It is important to understand all your legal options when trying to stop a Brantford power of sale or foreclosure. We have skilled professionals with several years of experience in stopping these actions. They can explain your choices and even help you make the best choice for your circumstances.
Brantford city was founded on the Grand River and it is popular as the former residence of Alexander Bell, who invented the telephone at his father’s homestead. In reference to this, Brantford is also known as ‘telephone city’. Due to this great invention, a major telephone company was built in Brantford. As of the 2016 census, there were 97,496 people in Brantford. From 2006, census, more than half the adult population in the city has some certificate in formal education. There are several campuses of postsecondary institutions, secondary schools and elementary schools. Local museums in the city include Bell Homestead, Personal Computer Museum and the Canadian Military Heritage Museum among others.
If a loan has been in default for more than 15 days, the lender will start action against the homeowner. The process of the power of sale begins when they send a letter in the mail. This document is called ‘Notice of Sale Under Mortgage’ which should be corrected in 35 days to bring the loan to good standing. If listed fees aren’t paid on time, the loan lenders will issue a ‘statement of claim’ outlining the many fees accompanying mortgage settlement. Fees in this document usually comprise legal, land taxes due and mortgage set up fees among others. After the expiration of the duration given to pay listed fees, you the lender issues a ‘writ of possession’ and then request to evict. Lenders need you out of the home at this stage to enable them to sell it and recover their investment. A power of sale doesn’t give the title to the lender so the owner has a right to remaining equity in the property. This means that you will receive money remaining from a power of sale but after all fees, that isn’t usually much. In the case of a foreclosure, the owner loses both the home and remaining equity to the creditor.
When a bank or other lender decides to take power of sale or foreclosure action, you have two alternatives depending on equity. If there is enough equity left, experts might advise you to sell or seek a second mortgage. With the money, you can pay off the initial lenders and avoid losing the home to a power of sale. If equity isn’t enough, you are encouraged to seek professional help from our experts in Brantford, Ontario. Most of the people in Brantford have moderate equity and they should, therefore, seek help from our specialists deciding on the best thing to do when faced with a power of sale or foreclosure action.
It isn’t easy to find a home under foreclosure or power of sale in a city without a general database for such companies. The real estate act doesn’t require sellers to state that a property is in foreclosure or power of sale which makes such homes even harder to find. There can be major profits from such homes but you could also lose much money if you aren’t cautious about the rules. Our staff can help you avoid such mistakes and even offer some valuable information on available listings on such properties. Our main goal is to help buyers get the lowest price on homes while ensuring that the sellers get the most out of their houses before the banks come calling.
Legal fees involved in such properties are high and usually unpredictable. There are countless terms and conditions for buyers, thus the emphasis on using a good lawyer for all such deals. This will help you understand exactly what you are getting into and ensure that you get the best value for your money. Our experts are available to offer necessary assistance in finding homes in power of sale or foreclosure for sale.