Free Advice: 416-499-2122
Or email: ron@powerofsalesontario.ca
marketing image

Stop Power of Sale and Foreclosure in St. Catharines

To stop a St. Catharines power of sale or foreclosure it is important for the homeowner to understand all their legal options. Our staff in the city have years of experience in stopping these actions, and we can explain your options to help you make the best decision. Discover how to stop Power of Sale and Foreclosure in St. Catherines.

St. Catharines Information

St. Catharines is the sixth largest urban area in Ontario, with 96.13 square kilometres. The 2016 census revealed that there are 133,113 residents in southern Ontario. The official nickname for St. Catharines is The Garden City, which is a city with 1,000 acres of trails, gardens, and parks. The city is located between the GTA and Fort Erie border with the US. A number of call centres operate in St. Catharines, which lies on one of the main telecommunications spines between the U.S. and Canada.

Several post-secondary institutions exist, including Brock University, Concordia Lutheran Theological Seminary, and Ridley College, a co-educational day and boarding school. The District School Board of Niagara manages about 119 faculties, and the Niagara Catholic District School Board manages about 61 secondary and elementary schools. The NCDSB is also in charge of three Catholic secondary schools in the region. Manufacturing is the driver of St. Catharines’ economy, and in recent years, employment has shifted from this to services.

The Foreclosure and Power of Sale Process

The lender can start a power of sale if the mortgage has been unpaid for more than 15 days. When you receive the Notice of Sale Under Mortgage, you have about 35 days to pay the listed fees or receive a statement of claim, which is the document outlining additional fees to be paid with the mortgage. Charges usually include mortgage fees, land rates due, and extra fees unique to St. Catharines, Ontario.

If you are unable to pay the Statement of Claim, a lender may issue a Writ of Possession and then make a request for your eviction.

The lender can sell your property only to recover their investment without gaining the title to the house. You’ll keep any remaining money after recouping, unlike in foreclosure, where you lose both the property and title.

Stop Power of Sale and Foreclosure in St. Catharines

When facing power of sale or foreclosure, you can let banks proceed or pay them off. Paying the listed fees can bring the loan to good standing, but only if you have the necessary funds. To get the cash, you can sell the property or take another loan to secure it.

If your home’s debts exceed its market value, seek professional help to stop a power of sale or foreclosure. Most people in St. Catharines have middling equity, and for that, they need expert advice to make the right choice.

Buying a St. Catharines Foreclosure or Power of Sale House

Finding such properties is difficult since sellers aren’t required to disclose this information when selling. There is no database as a reference for people interested in such properties, making it even harder to locate them. There can be great deals for people seeking properties in foreclosure or power of sale, but parties must be careful. Without knowing the rules, you risk losing your money to unscrupulous individuals when dealing with such homes.

Our specialists offer insider information on listings and help you avoid common pitfalls in purchasing such homes. Our aim is to secure the lowest price for buyers and help our sellers get the most before the banks sell the home.

Legal costs for buying or selling power of sale or foreclosure homes are usually high and unpredictable. Buyers face terms like “AS IS” and limited inspection rights when dealing with properties. This way, we recommend that you use a lawyer for each foreclosure and power of sale. This protects you from shady dealers and ensures you get the best foreclosure home 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!

Apply Now

    Your Name (required)

    Your Email (required)

    Phone Number (required)