You need to understand your legal options for stopping a Brampton power of sale or foreclosure. Our staff in that city have years of experience in stopping these procedures and we will discuss all possible solutions for your case.
Brampton is a suburban city in Canada’s Greater Toronto Area with a population of about half a million as of the 2016 census. It was once known as the flower town of Canada owing to its large greenhouse industry. Brampton main economic sectors include retail administration, ICT, and life sciences among others. The city only has one public higher education institution Sheridan College and it has two school boards in charge of different schools. The Rose Theatre and peel Art Gallery are some of the popular attractions for residents and visitors to Brampton, Ontario. This is the second-fastest growing city in the country with 18,000 new residents registered annually. It is recognised by the World Health Organisation as an International Safe Community and the Fire and Emergency Services team also boasts worldwide recognition. The city offers many amenities which are an explanation for the booming real estate industry.
A power of sale process could start if the loan is in default for 15 days. To activate a power of sale, the lender must send a letter by mail to the homeowner. This is known as a ‘Notice of Sale Under Mortgage’ which gives a borrower about 35 days to pay up before lenders make a statement of claim on the property. This document outlines all accompanying mortgage payment including fees for lawyers, due land taxes and mortgage fees. There may also be some unique fees to the region which the borrower resides. If the statement of claim isn’t paid in due time, the lender will issue a writ of possession and then request an eviction. The power of sale doesn’t give full property rights to the property so they will refund any money left over from a power of sale. This is very little, though, after all, fees are paid. Foreclosure, on the other hand, means that you lose your home and all remaining equity. The lender has total ownership and can, therefore, do whatever they like with your home.
When banks or other lenders decide to take the power of sale or foreclosure action on your property there is a choice to pay or let them sell it off. Our staff will discuss your options in a bid to help you make the right decision. Generally, you can try to stop the power of sale by paying fees asked by lenders’ lawyers but only if there is enough equity. With the equity, you can take on a second mortgage to pay off the existing loan and right the Notice of Sale Under Mortgage. If there is too little equity left, options include lenders taking some of your wages or salaries to recover their money. Most people have average equity which calls for specialist advice to determine the best course of action. It is always wise to have professional assistance when facing a complex power of sale or foreclosure.
Finding such properties can be incredibly hard because there isn’t a general database. People are not required to state when selling properties either, making the search for buyers even more difficult. If you are interested in buying such houses, you need to know all rules pertaining to them lest you lose your investment. We have specialists who can help you get a good price for homes in foreclosure and if you are a borrower we make sure to get you the most money before lenders sell off their properties. Our team will discuss your circumstances to help you get the most out of it.
Legal costs and fees surrounding the sale or purchase of foreclosure or power of sale properties are unpredictable and often too high. Buyers must meet myriad terms and conditions which are why experts advise people to use lawyers for the process. It is important to be cautious about buying such properties in order to avoid monetary losses.