Lenders in Orillia will most likely use the power of sale process if a mortgage is in default. A power of sale is the fastest and cheapest legal process for a lender. Lenders can sell the property any price but they do have a duty to get the highest possible price for the property. If you are a homeowner you should do all you could can to stop the power of sale. Sometimes the legal costs can consume of all the equity and the homeowner will receive no money after the sale.
An Orillia power of sale can be started after the actual mortgage has defaulted for over 15 days. The lender has to forward a letter to notify that the home buyer is in default of the home in Orillia. The property buyer has 45 days in order to see the “Notice of Sale Under Mortgage”. If your letter is not noticed again the financial institution has to forward a “statement of claim”. The “statement of claim” will outline each of the costs for reducing the mortgage. This consists of the mortgage primary, land taxes payable, lawyer fees in addition to any added fees or other fees that are generally unique to Orillia.
If your “statement of claim” is not paid the lender has rights in order to send a sheriff for the home in Orillia. Right now the sheriff will remove any occupants with the abode and take control of the home and allow it to the actual mortgage holder.
To stop a power of sale in Orillia call us for a consultation.
