If you need to stop a Markham power of sale or foreclosure, it is important that you understand your legal options. Our staff have several years of experience in stopping both procedures and can elaborate your options and the best choice for your case.
Markham is part of the Greater Toronto Area about 374 kilometres south-west of Ottawa. It is Canada’s 16th largest city and the fourth most populous municipality in the GTA after Toronto, Mississauga and Brampton. Business Services is the biggest source of income in the city, employing about 22% of its entire labour force. Honda Canada, Johnson&Johnson, Honeywell and Oracle are a few of the multinationals whose Canadian headquarters are in Markham. This city is nicknamed the Tech-Capital owing to industries in the technology sector that are located there. Markham is intersected by Rogue River and Don River and its landscape generally comprises rolling hills. The city is generally cooler than downtown Toronto on any day and the highest temperature ever recorded was 37.8 degrees Celsius on august 8 2001. The city lacks its own universities but there are campuses of Seneca College ay Highways 404 and 7. There are a number of catholic and public high schools in the city and various school boards for different institutions. The city is generally well developed and has a vibrant community with a love for the arts and sports.
A Markham power of sale may be initiated after a mortgage has been in default for more than 15 days. To do this, a lender must mail a ‘Notice of Sale Under Mortgage’ giving the borrower approximately 35 days to pay the listed fees. If this fails, a lender may issue a ‘statement of claim’ outlining the myriad costs accompanying the mortgage settlement. These comprise mortgage fees, land rates due, lawyer fees, among other fees unique to Markham region. If a ‘statement of claim’ remains unpaid, the lender is likely to issue a writ of possession closely followed by an eviction request. A power of sale only gives the lender a right to sell property in default but not the title to the property. Once all investment is recouped, money leftover is reverted to the owner but that is usually very little after fees have been factored in. A foreclosure means you will lose both the property and remaining equity.
When a bank or lender decides to use a power of sale or foreclosure on your home, there are two choices to make; let the lenders sell or pay off the mortgage holder. People with enough equity can use it to take out a second mortgage on the property and put the existing loan in good standing. If the debts exceed a property’s value, it is wise for the owner to discuss their options with a professional who can help them resolve the actions in a favourable way. Many Markham residents are in the mid equity ranges, and that also needs assistance from our skilled professionals to determine the best option.
It is not a requirement to state the legal status when selling a Markham power of sale property, nor is there a general database for properties in foreclosure or power of sale. This makes it extremely difficult to locate such properties on sale. It can be very profitable buying a house in foreclosure but potential buyers must be wary of the high stakes. It is possible to lose money if you are not aware of laws governing such homes. Our staff can offer guidance on avoiding the pitfalls and even provide you with insider information on listings for foreclosure and power of sale properties. The main intention is to help sellers get the most from their property before banks take over and buyers to get the best price for the property.
There are high costs for a foreclosure or power of sale home and these are often unprecedented. A buyer has to accept many conditions including the AS IS condition or limited liability to inspect the house condition. It is for this that we recommend that you have a lawyer to help you navigate every power of sale or foreclosure home purchase.
