People trying to stop foreclosure or a power of sale must understand what legal options they may have in resolving both procedures. A Hamilton power of sale or foreclosure is a serious matter that requires you to act immediately to have it resolved. Our Hamilton professionals have many years of experience in stopping the power of sale or foreclosure process and can help clients make the best decision according to their circumstances. Learn how to stop Power of Sale and Foreclosure in Hamilton.
Hamilton is a port city on the western tip of Lake Ontario and the centre of the densely populated Golden Horseshoe region of the province. It is home to various attractions, including the Royal Botanical Gardens, Canadian Warplane Heritage Museum and Bruce Trail, among many more. The 4th best university in Canada, McMaster University, is located in Hamilton as well as the Canadian Football Hall of Fame. Manufacturing is the main economic activity in the city, with steel being the main product. More than half of Canada’s steel is produced in Hamilton, which is duly called the Steel Capital.
The population density in 2016 was 536,917, and that is bound to grow as more people seek residence in the industrialized port city of Canada. More people are moving from the GTA to Hamilton for quality homes at a fraction of Toronto’s prices. Hamilton’s location offers great living with ample room for trails and other recreational spots.
A lender can activate a Hamilton power of sale if a mortgage loan is in default for 15 days. The homeowner will receive a ‘Notice of Sale Under Mortgage’ giving them 35 days to take action, after which a ‘Statement of Claim’ will be sent. The document is, in reality, a list of charges and fees associated with the loan settlement, such as legal, due land taxes and mortgage fees, among other rates unique to Hamilton. If you fail to pay the Statement of Claim, lenders will go on to issue a writ of possession and then request an eviction.
It is never easy finding homes in the power of sale or foreclosure that are listed for sale. This is due to the lack of a general database and no requirement to state intent to sell in Hamilton. While it can be a great deal to buy such properties, it is also highly risky for the buyer. We offer advice to avoid common mistakes and provide insider info on properties in foreclosure or power of 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!
