You need to understand all your legal options when trying to stop a Cambridge power of sale. Our Cambridge staff have been stopping power of sales and foreclosures for many years now and we will explain available options and even help you choose the most beneficial to you.
Cambridge is a city on the confluence of the Speed and Grand Rivers in Southern Ontario. The Waterloo Region District School Board operates 26 elementary and 5 secondary schools. The Conestoga College Institute of Technology boasts a new school of engineering with more than 200,000sq ft of learning space. The city is also home to the University of Waterloo School of Architecture. The city has a population of 129,920, making it quite populous compared to others in the region. Toyota Motor Manufacturing opened a plant in Cambridge, the largest employer of 4,500 people in the city. There are other industrial companies with a presence in Cambridge including Rimowa, Frito-Lay Canada, and Babcock & Wilcox among others. The city is home to people from many regions in the world, with more coming into the city with ample transportation, communication and general infrastructure. Notably, Cambridge is the city with some of the most historic bridges in the region including the Main Street Bridge, Black Bridge Road Bridge and Park Hill Road Bridge.
A lender can start a power of sale if a loan has been in default for more than 15 days. Once they receive a Notice of Sale Under Mortgage the homeowner has only about 35 days to pay listed fees and correct the situation. Failure to do so will result in a statement of claim’ issued to show the homeowner all the many charges to be paid with the mortgage settlement. The extra fees may include legal fees, land rates due and other fees unique to the region. If you fail to pay the statement of claim, you will receive a writ of possession closely followed by eviction. The power of sale does not give a lender title to the property meaning that equity in the home still belongs to you. Therefore, any money remaining from the sale of your home will be refunded. This is different from a foreclosure where all is lost including equity remaining in a home.
When a bank or other lender uses a power of sale or foreclosure on a property, the owner has two options. You can allow them to sell off your home or try to stop the processes if you have enough equity. The only way to avert a power of sale or foreclosure on your property is to pay off a mortgage holder. With sufficient equity, you can be able to negotiate another loan to use as a mortgage payment. It is also possible to sell off a property but if you have more debts on the home than its value, trying to stop a power of sale is a complex matter that needs professional help. Most residents of Cambridge have average equity and that will require specialist advice to make a proper judgement.
It is difficult to find Cambridge homes for sale that are in foreclosure or power of sale. This is because stating that fact when selling homes isn’t a requirement, nor is there a general database for such properties. There can be great deals for people interested in a power of sale and foreclosure properties but losses are inherent if you are oblivious to the rules governing these properties. Our experts can offer inside information on recent listings for foreclosure homes and provide guidance on how to avoid common pitfalls. We help buyers get the lowest price for properties and ensure that sellers get the most money from their houses before banks sell them off.
There are many high and unpredictable fees associated with buying and selling a power of sale and foreclosure homes. In addition, buyers must accept several terms and conditions with a foreclosure like the limited ability to inspect a home and AS IS’ conditions. We recommend that you use a lawyer on every foreclosure and power of sale home purchase in Cambridge.