Anyone seeking to stop a power of sale must understand their legal options for both actions. Our staff at the mortgage broker store can help you in deciding on the best course of action against a power of sale. We can discuss your circumstances and even recommend the best action for your unique circumstances. Discover how to stop Power of Sale and Foreclosure in Peterborough.
Peterborough Information
Peterborough is on the Otonabee River, approximately 125 km northeast of Toronto. In the last census, there were 81,032 citizens in Peterborough, which is known as the gateway to the Kawarthas, a great recreational facility named in honour of an early Canadian politician, Peter Robinson, who oversaw the first major immigration to the area.
Trent University, Fleming College, and Kawartha Lakes Bible College are some of the post-secondary institutions in Peterborough. This region is packed with a host of local attractions, parks and museums. The city’s main library was used for the filming of the American science fiction film Jumper in 2008. Large multinational companies operate in Peterborough, including Siemens, Rolls-Royce, General Electric, and more.
Peterborough Power of Sale and Foreclosure Process
The power of sale action begins as soon as a loan is in default for more than 15 days. The homeowner will receive a letter in the mail, better known as a “Notice of Sale Under Mortgage.” This must be cleared in 35 days or less to bring your loan to good standing. If this fails, you will receive a “Statement of Claim,” which is actually a document outlining the many fees accompanying settlement. These include land rates due, legal fees and mortgage fees, among other charges that may be unique to Peterborough.
If you are unable or unwilling to pay the Statement of Claim, the lender will issue a Writ of Possession and request to evict you. The lender needs you to vacate the property so they can sell it and recover their investment. You still own the title to the property, so all cash remaining from the deal must be turned over to you. There isn’t much left, though, after associated fees, but it is better than in a foreclosure, where you lose equity along with the home.
Stop a Power of Sale and Foreclosure in Peterborough
When banks and other creditors come after you with a power of sale or foreclosure, there are several options to take. If you have sufficient equity, you can use that as collateral for a second loan. With another mortgage on the property, you can pay off the initial loan and avoid losing the home. Alternatively, you can sell it and get the cash to clear the debt before banks close in on you. If your home is in foreclosure and you have insufficient equity, there are also alternative measures to take with guidance from professionals. Most people in Peterborough have moderate equity, which is for expert help in deciding what to do in the event of a power of sale or foreclosure.
Buying a Peterborough Foreclosure and Power of Sale
Such deals attract high, unpredictable legal fees, which are deemed too costly. Buyers of such properties must meet numerous terms and conditions during the purchase. Such things as the limited ability to inspect are not always in the buyers’ best interests. For this reason, you need a good lawyer for such deals. The lawyer will negotiate the best deal on your behalf to prevent monetary losses. You’ll quickly find the property you need at the best possible rates.
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!
