It is important that you are aware of all the legal options available to you when faced with a power of sale or foreclosure. We have experts who have many years of experience with these actions. We can, therefore, discuss your options and can even recommend the best one according to your circumstances. Discover how to stop Power of Sale and Foreclosure in Sarnia.
Sarnia is a Latin word for Guernsey, a British channel island. The city of Sarnia in Ontario is located on the eastern shore of Lake Huron, where it flows into the St. Clair River. The soil in Sarnia is clay but oddly very rich for agricultural activity. The city has two large malls, the Bayside Centre and Lambton Mall, with 72 stores. Cantara Park is the largest of 100 parks in Sarnia, a city with numerous visitor attractions. In light of the city’s commitment to wildlife, there is a Children’s Animal Farm as well as a haven for birds at Lake Chipican. Stones N’ Bones is the only remaining museum within Sarnia city limits.
It has thousands of exhibits that comprise artifacts, rocks, and fossils from different parts of the world. The city boasts sandy beaches that are a popular tourist attraction, as well as the signature fresh-cut fries; travel writers and famous foodies have been awed by the chip trucks of Sarnia but even more by the quality of those fresh fries. Thirteen of the elementary schools and three secondary schools are under Lambton Kent District School Board. St. Clair Catholic School Board controls the city’s seven catholic elementary and two secondary schools. Lambton College is Sarnia’s only post–secondary school, and it has both full and part-time enrollment. The college is one of Ontario’s 21 colleges of technology and applied arts.
The Sarnia power of sale and foreclosure process starts with a letter from the lender, known as a “Notice of Sale Under Mortgage.” This notice is sent once a loan has been in default for more than 15 days and it should be corrected in about 35 days. If the loan has not been restored to good standing when the timeline elapses, you will get a “Statement of Claim,” which is a list of the many other payments to be made with the pending loan.
If this remains unpaid, the lender issues a Writ of Possession and then makes a request to evict. The eviction is necessary in order to pave the way for the sale of the property in the lender’s bid to recoup. Once they have fully recovered their money, you will get the remainder, as you still possess title to the property. This is different from a foreclosure where you lose both the home and remaining equity.
When a bank or other institution approaches with a power of sale or foreclosure, there are some possible alternatives for the owner. These are largely dependent on remaining equity on a property. If it is sufficient, there is a chance of selling or getting a second mortgage for cash needed to pay off estranged creditors. If there is too little equity left, you need to work with a professional to help in determining the best solution. Many in Sarnia with average equity should seek expert help for power of sale or foreclosure issues.
It is not easy to find such properties on sale for lack of a general database. It can be very profitable to buy a house in this situation, but experts recommend caution with any deal. The stakes are high, and many who went in uninformed ended up losing their money. Our experts are available to help you avoid common mistakes and even point you to the listings you seek. Our goal is to ensure sellers maximize their value and buyers get quality homes at the lowest price.
Fees for foreclosure and power of sale deals are often high and unpredictable. Those who want to buy homes must meet several terms and conditions, which they may not even understand. For the best outcome, experts recommend that you use a reputable lawyer for any deal.
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!
