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.
There were 131,794 people in Guelph according to the 2016 census. This is a city in Southern western 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 a 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 pass time looking at pictures, watching films or viewing antique items related to the cities 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, 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 aa power of sale in your home there is a choice to pay off the loan or negotiate another means of paying money owed. If you are under foreclosure by a bank, it is wise to talk to our specialists who will advise on the best solution. Any action you will take in this situation depends on equity in a property and if it is sufficient, a borrower may take another loan or sell a property to get the cash needed for loan settlement. If the debts on a property exceed its market value, you should consult our experts. We also advise many people in the city make the right decision when facing a power of sale or foreclosure because they have average equity.
It is not easy to find a home under a power of sale or foreclosure for sale. This is because it is not a requirement to state that fact while selling nor is there a general database for such homes. There can be great deals for people interested in such properties but only if they are fully aware of the rules surrounding such properties. 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. It is our duty to make sure the buyer gets the best house for their money and that the sellers make the most money from their home before it is sold off by banks. Our expert team is available to discuss these opportunities with you.
