It is important to understand all your legal options when trying to stop a Brantford power of sale or foreclosure. We have skilled professionals with several years of experience in stopping these actions. They can explain your choices and even help you make the best choice for your circumstances. Learn how to stop Power of Sale and Foreclosure in Brantford.
Brantford was founded on the Grand River, and it is popular as the former residence of Alexander Bell, who invented the telephone at his father’s homestead. In reference to this, Brantford is also known as ‘telephone city.’ Due to this great invention, a major telephone company was built in Brantford. As of the 2016 census, there were 97,496 people in Brantford. From 2006, census, more than half the adult population in the city has some certificate in formal education. There are several campuses with postsecondary institutions, secondary schools, and elementary schools. Local museums in the city include Bell Homestead, the Personal Computer Museum and the Canadian Military Heritage Museum, among others.
If a loan has been in default for more than 15 days, the lender will start action against the homeowner. The process of the power of sale begins when they send a letter in the mail. This document is called ‘Notice of Sale Under Mortgage’ and should be corrected within 35 days to bring the loan to good standing. If listed fees aren’t paid on time, the loan lenders will issue a ‘statement of claim’ outlining the many fees accompanying mortgage settlement. Fees in this document usually include legal, land taxes due, and mortgage set-up fees, among others.
After the expiration of the duration given to pay listed fees, you, the lender, issue a Writ of Possession and then request to evict. Lenders need you out of the home at this stage to enable them to sell it and recover their investment. A power of sale doesn’t give the title to the lender, so the owner has the right to retain the remaining equity in the property. This means that you will receive money remaining from a power of sale, but after all fees, that isn’t usually much. In the case of a foreclosure, the owner loses both the home and the remaining equity to the creditor.
When a bank or other lender decides to take power of sale or foreclosure action, you have two alternatives depending on equity. If there is enough equity left, experts might advise you to sell or seek a second mortgage. With the money, you can pay off the initial lenders and avoid losing the home to a power of sale. If equity isn’t enough, you are encouraged to seek professional help from our experts in Brantford, Ontario. Most Brantford residents with moderate equity should seek our specialists’ help for decisions when facing power of sale or foreclosure.
Finding foreclosure or power of sale homes is tough in a city without a general database for them. The Real Estate Act doesn’t require sellers to state that a property is in foreclosure or power of sale, which makes such homes even harder to find. Profits from these homes can be significant, but ignoring the rules can lead to major losses. Our staff can help you avoid such mistakes and even offer some valuable information on available listings on such properties. Our goal is to help buyers get the lowest price and sellers maximize their profits before banks act.
Legal fees involved in such properties are high and usually unpredictable. There are countless terms and conditions for buyers, thus the emphasis on using a good lawyer for all such deals. This helps you understand what you’re getting into and ensures you get the best value for your money. Our experts are available to offer necessary assistance in finding homes in power of sale or foreclosure for sale.
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!
