Anyone facing an Oakville power of sale or foreclosure must understand their legal options for both procedures. We have staff with several years of experience in stopping both a power of sale or foreclosure. Our experts will explain your options to help you make the best choice for your special circumstances.
Oakville is a suburban town in the Halton Region on Lake Ontario and part of the Greater Toronto Area. The 2016 census revealed 193,832 people in the area which is considered to be among the densely populated parts of the country. There is a mix of public and private elementary and high schools in Oakville. The area is covered by four distinct school boards and is home to Appleby College, a private school for 7th to 12th grade and Sheridan College, a business and animation studies institute. Sheridan is Oakville’s sole higher education institution. The Oakville Arts Council, a not-for-profit charitable organisation founded in 1978, promotes arts and culture in the town. The OAC also publishes the only magazine dedicated to local artists and arts in Oakville.
If a mortgage is in default for 15 days, the lender will issue a Notice of Sale Under Mortgage sent by mail. This gives you approximately 35 days to clear listed fees and if not done you will receive a statement of claim’, which outlines all other payments associated with mortgage settlement. These include mortgage fees, legal charges and other charges unique to the Oakville region. If you fail to pay the statement of claim there will be a writ of possession’ issued before the lender request an eviction. The main difference between a power of sale and foreclosure is that for the former, the lenders do not get the title to property. This means that you will get all money remaining once the mortgage holder has recouped from a power of sale but not for a foreclosure where you lose even the equity left in a home.
If banks or other lenders decide to take power of sale action or foreclose your property, there are two ways to handle things. You can let them take over the home or try stopping the legal actions depending on how much equity is in your home. Those with sufficient equity can go on and sell the property or take out another mortgage on the property to get the cash needed to pay the loan and accompanying fees. If the equity is too low, a homeowner has no choice but to consult with professionals on the best resolution. Our experts will discuss your options and recommend the best one for your prevailing circumstances. If you seek legal help stopping a power of sale, present all documents regarding the process to speed things up. Foreclosures are best resolved early as they are expensive and demand many court appearances. You need to stop a power of sale even faster as it takes a few months from receipt of the Notice of Sale Under Mortgage before you are evicted.
There is no general database for foreclosure and power of sale homes for sale in Oakville. Finding such properties is even harder as the rules do not require sellers to state when they put such homes in the market. The deal can be great when you find a foreclosure home on offer but you need to be aware of the law concerning such purchases to avoid making losses. Our expert team can show you how to go about buying a power of sale or foreclosure home and even give you some insider information on such listings to make the search even easier. Our main goal is to get the buyer a good home for a great price and help the seller make the most from their property before it is taken away by banks.
There are numerous legal fees and unpredictable charges for such deals. Property buyers must meet many terms and conditions, some of which might be too difficult to understand. This is why you need legal assistance for successful closure of such deals. The lawyer will help straighten out any issue to ensure that the house is in good condition when you buy.