Homes in foreclosure or power of sale can be profitable, but ignorance of legal issues can lead to losses. There are many rules for such deals, but our staff can help you navigate them and avoid common pitfalls.
Individuals trying to stop a Pickering power of sale or foreclosure must understand all their legal options. We have staff who boast experience spanning several years in stopping both actions. They can explain available options to help you make the right choice in accordance with your circumstances. Discover how to stop Power of Sale and Foreclosure in Pickering.
Pickering is in Southern Ontario and lies to the east of Toronto. It is one of the cities in Durham region with 88,72 people according to the census in 2011. The Pickering region was Aboriginal territory for thousands of years until it was taken over by the French and British colonialists. There are many development restrictions which are the reason for low population growth in Pickering. This said, the city is home to Pickering Nuclear Generating Station, a reactor facility with 4,120 megawatts capacity. The largest employer in this city is Ontario Power Generation.
Durham Regional Police provide police services, operating from an office in the eastern section of Pickering. Education is under the Durham District School Board, Conseli Scolaire Viamonde and Durham Catholic District School Board. The Durham College Joint Learning Site opened in 2012, offering graduate certificate programs. Shoppers can take to the popular Pickering Town Centre, while those after more fun can go to the Nautical Village. There is everything from a water feature for the kids and art gallery to a wonderful boardwalk along the waterfront.
If you default on a loan for more than 15 days, the lender will start by sending a letter to the homeowner in the mail. This is known as a ‘Notice of Sale Under Mortgage,’ which must be corrected in 35 days to bring the loan back to good standing. If you fail to pay up, there will be a Statement of Claim outlining the many fees accompanying mortgage settlement. These fees include land rates due, mortgage fees and legal fees, among others that may be unique to the region.
Failure to clear the Statement of Claim will lead to the issuance of a ‘Writ of Possession’ and request to evict. It is the lender’s prerogative to evict homeowners in order to pave the way for the sale of the property in default. With the power of sale action, the owner doesn’t lose the title to the property and is, therefore, entitled to all funds that remain from the sale. In the event of foreclosure, you lose both the house and the remaining equity.
When a bank or other lender decides to activate a power of sale against you, there are two alternatives. You can sell the house or take on another mortgage if there is enough equity left in the property. Money from the sale or subsequent mortgage can be used to pay off lenders and avoid loss of a valuable property. It is wise to seek professional help when you have moderate or average equity, like many people in Pickering, Ontario. Our experts will help you decide on the best action to take depending on the equity remaining in a home.
Homes in foreclosure or power of sale can be profitable, but ignorance of legal issues can lead to losses. There are many rules for such deals, but our staff can help you navigate them and avoid common pitfalls.
The legal fees for deals involving power of sale and foreclosure homes are high and often unpredictable. Buyers must agree to many terms, so a good lawyer is essential to help with the process.
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!