People who are trying to stop a Niagara Falls power of sale or foreclosure must understand the legal options available to them. Our staff have years of experience in stopping foreclosure and power of sale in the city. This way, they can explain your options in an attempt to help you make the right decision for your unique circumstances. Discover how to stop Power of Sale and Foreclosure in Niagara Falls.
Niagara Waterfall is best seen from the Canadian side of the river, which makes the city a popular visitor destination aptly named “Honeymoon City”. There were 88,071 people living there as of the 2016 census but millions flock Niagara Falls all year through to behold the great spectacle of three large waterfalls cascading down the river.
Tourism is obviously the most important revenue resource for the city, as apart from Niagara Falls, there are other attractions and cultural areas to visit while away. The District School Board of Niagara operates public elementary and secondary schools alongside the Catholic District School Board of Niagara. There is only one post-secondary institution, but the city boasts several private schools that offer alternative education solutions. The city is served by a library system comprising four branches in the downtown and other parts. In total, the Niagara Falls library sees a whopping 10,000 visitors on any given week.
Lenders will start the Niagara Falls power of sale process on a loan that has been in default for more than 15 days. You will receive a “Notice of Sale Under Mortgage” prompting you to pay up in 35 days or risk a “Statement of Claim,” which is a document outlining other costs to accompany mortgage settlement. If you haven’t paid the statement of claim on time, lenders will issue a “Writ of Possession” and request eviction.
When lenders decide to take power of sale action, the homeowner has two options. With sufficient equity, you can sell or take out a second mortgage to pay off debt. If equity is too low, consult a professional to help you make the best decision.
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!
