You need to be fully aware of your legal options whenever you are attempting to stop a power of sale or foreclosure. Our staff have many years of experience stopping these actions. We can explain your options and even help you select the best one for your situation.
This is a town in Peel regional municipality in the GTA, Ontario. For two years running Caledon was named the safest town to live in Canada for two consecutive years by the Maclean magazine. According to the census in 2011, the population off Caledon was 59,460 a notable increase from what was in 2006. The main inhabitants of the town are of European descent but there is a decent representation of other peoples. Secular Anglophone schools are under the Peel District School Board while the Dufferin-Peel Catholic District School Board mans the Catholic Anglophone Schools in Caledon.
The Caledon power of sale and foreclosure process can begin if a loan has been in default for more than 15 days. It starts with a letter known as “Notice of Sale Under Mortgage” giving the homeowner about 35 days to pay up and bring the loan to good standing. If the Notice of Sale Under Mortgage isn’t corrected on time, you will be handed a “statement of claim” a list of the many payments to go with mortgage settlement. Failure to pay the statement of claim means you will get the writ of possession before your creditor makes a formal request to evict. This is designed to pave way for sale of the property in an attempt to recover funds. Title to the property still belongs to the homeowner who will get any remainder from the sale of their property. There is very little to claim though, after legal and other fees. That said, a power of sale is better than a foreclosure, where all equity is lost along with the home. Lenders prefer a power of sale to foreclosure as the former is cheaper and less time-consuming.
When credit unions, banks or other lenders decide to take a power of sale action against you, there are a number of legal options available. All these are dependent on equity, and our experts are best suited to help you decide. If there is adequate equity in the home, you can use it to negotiate a second mortgage with private lenders. This cash may be used to settle the initial loan and save your home. Alternatively, you can sell the home for enough cash to pay off your loan and avoid the many associated fees. If equity remaining in your home is too little to get another mortgage, it is wise to work with our professionals. Many of the people in Caledon are in the mid equity ranges, which also calls for expert help.
Finding a Caledon home for sale that is under foreclosure is no easy task considering the lack of a database. The Ontario real estate act doesn’t require one to state the nature of a property when putting it up for sale. It may be difficult for the individual to find a home for sale but our experts may help in the search. There may great deals for people interested in such properties but you need to be aware of the rules involving such houses. While they could be highly profitable, homes under foreclosure and power of sale could also lead to serious losses. Our professionals will help you avoid the common pitfalls and even provide information on the listings you seek. The main goal is to ensure that buyer gets a good power of sale or foreclosure home for the lowest possible price and that seller makes the most money out of their homes before creditors come calling.
Legal fees for such deals are high and usually unpredictable. Those who wish to buy these types of houses must use a good lawyer to help with the legal aspects of the deal. There are many terms and conditions for buyers who risk losses if they chose to work without legal help.