Anyone who wants to stop a Barrie power of sale or foreclosure must weigh all their legal options. This is not always easy, but thankfully, our Barrie staff have been stopping these actions for several years. We will explain the possibilities and finally recommend the most beneficial alternative for your situation. Learn how to stop Power of Sale and Foreclosure in Barrie.
Barrie is on the shores of Kempenfelt Bay, on the western arm of Lake Simcoe. The central Ontario city is in the famed Golden Horseshoe and one of the densely populated industrialized parts of the province. According to the 2016 census, there were 141,434 people in the area with an elevation of 252m. Barrie was originally established as a warehouse and house on an Aboriginal transportation route. The city is accessible from Highways 26, 11, and 400 and notably, it does not have major rivers within its limits.
There are several communities in the city, including Cundles, Painswick, Eastview and Holly, to name a few. Coca-Cola Bottling Company, Sun Media, BMO Data Centre and IBM Canada Data Centre are some of the major employers in the city. Despite being home to several major companies, Barrie has long been considered the bedroom community for commuters to Toronto. It is one of the best places to live in Canada, featuring among the top 50 cities in quality of life rankings.
The power of sale process can begin after a mortgage has been unpaid in excess of 15 days. The lenders must send a Notice of Sale Under Mortgage to the homeowner who has about 35 days to pay the listed fees. If the Notice of Sale Under Mortgage isn’t handled, a statement of claim is issued outlining all fees accompanying loan settlement. These are mortgage fees, lawyer charges and other additional costs, among them unique charges in Barrie.
When a borrower fails to pay the statement of claim, the mortgage holder will issue a writ of possession and request an eviction. The lender can sell your house in a power of sale to recover their investment, but that doesn’t grant them title to the property. This means that the borrower gets back any remaining funds from the action, but that is usually a small sum after additional legal fees. Foreclosure means that you will lose ownership of the home to the lenders and that includes remaining equity.
When lenders use foreclosure or power of sale, you can repay the mortgage or let them sell your home. If a home is in foreclosure by a bank in Barrie, our staff will go over your options. Equity is key—use it to negotiate a new loan or sell the property to settle the default. If home debts exceed their value, our experts can help you make the right decision. The lenders, in this case, might take away some of your income to recover the investment. Most people facing power of sale in Barrie have average equity, requiring expert help for informed decisions.
Finding foreclosure or power of sale homes is challenging since it’s not required to disclose this when selling. Things become even harder for the person interested in such properties because there isn’t a general database for such. There can be great deals for buyers of homes under a power of sale or foreclosure, but they should understand all the laws governing such properties before closing the deal. Our specialists guide you through the process and provide the latest property listings you’re looking for. We help sellers maximize profits and connect buyers with the best property at the right price.
Unpredictable sales with ‘AS IS’ condition, limited inspections, and strict buyer terms and conditions apply. For these and other reasons, it is advisable to use a lawyer for all such deals.
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!
