Anyone with an intention to stop a Kitchener power of sale or foreclosure must understand their legal options. Our Kitchener staff boast several years of experience stopping a power of sale and foreclosure to save many homes in the city. We will elaborate on every possible course of action and even recommend the one most beneficial to you. Learn how to stop Power of Sale and Foreclosure in Kitchener.
Kitchener is one of the cities in Southern Ontario, approximately 100 km west of Toronto. The city has 233,222 people at the time of the census in 2016 and covers approximately 136.86 sqr km. It is the largest city located in the Grand River watershed and is famous to visitors for the Baden hill, a glacial kame remnant. It has a number of artesian wells that provide water for most of the residents. Manufacturing is the heart of Kitchener’s economy, and artifacts are all over in celebration of the rich manufacturing history. Digital media, health science, finance, and insurance are emerging economic activities in the city.
There are several municipal business parks housing several industries, from manufacturing to crafts. Kitchener City has many public high schools, catholic schools and the University Of Waterloo School Of Pharmacy. There are three hospitals servicing Kitchener, Ontario, but there is a shortage of family doctors. There are several cultural events in Kitchener, from Oktoberfest to The Open Ears Festival.
If you default on a mortgage for fifteen days, a lender might send you a letter by mail. Upon receipt of a Notice of Sale Under Mortgage, you have only 35 days to pay listed fees, or else a Statement of Claim will be issued. This will outline all costs accompanying mortgage settlement, including land taxes due, mortgage fees and lawyer fees, among other unique charges for Kitchener.
If this is not paid either, the lender will issue a Writ of Possession and move to evict you. A power of sale does not give the title to the property to the lender, but they can sell it to recover their investment. After taking their cut, the homeowner is handed excess money, but it’s often too little after fees. A foreclosure gives both the title to the home and all equity the homeowner might have left in it.
Upon receiving the Notice of Sale Under Mortgage, the borrower can either pay off the loan or allow banks to sell their property. If a bank is foreclosing your property in Kitchener, our staff will discuss your options to help you make the right choice. Equity is the most important factor in this situation; if you have significant equity left, you had better stop a foreclosure or power of sale. Equity will help you get a second mortgage or sell the home to stop this action. If your equity falls too low, it is a complex matter that demands assistance from experts in order to make the right choice. Many people fall in the mid-equity ranks, and that requires help from specialists to determine the best course of action.
Finding a foreclosure or power of sale house in Kitchener is not easy as there is no general database. It is not a rule to state that a property is in foreclosure when selling which makes finding the right purchase even harder. Interested buyers can find great deals, but risks exist if they are unaware of all requirements. Our experts advise on avoiding errors and provide insider info on recent foreclosure and power of sale listings.
The legal costs for foreclosure and power of sale properties are typically unpredictable and very high. Buyers have to contend with countless conditions, including AS IS and limited ability to inspect the home. Experts stress the need for a lawyer in every power of sale or foreclosure deal in Kitchener, Ontario.
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!
