If you want to stop an Innisfil power of sale or foreclosure, it is important for you to understand the legal options available. Our staff have been stopping both these actions for many years, and we explain all your alternatives to help you choose the most beneficial. Learn how to stop Power of Sale and Foreclosure in Innisfil.
Innisfil is a town located on the shore of Lake Simcoe in Ontario. It is about 80 km north of Toronto City and just south of Barrie. Growth in these two neighbours has contributed to residential development in the town. The 2011 census revealed that there were 33,079 people in the town, which comprises several neighbourhoods. The communities making up Innisfil include Simcoe Beach, Glenwood, Belle Ewart and Barclay among others. Each year, there is a Summerfest and Winterfest at Innisfil Beach as well as a racetrack on the 5th Sideroad near the interchange at the Beach Road. There are several antique stores in the area, thus the nickname “antique capital of southern Ontario.”
Cooktown has a famous annual garage sale fondly known as “Wing-Ding” as well as the annual fair in September. Soules and Hewson’s families were the first settlers to the area in 1822 and 1823. Pioneer farms were cut from the forest and provided all the settlers needed with the surplus sold at Barrie. Post offices, stores and churches were soon established in the area. The earliest census in 1842 showed that there were 762 people living in Innisfil.
A power of sale might be started after the mortgage has been in default for more than 15 days. The lender must mail the homeowner a letter who has about 35 days to correct the “Notice of Sale Under Mortgage.” This is done by paying listed fees, but if this is not possible, a lender will send the “Statement of Claim.” This is a document outlining the many other fees accompanying mortgage payments.
These include mortgage fees, land rates due and lawyer fees among other charges that are unique to the Innisfil area. If the statement of claim isn’t paid in due time, the lender is forced to issue a writ of possession before making a request to evict. This is necessary to allow the sale of your property and eventual compensation of the lender. Power of sale allows the lender to sell your home, but it doesn’t give them title to the property, so they must give back anything that remains from the sale.
When the banks or credit unions decide to foreclose or take power of sale action against you, there are several options. With adequate equity, you can sell the home for cash needed to pay off your loan or get a second mortgage. If the debts on your property exceed its value, it wouldn’t be easy to get another loan, but there are other options. It is wise to consult with the experts when faced with these actions.Many Innisfil residents with average equity need expert advice if facing a power of sale or foreclosure.
There are high legal fees and costs for such properties, which are often unpredictable. Buyers must abide by multiple rules including the “AS IS” condition and limited ability to inspect the property. These are not always favourable to buyers, who should seek professional help when purchasing such properties.
Small towns across Ontario offer a healthy lifestyle and outdoor opportunities for their residents. Innisfil holds this appeal for the Ontario homeowner. The population of Innisfil was 36,566 as of 2016, and it continues to welcome new residents. Situated 80 KM North of Toronto and on the western shore of Lake Simcoe, Innisfil provides a lovely area for Innisfil homeowners.
After the lender has paid all legal expenses, administration costs, and closing costs using the profit from the sale of your home, you will likely be left with very little or may face debts if the costs outstrip the profit made on your house.
Private mortgage loans are also another great option to prevent a power of sale to go through on your home. Private lenders will be able to negotiate a variety of private mortgage loans that will help you with your monthly finances and give you the means to bring your property out of arrears while enabling you to handle monthly mortgage payments moving forward. Interest rates attached to these loans are generally between 8% and 12% with fees ranging from 3% to 6% of the total cost of the loan. Any loan that will be negotiated will not exceed 75% Loan to Value (LTV), or 75% of the assessed value of your home.
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!
