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.
The capital city of Canada is on the south bank of 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 kilometer. Ottawa has a rich foreign population and most residents consider themselves Christians though other religions are also represented. The city is considered as one of the most educated in Canada with multiple cultural, post-secondary and research institutions.
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 up 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, 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 legal right to sell it and recover their investment. Any excess that remains from the sale of a home is given back to the homeowner but that isn’t usually much considering all fees involved. 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 options of paying the mortgage holder or allowing the sale of your home. If your home is at risk of foreclosure or sale by a bank in Ottawa, our professionals can discuss your options. Equity is the most important factor and if it is sufficient, the best thing would be to try stopping a power of sale or foreclosure. To do this, you must pay the requested fees by the lenders. If you do not have the cash, you can get a second mortgage on the home but only if the debts on it do not 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. There isn’t a general database for such, neither is it required that one states when they are selling a property. Buying property in foreclosure or power of sale situation can be good business but there could be major losses if you aren’t aware of the laws governing such properties. Our experts can offer priceless advice on how to avoid basic mistakes as well as insider listing information on properties in power of sale or foreclosure. We help buyers get the best rates for properties and also ensure that borrowers get the most out of their home before the banks come calling. 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 several conditions with a power of sale or foreclosure including the AS IS, and limited liability to inspect home conditions. It is recommended that you use a reputable lawyer on every foreclosure or power of sale deal. This helps you get the most value for your property and even prevent its sale by negotiating a proper second mortgage. It is also advisable to move with speed especially if faced with a power of sale situation which is inherently time sensitive. All documents relating to a foreclosure or power of sale must be available to ensure speedy resolution.