If you want to stop a Guelph power of sale, it is wise to consider your legal possibilities. Our staff in the city have many years of experience in stopping these actions and can, therefore, help you choose the most appropriate course of action. Learn how to stop Power of Sale and Foreclosure in Guelph.
There were 131,794 people in Guelph, according to the 2016 census. This is a city in southwestern Ontario, and it is fondly called the Royal City of Canada. It is close to Waterloo, downtown Toronto and is the seat of Wellington County. The city is constantly rated as the best city to live in the country because of its low crime rate, clean environment and high living standards. The area is also famed for its low unemployment rates owing to the number of manufacturing facilities. Guelph is served by a growing library system with a membership of more than 85,000.
Many streets of downtown Guelph are lined with Victorian era buildings that are more than 100 years old. Guelph Civic Museum is a great place to spend time looking at pictures, watching films or viewing antique items related to the city’s development. Some of the special natural, historic sites in Guelph include McCrae House, Basilica of Our Lady of Immaculate and Old City Hall. Other attractions include Guelph Lake, the University of Guelph Arboretum and York Road Park. There are multiple art events and festivals occurring in the city at any given time, allowing visitors and residents alike a great recluse whenever they need it.
A power of sale can start after a mortgage has been in default for more than 15 days. The lender has to mail a letter to the homeowner who has about 35 days to correct the “Notice of Sale Under Mortgage” by paying the listed fees or risk a “Statement of Claim.” This document outlines the many fees associated with the mortgage settlement, including mortgage fees, legal rates, land rates due and other charges, including some that are unique to the region.
If the Statement of Claim isn’t paid, the lender can issue a “Writ of Possession” and move to evict you. The mortgage lender doesn’t take the title to a property in a power of sale, so you will get any leftover money from the sale of your home. In a foreclosure, the lender also gets the equity in a property, so they can do whatever they like.
When a lender or bank uses a power of sale in your home, there is a choice to pay off the loan or negotiate another means of paying the money owed. If facing foreclosure, consult our specialists for expert advice on the best solution. Your actions depend on property equity; with enough, you can take another loan or sell to settle the loan. If the debts on a property exceed its market value, you should consult our experts. We advise many with average equity in the city to make informed decisions when facing power of sale or foreclosure.
It is not easy to find a home under a power of sale or foreclosure for sale. This is because sellers aren’t required to disclose that fact, and there’s no general database for these homes. Great deals exist for those interested in these properties, but only if they fully understand the surrounding rules. Our specialists can help you avoid common mistakes that make people lose money attempting to buy properties in foreclosure.
We can also provide inside information on recent listings for properties for sale in power of sale in the area. Our duty is to help buyers get the best value and sellers maximize profits before banks sell their home. Our expert team is available to discuss these opportunities with you.
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!
