You need to be fully aware of your legal options whenever you are attempting to stop a power of sale or foreclosure. Our staff have many years of experience stopping these actions. We can explain your options and even help you select the best one for your situation. Learn how to stop Power of Sale and Foreclosure in Caledon.
This is a town in Peel regional municipality in the GTA, Ontario. For two years running, Caledon was named the safest town in Canada for two consecutive years by the Maclean magazine. According to the census in 2011, the population off Caledon was 59,460 a notable increase from what was in 2006. The main inhabitants of the town are of European descent, but there is a decent representation of other people. Secular Anglophone schools are under the Peel District School Board, while the Dufferin-Peel Catholic District School Board means the Catholic Anglophone Schools in Caledon.
The Caledon power of sale and foreclosure process can begin if a loan has been in default for more than 15 days. It starts with a letter known as “Notice of Sale Under Mortgage,” giving the homeowner about 35 days to pay up and bring the loan to good standing. If the Notice of Sale Under Mortgage isn’t corrected on time, you will be handed a “Statement of Claim,” a list of the many payments to go with mortgage settlement.
Failure to pay the statement of claim means you will get the Writ of Possession before your creditor makes a formal request to evict. This is designed to pave the way for the sale of the property in an attempt to recover funds. The title to the property still belongs to the homeowner, who will get any remainder from the sale of their property. There is very little to claim, though, after legal and other fees. That said, a power of sale is better than a foreclosure, where all equity is lost along with the home. Lenders prefer a power of sale to foreclosure as the former is cheaper and less time-consuming.
When credit unions, banks or other lenders decide to take a power of sale action against you, there are a number of legal options available. All these are dependent on equity, and our experts are best suited to help you decide. If there is adequate equity in the home, you can use it to negotiate a second mortgage with private lenders. This cash may be used to settle the initial loan and save your home. Alternatively, you can sell the home for enough cash to pay off your loan and avoid the many associated fees. If equity remaining in your home is too little to get another mortgage, it is wise to work with our professionals. Many of the people in Caledon are in the mid-equity range, which also calls for expert help.
Finding a Caledon home for sale that is under foreclosure is no easy task, considering the lack of a database. The Ontario Real Estate Act doesn’t require sellers to disclose a property’s nature when listing it for sale. Finding a home for sale can be tough, but our experts can assist in the search.
Our professionals will help you avoid the common pitfalls and even provide information on the listings you seek. The goal is to help buyers get the power to sale or foreclosure homes at the lowest price, and sellers maximize profits.
Legal fees for such deals are high and usually unpredictable. Buyers of these houses should use a good lawyer to handle the legal aspects of the deal. There are many terms and conditions for buyers who risk losses if they choose to work without legal help.
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!
