Individuals trying to stop an Ajax power of sale or foreclosure must understand the legal stipulations for both processes. Our staff at the Mortgage Broker Store have many years of experience in stoppage of the power of sale and foreclosure in Ajax. They are therefore able to explain your options in an attempt to help you make the right choice for your situation.
Ajax is a town in southern Ontario, only about 25 kilometers east of Toronto. It is in the Greater Toronto Area in the eastern Golden Horseshoe region. Like many towns in that region, Ajax has grown significantly since the 80s when it was nothing but a small town surrounded by agricultural lands. Today, it is considered the bedroom town for many who take to Toronto for their daily business. Ajax town is under the Durham District School Board, that operates three public secondary schools and several elementary schools. The Durham Catholic District School Board which runs Notre Dame Catholic Secondary School and Denis O’Connor Catholic Secondary School. English is the mother tongue of many residents while a small population speaks French. The major employers in Ajax are Volkswagen Canada, DuPont, and Ajax Textile among others. There are several major shopping malls in the town including Ajax Plaza, Westeney Heights Plaza, Transit Square and others.
The lender may choose to take action on a loan that has been in default for more than 15 days. They start by issuing a Notice of Sale Under Mortgage by mail. Once the homeowner gets the ‘Notice of Sale Under Mortgage’, they have only 35 days to pay listed fees or get the ‘statement of claim’ a document outlining all fees to be paid alongside mortgage payment. These fees include mortgage fees, legal fees, and land rates due, among other charges. If the statement of claim is left unpaid, a lender may issue a ‘writ of possession’ and request an eviction. The lender must evict you to be able to sell your house in order to recoup. In a power of sale situation, creditors do not get title to the property and must, therefore, give back any money left from a sale. This is different from a foreclosure where the title is taken away and the homeowner loses even the remaining equity in a home.
If a bank decides to take a power of sale action against you, it is possible to stop them in two ways. You can sell the home or take on a second mortgage to pay off the loan in default. This is only possible if you have sufficient equity, otherwise, you should seek professional help for the best course of action. Most individuals in Ajax have average equity, which makes them eligible for expert assistance in making the right decision when faced with a power of sale and foreclosure.
It is difficult to find such homes in the Ajax market, not because they are unavailable, but due to the absence of a general database for specific properties. The real estate act of Ontario doesn’t demand that sellers state if a home is in foreclosure or power of sale in listings. For the individual interested in such properties, it can be a great savings strategy but you must be cautious. Many who are unaware of the rules governing such properties risk huge monetary losses. Our experts could help you out by showing you how to avoid common pitfalls and even providing information on homes in foreclosure or power of sales in the local listings. Our main goal is getting the best deal for buyers and ensuring that sellers make the most from their homes.
Deals involving properties under foreclosure and power of sale feature high, often unpredictable legal costs. Buyers of such properties must agree to a plethora of terms and conditions, which are not always in their favour. This way, you should use a lawyer for such deals to ensure true value for your money. Our experts can help to ensure the best deal whether you are buying or selling an Ajax home in foreclosure or power of sale situation.
The legal costs and fees related to buying and selling a foreclosure or power of sale home can be quite high and is sometimes hard to determine. There are a number of conditions that the buyer must accept with a foreclosure or power of sale such as the “AS IS” condition or the limited ability to inspect the home, we recommend that you use a lawyer on all foreclosures.
If you are buying or selling a foreclosure home in Ajax, please call us for a free consultation.