You need to understand all your legal options when trying to stop a Halton Hills power of sale or foreclosure. Our experts boast many years of experience in stopping these actions. We can discuss the possibilities available to you and even recommend the most suitable for your circurstances.
Halton Hills is a town in the northwestern end of the Greater Toronto Area in Ontario. The Niagara escarpment formed over a million years ago by erosion dominates the town’s physiography. The 2011 census showed that there were 59,008 people in Halton Hills, a notable increase from 2006. Christianity is the main religion in the town where are a large number of people are of European descent. The Halton District School Board monitors two secondary schools and a number of primary schools. Halton Hills Christian School is an independent education institution. Acton District School, Georgetown District High School are some of the secondary schools in the town. There are several secondary schools in Halton Hills including; Centennial Public School, St. Joseph and Park Public School among others. The area where Halton Hills is located is considered to be of low seismic potential meaning that a high magnitude earthquake is highly unlikely. Small gas deposits were discovered in the area that forms part of three watersheds. The town has four main roads connecting it to many different parts. Bus service in Halton Hills is provided by GO Transit along Highway 7.
The process begins when you default on loan payments for more than 15 days. The creditor will send a document known as “Notice of Sale Under Mortgage” in the mail. Upon receipt of this notice, you should pay up in about 35 days. Otherwise, you will get a “statement of claim” that outlines the many fees to be paid along with mortgage settlement. Legal fees, land rates due, and mortgage set up fees are some of the charges listed in a statement of claim but there could be more that are unique to Halton Hills. If the statement of claim is unpaid, the lender has no choice but to issue a writ of possession and request to evict. An eviction is important as it allows the lender to sell off your property to recover their investment. In a power of sale, you will get remaining funds as the title to the property still belongs to the homeowner. In a foreclosure, you will lose both the home and remaining equity.
When a bank decides to take the power of sale action against you, there are several ways to try and stop it. Depending on the equity left in a property you can either sell or get a second mortgage for the cash needed to settle your debt. If these alternatives aren’t practical, owing to low equity, you should consider the services of a professional in deciding the best way forward. Many people in Halton Hills have average equity which demands professional advice in deciding what to do when faced with a power of sale.
It is not easy finding properties on sale in foreclosure and power of sale in Halton Hills owing to lack of a common database. There aren’t requirements for sellers to state this fact in their listings and this makes things even harder for buyers. There may be great deals for people interested in such homes but caution must be taken to avoid losses that are possible. Our experts are there to help clients avoid the common mistakes that would cause losses. The main goal is to ensure that the buyer gets a quality home for the lowest price and that sellers are able to make the most from their homes before creditors close in.
There are high legal fees for such deals and these are often unpredictable. Those after such homes must meet several conditions, which may not be clear without assistance from a lawyer. Our experts recommend using a lawyer for every foreclosure or power of sale deal. This is the best assurance that you will get the best deal in form of a quality home.
