canada. As of 2016, the city is home to a population of 306,233 and was the fastest-growing municipality between 1996 and 2016. The city is 25 minutes from downtown Toronto and is bordered by Caledon, Brampton, Markham and Richmond Hill. It is on record as the largest Canadian city without a hospital, but there is one under construction that should be completed by 2019. There are six major communities in Vaughan, including Maple, Woodbridge, Concord and Vaughan Metropolitan Centre.
Despite being a city, Vaughan isn’t listed in the phonebook. There are several cultures represented in Vaughan, most of whom are Southern Europeans, Eastern Europeans and Jewish people. There is a small but growing Chinese, Jamaican, Chinese and Indian population residing in Vaughan. The city has the lowest number of people who do not affiliate with religion, as there is a large community of Christians, Judaists, Hindus and Muslims. The mix of people in Vaughan enriches it with vibrant arts and culture.
A power of sale process typically starts 15 days after the initial default. The lender activates the power of sale by emailing a ‘Notice of Sale Under Mortgage’ to the homeowner, who has only about 35 days to pay listed fees or receive a statement of claim outlining the many costs accompanying payment of the mortgage. If this is not resolved, a lender gives a Writ of Possession, which is later followed by a request to evict. The lender doesn’t take title to the property in a power of sale, and the property owner receives all remaining funds once the lender has recouped. After fees, little remains for the borrower, but it’s better than foreclosure, where all equity is lost, and lenders take the title.
You can either pay off the mortgage or let the lender sell your home to recover their investment. If a bank is foreclosing your Vaughan property, we’ll discuss your options, focusing on the equity left in your home. If the house has more debts than its value, consult an expert for guidance on the best solution.
With sufficient equity, homeowners can secure a second loan to bring the original loan to good standing and keep their home. Lenders prefer power of sale over foreclosure because it’s cheaper and faster. This might favour the lender, but it leaves homeowners with a short window for resolution. Most people have average equity, which demands advice from professionals to determine your best options.
Finding these homes is challenging due to the lack of a general database and no requirement to disclose selling intentions. Amazing deals exist for power of sale or foreclosure properties, but lack of awareness about rules can lead to losses. Our specialists help you avoid mistakes and provide exclusive access to current listings for these properties. The main goal is to help buyers secure the lowest price and ensure sellers maximize their home’s value before banks intervene. Our team is ready to discuss your options and, hopefully, keep you in your treasured home.
The legal costs and fees for purchasing homes under the power of sale are very high and unpredictable. Buyers must accept terms like limited inspection options and purchasing homes in AS IS condition. This way, it is recommended that you use a lawyer for every foreclosure or power of sale purchase.
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!
