If you are faced with a power of sale or foreclosure, there are some legal considerations to make. Our Burlington power of sale staff are available to discuss your options on both procedures and we can even help you choose the best one for your circumstances. Learn how to stop Power of Sale and Foreclosure in Burlington.
Burlington sits in the Regional Municipality of Halton on the NW edge of Lake Ontario. It is part of the west end of the GTA and close to the geographic centre of the Golden Horseshoe region. The area has a primarily white population with very few people from other nationalities. Most residents are Christians, but there are also Muslims, Hindus and Mormons, as well as a large section that does not follow any religion. It boasts a diverse economic base mainly driven by automotive and manufacturing. Burlington is a destination with high quality-of-life ratings, and it was recently named the second-best city in Canada to live in.
When you get the Notice of Sale Under Mortgage from banks or other lenders, there are two choices: pay up or allow banks to sell your home. For a power of sale, the “Notice of Sale Under Mortgage” is sent as by mail if a mortgage has been in default for 15 days. This notice gives 35 days to settle, but if that fails, you will get a “statement of claim,” which, in fact, is a list of fees to be paid with the mortgage settlement. The charges include mortgage fees, legal fees, land rates due and other costs unique to the Burlington region.
If you still fail to pay the statement of claim, lenders will issue a “writ of possession” and request an eviction. Having you out of the premises is the only way for banks to sell a property and recover their investment. The remaining money will be given to you as the power of sale does not give the title to the property away. The main difference is that foreclosure means losing your home and equity, giving lenders full control.
It is not easy to identify such properties in the market, as there isn’t a common database as a reference. You can get a great deal, but without understanding the rules, these properties could result in major losses. Our goal is to help sellers maximize profits and buyers secure the best rates in foreclosure or power of sale.
It is wise to have a lawyer for such deals, as there are many rules to factor in. Fees involved in such deals are too high and often unpredictable, so parties cannot afford to make mistakes. A good lawyer explains the buyer’s obligations in home foreclosure or power of sale transactions. The lawyer will also ensure that you get the best value for your money.
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!
