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.
Niagara Falls is on the western bank of the Niagara River and is famous for its waterfall by the same name. Niagara Waterfall is best seen from the Canadian side of the river, which makes the city a popular visitors’ 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 while the time 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 offering 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 in the stipulated time, lenders will issue a “writ of possession” and then request to evict. This must happen to facilitate the sale of the property for the creditor to recoup and revert any change to you. The power of sale doesn’t give away the title to a property meaning that you own remaining equity. There isn’t much money left though, after mortgage and other fees. For a foreclosure, the homeowner loses both the home and all equity.
When lenders decide to take power of sale action, the homeowner has two options. With sufficient equity, one can either sell or take out a second mortgage on the home and use the cash to pay their debt. If there is too little equity left, you need to consult with a professional to help you make an ideal decision. Most people in Niagara Falls have average equity which demands expert help when they are faced with a foreclosure or power of sale situation. Our experts have handled numerous such cases in the past and are therefore the best chance of making the appropriate decision for your circumstances.
It is not easy to find such homes in the Niagara Falls as there isn’t a general database for them nor a requirement that people state this fact when selling their homes. There can be great deals for people interested in such properties but caution is necessary, as serious losses are possible if you are unaware of the rules. Foreclosure and Power of sale properties are only traded if all the many stipulations are met. Failure to follow the rules could easily result in major financial losses. Our experts can help by showing you how to avoid common mistakes and even point you to listings that are under foreclosure or power of sale. Our main goal is to get buyers the best deal for their money while ensuring that sellers make the most from their homes before banks come calling.
There are high, unpredictable legal costs surrounding properties under foreclosure or power of sale. Buyers must also meet several terms and conditions including limited ability to inspect the home among others that are not favourable to their interests. It is, therefore, advisable to use a fine lawyer for such deal. The expert will help you negotiate the deal easier and much faster to ensure maximum savings and a good home for your money.
