It is necessary that you understand all legal choices that you have when trying to stop a Mississauga power of sale or foreclosure. We have experienced staff in stopping both procedures and we can explain your options and help you choose the best one for your situation.
This is a city in south Ontario with a population of 721,599 people as of 2016. It stands on the shores of Lake Ontario and is part of the Greater Toronto Area (GTA). Mississauga is the sixth most populous city whose growth is attributed to its close proximity to Toronto, an important economic hub in the country. There is a multicultural population in the city which is also home to the busiest airport in Canada. Mississauga is the base for 60 of the world’s Fortune 500 companies and it boasts several attractions for tourists including the Celebration Square, Art Gallery of Mississauga as well The Square One Shopping centre, one of the largest malls in Canada. Residents of this city are drawn from many parts of the world which coupled with great infrastructure, makes it one of the best places to live. English is the main language in the largest Anglo-American suburb by population.
If a loan is in default for 15 days, a lender may invoke a power of sale by sending the homeowner a letter. Once the mail is received, a property owner must pay the fees stated in the ‘Notice of Sale Under Mortgage’ in about 35 days or risk getting a ‘statement of claim’ outlining fees that will accompany payment of the loan. Fees listed in the statement of claim include lawyer fees, land taxes due, mortgage processing fees and additional fees that may be unique to Mississauga. If the ‘statement of claim’ remains unpaid the lender might issue a writ of possession and then request eviction. The power of sale doesn’t give the title to the lender but only a right to sell property in an attempt to recoup their investment. Once the mortgage holder stakes their claim you will receive leftover money but that isn’t usually much after fees are cleared. Foreclosure means the mortgage holder gets full rights to your home including remaining equity.
When a bank or lender decides to start a power of sale or foreclosure on your home, you can either pay up or let them sell your home. If your home is in foreclosure by a bank, our professionals can discuss the possible options you have depending on equity in the property among other issues. Experts strongly advise people to try stopping the power of sale or foreclosure if there is still significant equity in the home. With sufficient equity, you can take out a second mortgage and stop the power of sale action. When the debts in a property are higher than its market value you should contact our experts who have the skill to help in making the right choice. Most borrowers facing this situation are in the middle of the equity range, and that also requires assistance from our specialists.
It isn’t easy to find a house under a Mississauga power of sale or foreclosure. This is because there isn’t a requirement to state when selling a property and the absence of a general database for such properties. Those interested in purchasing such properties can make major profits but there are possibilities of loss if you are unaware of the rules regarding them. Our staff can show you how to avoid such mistakes and even provide information on recent listings for foreclosure and power of sale properties. We help buyers get the lowest price and sellers get the most value from their homes before the banks sell them. Our teams of experts can discuss your options and recommend the most ideal for your circumstances.
Legal fees involved in buying and selling properties under foreclosure or power of sale are usually high and could change without warning. There are countless terms and conditions that buyers must accept, thus the emphasis on having a lawyer to properly register the purchasing documentation.