You need to be aware of your legal options when trying to stop a North Bay power of sale or foreclosure. Our staff are highly experienced in stopping both these actions. We can discuss your options and recommend the best solution for your situation. Discover how to stop Power of Sale and Foreclosure in North Bay.
Also known as the “Gateway to the North” the city of North Bay sits on what was the main canoe route from Montreal. Among the first people in the area are the First Nations, voyageurs and surveyors but things changes with the Canadian Pacific Railway in 1882. North Bay is a unique city starting with the fact that it straddles both the Ottawa River and the Great Lakes Basin. It remains a major transportation centre for Northern Ontario, critically located at the junctions of Highways 11 and 17.
The city has some ancient volcanic pipes, several exposed dykes and batholiths that attract many visitors. It is one of the most economically diverse cities in the north. Most jobs are in the public sectors, such as government, health, and education. Nipissing University and Canadore College are the two main post-secondary institutions in the area. North Bay City also has other educational programs, from preschool to post-secondary. The school boards in this city include Near North District School Board, Nipissing-Parry Sound Catholic District School Board and Conseil scolaire de district du Nord-Est de l’Ontario.
North Bay’s power of sale and foreclosure starts with a letter sent to the homeowner. The “Notice of Sale Under Mortgage” is sent when a loan has defaulted for more than 15 days and must be corrected in about 35 days to avoid further action. If this fails, you will get a “Statement of Claim” outlining the many fees associated with mortgage settlement. These fees include mortgage set-up fees, legal and land rates due, and other charges unique to the North Bay region.
If you fail to pay the Statement of Claim, there will be a Writ of Possession issued before you are evicted. The lender needs to be evicted to be able to sell the home and recover their investment. Once they have recouped, a lender must give back the remainder as they do not get title to the home. This is the main difference between a power of sale and foreclosure, where you lose both equity and the home. The power of sale is a preferred option for lenders as it is both fast and cheap.
It is possible to stop a power of sale or foreclosure action using the legal means available. Action taken depends on equity in the home, which may be used as collateral for a second mortgage. The homeowner can also sell the home for the cash needed to pay off their loan. With insufficient equity, there is nothing left but to seek advice from our experts on how to stop the action. Most North Bay residents have average equity, which also requires expert help in deciding the right action when facing the power of sale or foreclosure.
Finding such properties on sale isn’t easy in North Bay, Ontario. There isn’t a general database for these homes, nor is there a requirement to state that a home is in foreclosure or has power of sale when they decide to sell. There can be major profits from buying such property but you need o be aware of the rules. A power of sale or foreclosure deal can lead to huge losses if you fail to follow the procurement rules.
There are high legal fees associated with foreclosure and power of sale deals and these are often hard to predict. Buyers must meet complex terms and conditions, so a lawyer is needed for each foreclosure or power of sale.
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!
