If you want to stop a Fort Erie power of sale and foreclosure, it is important for you to understand the legal alternatives. Our Fort Erie staff have many years of experience dealing with the power of sale and foreclosure and can help you choose the best option.
Fort Erie is a town in Ontario, directly across the buffalo River in New York. The city has some low sand hills though it is generally flat. It is home to three beaches; Crystal, Erie, and Bay beach, which are considered the best in the area. Black Creek, Crescent park and Point Abino are some of the neighbourhoods that make up Fort Erie. In 2016, there were 30,710 people in Fort Erie, an increase from the last census conducted in 2011. It is located at Lake Erie’s outlet to Niagara River and both water bodies serve as a playground for personal yachts, power boats and watercraft. There are several parks in the area, like the Mather Arch park on land donated by an American as a tribute to the peace between US and Canada. Several teams play in the area including Fort Erie Meteors, Fort Erie Canons among others. There are two transit buses in the city as well as a train service in the area.
A power of sale or foreclosure may be started if a loan has defaulted for more than 15 days. The lender starts by sending a letter to the homeowner. This is known as a “Notice of Sale Under Mortgage” and must be corrected in about 35 days to avoid getting a statement of claim. The “statement of claim” is a list of all the other fees to be paid along with the mortgage fees. These include land rates due, mortgage fees and legal fees among other charges unique to the region. If this is not paid on time, you will get a writ of possession followed by a request to evict. This is necessary as it allows the lender to sell off your home and recover lost funds. The property owner gets back all proceeds that remain from a power of sale because the lender doesn’t get title to the property. This is typically much though, after legal and other charges. For a foreclosure, the lender can take the title to your property and own it, meaning that you lose any remaining equity.
When a bank decides to take these actions against you, there are possible alternatives. Remaining equity, if sufficient, could be used to negotiate a second mortgage or sell the home for cash needed to pay off your creditors. If there isn’t enough equity in a home, you should consult a professional to help in making the right decision. Many people in Fort Erie have average equity, and this requires professional help when faced with a foreclosure or power of sale situation.
Finding homes under foreclosure or power of sale in the city is difficult as there isn’t a special database for such properties. There isn’t a requirement to state this fact when selling such homes, making things even harder for potential buyers. These properties can be very profitable for buyers but they should also be careful as there are many rules regarding them. You need to be careful to follow them all and avoid losing money. Our specialists can help you avoid common mistakes and even point you to the listings you seek. Our goal is to help buyers to get the best homes for the lowest rates and ensuring that sellers make the most profits from their homes before banks take over.
The legal costs for such properties are high and unpredictable. Buyers need to agree to various terms and conditions including the AS IS and limited ability to inspect a home condition. These make it necessary to seek legal help when faced with a power of sale or foreclosure.