If you want to stop an Oshawa power of sale or foreclosure, it is important to understand your legal options. Our Oshawa staff have several years of experience stopping these actions and can explain all your alternatives to help in choosing the best option for your circumstances. Discover how to stop Power of Sale and Foreclosure in Oshawa.
Oshawa is the eastern anchor of both the Golden Horseshoe and the Greater Toronto Area. The name comes from the Ojibwa term, meaning the crossing place. Oshawa is on the shores of Lake Ontario and is the automotive capital, aptly named the city that motivates Canada. While mostly recognized for its automotive industry, modern-day Oshawa is a health science and education hub.
The city is home to Trent University Durham and University of Ontario Institute of Technology. Lake Ridge Health Oshawa is one of Ontario’s largest community hospitals, and it houses R.S McLaughlin Durham Regional Cancer Centre. The LHEARN centre in Lakeridge Health Oshawa trains and tests all kinds of medical professionals. Lori Yates, Tonya Lee Williams, John O’Regan, Stephen Poloz, and Jonathan Wilson are some of the notable residents of Oshawa, a city with 149,607 as of the 2011 census.
A power of sale can be initiated after a mortgage has been in default for more than 15 days. The lender should mail a letter to the property owner who has about 35 days to resolve the ‘Notice of Sale Under Mortgage’ by paying listed fees. If this does not happen, a statement of claim will be issued outlining all costs accompanying mortgage settlement. These include land taxes due, lawyer fees, mortgage fees and other rates that are unique to Oshawa.
If a Statement of Claim remains unpaid, the loan lender can issue a Writ of Possession and request an eviction. With a power of sale, the lender does not take title to the home but can sell it to recoup. The homeowner will receive leftover proceeds from the power of sale, but it is usually very little after legal and other fees. A foreclosure means the lender can take the title and own your home. You will also lose any remaining equity in the property.
When a lender or bank uses foreclosure or power of sale on your property, there is an option of paying off the mortgage holder or allowing the lender to sell the home. If a bank is foreclosing or selling your home, our staff in Oshawa can discuss your options. The most important factor in such circumstances in equity left in your home. If you have a lot of equity, the most favourable action would be to stop the power of sale or foreclosure.
Stopping these procedures is only possible if you pay the requested amount. The cash to pay off your loan may be obtained through a second loan or selling the home. If the value of your property is lower than the total debts in it, stopping a power of sale and foreclosure is a complex process that demands proper handling with help from seasoned professionals. Many people are in the middle of the equity range, and our experts are required to advise them on the best options.
Legal costs and fees related to buying and selling these types of homes are high and usually unpredictable. Buyers must follow terms like limited inspections and “AS IS,” so a lawyer is essential for the power of sale and foreclosure deals.
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!
