Free Advice: 416-499-2122
Or email: ron@powerofsalesontario.ca
marketing image

Stop Power of Sale and Foreclosure in Mississauga

It is necessary that you understand all legal choices that you have when trying to stop a Mississauga power of sale or foreclosure. We have experienced staff in stopping both procedures and we can explain your options and help you choose the best one for your situation. Learn how to stop Power of Sale and Foreclosure in Mississauga.

Mississauga Information

This is a city in south Ontario with a population of 721,599 people as of 2016. It stands on the shores of Lake Ontario and is part of the Greater Toronto Area (GTA). Mississauga is the sixth most populous city, and its growth is attributed to its close proximity to Toronto, an important economic hub in the country. There is a multicultural population in the city which is also home to the busiest airport in Canada.

Mississauga is the base for 60 of the world’s Fortune 500 companies, and it boasts several attractions for tourists, including the Celebration Square, Art Gallery of Mississauga, and The Square One Shopping Centre, one of the largest malls in Canada. Residents of this city are drawn from many parts of the world which coupled with great infrastructure, makes it one of the best places to live. English is the main language in the largest Anglo-American suburb by population.

The Process of a Power of Sale or Foreclosure

If a loan is in default for 15 days, a lender may start a power of sale by letter. Once the mail is received, a property owner must pay the fees stated in the Notice of Sale Under Mortgage in abut 35 days or risk getting a Statement of Claim outlining fees that will accompany payment of the loan.

Fees in the statement of claim include lawyer fees, land taxes, mortgage processing fees, and additional Mississauga-specific charges. If the ‘Statement of Claim’ remains unpaid, the lender might issue a Writ of Possession and then request eviction.

The power of sale doesn’t transfer title to the lender but grants the right to sell the property to recoup investment. After the mortgage holder stakes their claim, you’ll receive leftover money, but it’s usually minimal after fees. Foreclosure means the mortgage holder gets full rights to your home, including remaining equity.

Techniques of Stopping a Mississauga Power of Sale

When a bank or lender starts a power of sale or foreclosure, you can either pay up or let them sell it. If your home is in foreclosure, our professionals can discuss options based on property equity and other issues. Experts advise stopping power of sale or foreclosure if there is still significant equity in the home.

With sufficient equity, you can take out a second mortgage and stop the power of sale action. If property debts exceed its value, contact our experts to help make the right choice. Most borrowers in this situation are mid-equity, requiring assistance from our specialists.

Buying a Foreclosure or Mississauga Power of Sale House

It isn’t easy to find a house under a Mississauga power of sale or foreclosure. This is due to no requirement to state details when selling and the lack of a general database for such properties. Purchasing such properties can be profitable, but ignorance of the rules may lead to significant losses. Our staff can help you avoid mistakes and provide information on recent foreclosure and power of sale listings.

We help buyers get the lowest price and sellers achieve the most value from their homes before banks sell them. Our teams of experts can discuss your options and recommend the most ideal for your circumstances.

Legal fees for buying and selling properties under foreclosure or power of sale are typically high and can change unexpectedly. Buyers must accept many terms and conditions, so it’s crucial to have a lawyer to properly register purchasing documentation.

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!

Apply Now

    Your Name (required)

    Your Email (required)

    Phone Number (required)