If you ever want to stop an Ottawa power of sale or foreclosure, it is important to understand the legal options for both. Our staff in Ottawa have several years of experience in stopping these actions and we will explain everything you need to know and help you choose the most beneficial alternative for your situation. Discover how to stop Power of Sale and Foreclosure in Ottawa.
The capital city of Canada is on the south bank of the Ottawa River and on the border of Gatineau. The city boasts low unemployment and the best living standards in the country. It is a large city with a population of 316 people per square kilometre. Ottawa has a rich foreign population, and most residents consider themselves Christians, though other religions are also represented.
It only takes 15 days after defaulting on a mortgage for a power of sale to be started. The lender will mail you a letter, and you only have 35 days to pay and correct the issues detailed in the Notice of Sale Under Mortgage. If the ‘Notice of Sale Under Mortgage’ is left uncorrected, the homeowner will receive a ‘Statement of Claim.’ This outlines all costs accompanying mortgage settlement, including land taxes, lawyer fees, and mortgage fees, among other charges that may be unique to the Ottawa region.
If you don’t act on the ‘Statement of Claim,’ the lender may issue a ‘Writ of Possession’ followed by a request to evict you. In the case of a power of sale, the lender will not take the property’s title, but they have the legal right to sell it and recover their investment. This is different from foreclosure, where the lender may take the title to your home, giving them total ownership, including remaining equity in the property.
In these circumstances, you have the option of paying the mortgage holder or allowing the sale of your home. If your home faces foreclosure or sale in Ottawa, our professionals can discuss your options. Sufficient equity is key; if available, it’s best to stop a power of sale or foreclosure. To do this, you must pay the requested fees by the lenders. You can get a second mortgage if the home’s debts don’t exceed its value. Most people are in the mid-equity ranges, which require advice from our specialists to figure out the best options.
It is not easy to find homes under foreclosure or power of sale in Ottawa. Buying foreclosure or power of sale properties can be profitable, but risks arise if you’re unaware of the laws. Our experts provide invaluable advice and insider listings on properties in power of sale or foreclosure. We help buyers secure the best rates and ensure borrowers maximize their home’s value before the bank intervenes. Our team of professionals can personally discuss all your options.
The fees involved in such properties are rather high and often unpredictable. The buyer must accept conditions like “AS IS” and limited liability for inspecting the home’s condition in a power of sale. It is recommended that you use a reputable lawyer on every foreclosure or power of sale deal. This maximizes your property’s value and may prevent its sale through a well-negotiated second mortgage. Move quickly, especially in time-sensitive situations like a power of sale. All documents relating to a foreclosure or power of sale must be available to ensure speedy resolution.
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!
