Individuals trying to stop a Pickering power of sale or foreclosure must understand all their legal options. We have staff who boast experience spanning several years in stopping both actions. They can explain available options to help you make the right choice n accordance with your circumstances.
Pickering is in Southern Ontario and lies to the east of Toronto. It is one of the cities in Durham region with 88,72 people according to the census in 2011. The Pickering region was Aboriginal territory for thousands of years until it was taken over by the French and British colonialists. There are many development restrictions which are the reason for low population growth in Pickering. This said the city is home to Pickering Nuclear Generating Station, a reactor facility with 4,120 megawatts capacity. The largest employer in this city is Ontario Power Generation. Durham Regional Police provide police services, operating from an office in the eastern section of Pickering. Education is under the Durham District School Board, Conseli Scolaire Viamonde and Durham Catholic District School Board. The Durham College Joint Learning Site opened in 2012, offering graduate certificate programs. Shoppers can take to the popular Pickering Town Centre while those after more fun can go to the Nautical Village. There is everything from a water feature for the kids, art gallery to a wonderful boardwalk along the waterfront.
If you default on a loan for more than 15 days, the lender will start by sending a letter to the homeowner in the mail. This is known as a ‘Notice of Sale Under Mortgage’ which must be corrected in 35 days to bring the loan back to good standing. If you fail to pay up, there will be a statement of claim outlining the many fees accompanying mortgage settlement. These fees include land rates due, mortgage fees and legal fees among others that may be unique to the region. Failure to clear the statement of claim will lead to the issuance of a ‘writ of possession’ and request to evict. It is the lenders prerogative to evict homeowners in order to pave way for sale of the property in default. With the power of sale action, the owner doesn’t lose the title to the property and is therefore entitled to all funds that remain from the sale. In the event of foreclosure, you lose both the house and remaining equity.
When a bank or other lender decides to activate a power of sale against you, there are two alternatives. You can sell the house or take on another mortgage if there is enough equity left in the property. Money from the sale or subsequent mortgage can be used to pay off lenders and avoid loss of a valuable property. It is wise to seek professional help when you have moderate or average equity like many people in Pickering Ontario. Our experts will help you decide on the best action to take depending on equity remaining in a home.
Finding a home for sale that is under foreclosure or power of sale in Pickering is no easy task as there isn’t a general database for them. It is not a requirement for sellers to indicate the state of property in the listings, making finding such houses even harder. Homes under foreclosure or power of sale can be very profitable but one could also run into losses if they are unaware of the legal issues about such properties. There are so many rules surrounding such deals but our staff are available to discuss them and help you avoid common pitfalls. The experts can also offer information on available listings for the power of sale and foreclosure homes. Our main goal is to get buyers good homes at the best rate and ensure that the owners make the most out of their properties before lenders sell them off.
The legal fees for deals involving power of sale and foreclosure homes are high and often unpredictable. Buyers need to agree to many terms and conditions, thus the calls for a good lawyer to help with the process.