People who are trying to stop an Aurora power of sale must understand the legal options available. We have staff with many years of experience in stopping both these actions. They can discuss your options to help you decide on the best alternative for your circumstances. Learn how to stop Power of Sale and Foreclosure in Aurora.
Results of the 2016 census showed that there were 55,445 residents in Aurora town. This town is in the York Region, within the Golden Horseshoe. Part of Aurora town is on the Oak Ridges Moraine. The town has often been ranked among the wealthiest cities in Canada. Magna International, the auto parts giant, is based in the town, and TC Transcontinental has a magazine printing plant there. Schools in Aurora are operated by three publically funded school boards. The boards monitor public elementary and secondary schools in the town. St. Andrew’s College is an independent school for boys operating in Aurora.
There are other educational facilities in the town, including nurseries and daycares. The public library in Aurora is open to all who wish to read a book. York Region Transit and VIVA service public transport in Aurora, which boasts a long history of theatre. Aurora Drama Workshop was founded in 1958, and in 1973, it joined the Aurora Musical Society to become Theatre Aurora. The group produces five shows each year, as well as two youth shows.
The power of sale action begins when a loan has defaulted for more than 15 days. To kick-start the process, the lender will send a letter to the homeowner. This letter is known as a “Notice of Sale Under Mortgage” and must be corrected within 35 days. This will bring the loan back to good standing, but if you cannot pay, a “statement of claim” will be issued. This document is, in reality, a list of the other fees associated with the loan payment.
These include mortgage fees, legal fees, land rates due and other charges unique to Aurora. When homeowners fail to pay the statement of claim, it leads to a writ of possession before the lender requests to evict. The key difference between a power of sale and foreclosure is that for the latter, creditors get both the home and any equity remaining. In a power of sale, the lenders do not get title to the property and so the homeowner is entitled to any funds that remain. There isn’t much left, though, after all the fees are paid.
There exist legal alternatives when facing a power of sale or foreclosure, and nearly all depend on how much equity remains. With 15% equity or more in a property, you could negotiate a second mortgage for the much-needed cash to pay off your initial creditors. You could also sell the home for the money, but if your equity doesn’t suffice, you should consult with professionals for advice on the best move forward. Most people in Aurora have average equity, which requires the intervention of professionals to decide the best action when they are faced with a power of sale or foreclosure.
These types of homes are not easy to find owing to the absence of a general database. The rules do not need one to state that a home is under foreclosure when they put it up for sale. There can be great deals with such properties, but you need to follow many rules to avoid losses. Our experts can help you work through the requirements and even point you to the correct listings. The main intention is to find buyers the best foreclosure or power of sale home for the lowest price and also to help sellers make the most profit from their property before it is sold off by banks.
The legal fees for deals involving such properties are high and unpredictable. On top of that, buyers must contend with a range of often unfavourable terms and conditions. Experts recommend a lawyer for each power of sale or foreclosure deal. The professional will help you understand all the rules to land you an appropriate home for the money you have.
Need Power of Sale advice? Speak with us, and we’ll connect you directly with a Power of Sale lawyer you need. We have you covered. Call 416-499-2122 or email ron@mortgagebrokerstore.com and gain expert advice!
