If you need to stop a Richmond Hill power of sale or foreclosure, it is necessary to weigh all your legal options. Our Richmond Hill staff have years of experience stopping both procedures and we can still offer guidance on available options and the best solution in your circumstances. Discover how to stop Power of Sale and Foreclosure in Richmond Hill.
Part of the Greater Toronto Area, Richmond Hill is the most populous town in Canada. There were 195,022 people counted in the 2016 census in the fastest-growing community since the 1990s. Richmond Hill gained global popularity for its David Dunlap Observatory telescope, which is the second largest in the world. There are 27 public elementary schools and five secondary schools operated by the York Region District School Board. The town is at a higher elevation than others within the GTA, and the uneven melting of the glacier that led to the formation of modern-day Richmond Hill caused other formations like kettle lakes and the famous Oak Ridges Moraine. A large part of Richmond Hills is subject to Ontario’s Greenbelt legislation, which hopes to protect the staggering biodiversity in the moraine.
The power of sale action is initiated when a loan has been in default for 15 days. The borrower will receive a letter by mail giving them about 35 days to pay up. If the Notice of Sale Under Mortgage isn’t acted upon by the end of that duration, a lender issues another document listing fees accompanying mortgage settlement. Besides legal, land rates due and mortgage fees, the statement of claim’ may contain other charges unique to Richmond Hill.
If the Statement of Claim doesn’t spur any action, lenders will issue a Writ of Possession and request to evict you. The eviction paves the way for the sale of your property so the lender can recover their investment. The power of sale doesn’t give property title to the lender, so you will get back any leftover money. There usually is little time left after clearance of all fees, but in a foreclosure, the homeowner loses both the home and the remaining equity.
There are two options for an individual in these circumstances: allow the lenders to sell your home or try to stop a power of sale and foreclosure. The best choice depends on how much equity remains in the home. If it isn’t enough, you have to seek the help of professionals, but if there is sufficient equity, you can take a second mortgage or sell the home and bring the loan to good standing.
Many people in Richmond Hill must seek advice from our staff on the most appropriate solution as they have average equity.
There is neither a general database nor a requirement to state when selling homes in foreclosure or power of sale. This makes it difficult for interested buyers to find properties that are very profitable. If you are not aware of the rules regarding such properties, you might incur major losses. Our staff are ready to explain matters so you can avoid common mistakes that could have grave impacts. Besides the advice, our professionals also provide insider-listing information on homes in foreclosure or power of sale.
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!
