Anyone trying to stop a Belleville power of sale and foreclosure must understand their legal options for both procedures. Our staff have many years of experience stopping both procedures. We can explain your options and even help you choose the most appropriate for your situation.
Belleville is at the mouth of the Moira River between Quinte West and Nappanee. Belleville is served by Highway 37 and Highway 62. It is officially considered to be in Central Ontario but there is much debate on whether it should instead be on the eastern side of the province owing to its area and postal codes. This is considered to be the largest urban centre in the Quinte Region. The census in 2011 showed that there were 49,454 people in Belleville. There are many big companies in the city including; Procter Gamble, Kellogg’s, and Sears are some of the major manufacturing industries in the city.
Quinte and Bay View mall are the two malls in Belleville. This is a primarily White neighbourhood but there are Aboriginal, First Nations, Chines and Black people living there as well. There are many education institutions in the city that are either private or public. Catholic schools are served by the Algonquin and Lakeshore Catholic District School Board while the rest are under Hastings & Prince Edward District School Board. There are some schools that are not under the wings of any board. There are events in the city all year round with the Quinte Ribfest in August, Civic Levee in January, and Christmas at the Pier in December to name a few. Belleville is home to the Bay of Quinte Yacht Club that challenged for the American Cup in 1881. The city is also home to several other sports teams including Belleville Bulls that have since relocated to Hamilton.
The process may begin if a loan has defaulted for more than 15 days. The lender will start with a “Notice of Sale Under Mortgage” which you must correct in 35 days. Failure to do this and you will get a “statement of claim”. This is actually a list of the many payments to accompany the mortgage settlement. If the statement of claim isn’t paid on time, you will be issued with a writ of possession, before the lender moves to evict. This is necessary as it allows for the sale of your home in the lender’s bid to evict. In a power of sale, you still hold title to the property and therefore are entitled to any cash left over. This is much different from a foreclosure where all is lost including the remaining equity.
There are options to take when faced with a foreclosure or power of sale and they depend on the equity left. If it is adequate, you can use it to negotiate a second mortgage for the much-needed cash to pay your creditors. Alternatively, you can sell the home but if equity left is too little, you can consult the experts. Many people in Belleville have moderate equity which needs expert advice when faced with these actions.
These homes aren’t easy to find as sellers aren’t required to state that fact when they put up property for sale. There isn’t a general database for such properties either, making things even harder for hopeful buyers. Power of sale and foreclosure homes can be good business for those interested but mistakes can be expensive. There are several rules to be followed and our experts can help you with them to save you from losses. Our professionals can also provide you with information on current listings for foreclosure and power of sale homes. The main goal is to get buyers homes for the lowest price while ensuring that sellers make the most from their homes before lenders close in.
Legal fees for homes in power of sale are high and unpredictable. The potential buyer must also meet myriad terms and conditions with the deal. It is advisable for a buyer to use a lawyer in any foreclosure or power of sale deal.