It is important to understand your legal options when trying to stop a Milton power of sale or foreclosure. Our Milton staff have several years of experience in stopping these actions and we can explain your options to ensure you choose the best for your circumstances.
According to the census in 206, there were 110,128 people in Milton, a city in Halton region in the Greater Toronto Area of Ontario. It sits on the edge of the Niagara Escarpment, which is a UNESCO biosphere reserve. English is the main language in this city but there are also French, polish, and Spanish speaking people. Milton has several parks including Rotary Park where the whole family can go for recreation. There are several schools in Milton, including private and public schools. Schools under the Halton District School Board include Boyne Public School, Craig Kielburger Secondary School and Milton District High School among others. Catholic schools like Bishop Reding Catholic Secondary School are under the Halton Catholic District School Board. The closest airport to Milton is Burlington Airpark but that doesn’t provide regular commercial passenger flight service. For that, you have to go to the Pearson International Airport, only 37km east. Most people are Catholic or Muslim but there are also some Hindu and Sikh communities in the city.
A power of sale can begin if a loan has been in default for more than 15 days. It starts when you receive a Notice of Sale Under Mortgage in the mail which should be corrected in 35 days. If this isn’t paid on time, you will get a ‘statement of claim’ which is, in reality, an outline of the many costs to accompany mortgage settlement. The fees include legal rates, mortgage fees, land rates due and other charges that may be unique to Milton. If time passes without you settling the fees demanded, you will be served with a writ of possession before the lender moves to evict. This is necessary to pave way for sale of your home so that creditors may recover their investment. If any money remains from the power of sale, you will get it as the title to the home remains as yours. This is not much though, after legal, and other fees but it is better than a foreclosure, where you lose both the house and equity in it.
If a bank or other lender takes a power of sale action against you, there are two alternatives. You could get a second mortgage or sell the home for the cash needed to pay up. This is only possible with sufficient equity, otherwise, it is important to consider other alternatives. Our experts are available to offer advice and recommend the best option if there isn’t much equity remaining in your home. Most of Milton residents have average equity and that calls for professional help in making the right choice.
This isn’t easy as there isn’t a general database for such properties in Milton. There also lacks a requirement for sellers to indicate that fact when selling homes under foreclosure or power of sale. While it can be very profitable buying homes under these actions, you need to be aware of the rules to avoid losses. There are many pitfalls that could lead to financial losses but our staff can help you avoid them and even point you to the right listings to make your search much easier. Our main intention is to get buyers the best home for the lowest rate ensuring that sellers make the most from their homes before banks come calling.
There are high legal fees associated with homes under foreclosure or power of sale and these are usually unpredictable. Buyers must also meet many terms and conditions with such homes which are why our experts recommend using a reputable lawyer for such deals. The lawyer will help you understand exactly what you are getting to prevent any losses. Our experts can help you negotiate a proper, profitable deal on a home in foreclosure or power of sale.
