Anyone facing an Oakville power of sale or foreclosure must understand their legal options for both procedures. We have staff with several years of experience in stopping both a power of sale or foreclosure. Our experts will explain your options to help you make the best choice for your special circumstances. Discover how to stop Power of Sale and Foreclosure in Oakville.
Oakville is a suburban town in the Halton Region on Lake Ontario and part of the Greater Toronto Area. The 2016 census revealed 193,832 people in the area, which is considered to be among the most densely populated parts of the country. There is a mix of public and private elementary and high schools in Oakville.
The area is covered by four distinct school boards and is home to Appleby College, a private school for 7th to 12th grade and Sheridan College, a business and animation studies institute. Sheridan is Oakville’s sole higher education institution. The Oakville Arts Council, a not-for-profit charitable organization founded in 1978, promotes arts and culture in the town. The OAC also publishes the only magazine dedicated to local artists and arts in Oakville.
If a mortgage defaults for 15 days, the lender will issue a Notice of Sale Under Mortgage sent by mail. This gives you approximately 35 days to clear listed fees, and if you don’t, you will receive a Statement of Claim, which outlines all other payments associated with mortgage settlement. These include mortgage fees, legal charges, and other charges unique to the Oakville region. If you fail to pay the statement of claim, a Writ of Possession will be issued before the lender requests an eviction.
The main difference between a power of sale and foreclosure is that for the former, the lenders do not get the title to the property. This means that you will get all money remaining once the mortgage holder has recouped from a power of sale but not for a foreclosure where you lose even the equity left in a home.
If banks or other lenders decide to take power of sale action or foreclose your property, there are two ways to handle things. You can let them take over the home or try stopping the legal actions, depending on how much equity is in your home.
Our experts will discuss your options and recommend the best one for your prevailing circumstances. If you seek legal help stopping a power of sale, present all documents regarding the process to speed things up. Foreclosures are best resolved early as they are expensive and demand many court appearances.
There is no general database for foreclosure and power of sale homes for sale in Oakville. Finding such properties is harder because sellers aren’t required to disclose when they list them on the market. Finding a foreclosure home can be a great deal, but knowing the law is crucial to avoid losses. Our goal is to secure a great home for buyers and help sellers maximize value before banks take their property.
There are numerous legal fees and unpredictable charges for such deals. Property buyers must meet many terms and conditions, some of which might be too difficult to understand. This is why you need legal assistance for the successful closure of such deals. The lawyer will help straighten out any issue to ensure that the house is in good condition when you buy.
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!
