A Newmarket power of sale does not have to mean the loss of property, as there are several alternatives for these legal actions. If you are facing such a situation, there are several legal alternatives available. We have staff who boast many years of experience in stopping both foreclosure and power of sale. They can discuss your options and help you make the right decision in these circumstances. Discover how to stop Power of Sale and Foreclosure in Newmarket.
As of the 2016 census, the Newmarket population was 84,224 people. The city is in the Greater Toronto Area in the Golden Horseshoe. Residents commute to Toronto for daily work and other engagements. In 2013, Newmarket was ranked fourth out of ten small cities in Canada to live. The main drivers of the economy are the administrative, manufacturing, and business services. The town’s main public sector employers include York Regional Police, the Town of Newmarket, and Southlake Regional Health Centre, among others. Effem Foods, Magna International, Allied International Credit and Cintas employ the most people in the private sector.
Buildings in Newmarket have historical and architectural significance. Most notable are the Wesley Rock, Robert Simpson Store, Roadhouse and Rose building, and King George Hotel on 157 Main Street South. The schools in Newmarket are under the York Region District School Board and the York Catholic District Catholic School Board. There is a campus of Seneca College in Newmarket as well as the independent Pickering College, a day and boarding school. In 2017, Newmarket was voted by Amazon Canada to be 20th among the top 100 most romantic places in Canada.
Lenders may decide to take power of sale action if a loan has been in default for more than 15 days. They start with a “Notice of Sale Under Mortgage” in the mail, which is expected to be corrected in 35 days, after which the lender will issue a “Statement of Claim.” If this is not paid on time, a Writ of Possession will be issued before you are evicted. The lender must evict you to pave the way for the sale of the property and recovery of investment. The title to the property still belongs to the homeowner, who gets back all the money remaining from the action. This is very little, though, considering all other charges accompanying mortgage payments. For a foreclosure, the creditor takes the home as well as equity.
When banks or other lenders decide to take power of sale or foreclosure action, you have options to counter them. The options depend on equity, which is sufficient, could allow you to sell the property for cash needed to clear the loan, or you could take a second mortgage to pay off the initial lenders and avoid losing the home. For most Newmarket residents, it is important to use expert help in deciding as opposed to simply allowing banks to sell off your house. Our experts will discuss the options available to you and recommend the appropriate action for your circumstances.
Such homes are not easy to find, as there isn’t a requirement to state that fact when selling. Newmarket doesn’t have a general database for homes under foreclosure or power of sale, making it even harder to buy them. For people interested in such properties, there could be great deals, but it is important to be aware of all the rules. Trading in such homes is a rigorous process, and all the rules must be followed to avoid losing money.
Our experts can help you avoid these mistakes and ensure that you get the ideal property. The goal is to help sellers make the most from their properties and give buyers a chance to buy good homes for the lowest price possible. Deals involving homes under these actions are costly and have unpredictable legal costs. Buyers must accept numerous terms and conditions with the deal, but these are not always in their best interest.
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!
