To stop a St. Catharines power of sale or foreclosure it is important for the homeowner to understand all their legal options. Our staff in the city have years of experience in stopping these actions and we can explain your options to help you make the best decision.
St. Catharines is the sixth largest urban area in Ontario with 96.13 square kilometres. The 2016 census revealed that there are 133,113 residents in the Southern Ontario city. The official nickname for St. Catharines is The Garden City’ in reference to its 1,000 acres of trails, gardens and parks. The city is located between the GTA and Fort Erie border with the US. A number of call centres operate in St. Catharines, which lies on one of the main telecommunications spines between U.S and Canada. There are several post-secondary institutions including Brock University, Concordia Lutheran theological seminary and Ridley College, a co-educational day and boarding school. The District School Board of Niagara manages about 119 faculties and the Niagara Catholic District School Board which manages about 61 secondary schools and elementary schools. The NCDSB is also in charge of three catholic secondary schools in the region. Manufacturing is the driver of St. Catharines’ economy and in recent years employment has shifted from this to services.
The lender can start a power of sale if the mortgage has been unpaid for more than 15 days. When you receive theNotice of Sale Under Mortgage, you have about 35 days to pay the listed fees or receive a statement of claim’ the document outlining additional fees to be paid with the mortgage. Charges usually include mortgage fees, land rates due, and extra fees unique to St. Catharines, Ontario. If you are unable to pay the statement of claim’, a lender may issue a writ of possession then make a request for your eviction. The lender can sell your property but only to recover the investment, as they do not get title to the house. You will get all money remaining after they have recouped unlike in a foreclosure where you lose even the title to the property.
When faced with the possibility of the power of sale or foreclosure, you can let the banks to do as they like or pay them off. Paying listed fees will bring the loan to good standing but that is only possible if you have necessary funds. To get the cash you can sell the property or take another loan using it as security. If you have more debts in a home than its market value, it would be wise to seek professional help in stopping a power of sale or foreclosure. Most people in St. Catharines have middling equity and for that, they need expert advice in making the right choice.
It is not easy finding such properties in the city, as sellers are not required to state that when selling. There is no database as a reference for people interested in such properties, making it even harder to locate them. There can be great deals for people seeking properties in foreclosure or power of sale but parties must be careful. If you are not aware of all the rules governing such homes, it is likely that you will lose your hard earned cash to unscrupulous individuals. Our specialists can provide you insider information on relevant listings and even help you avoid common pitfalls associated with the purchase of such homes. The main aim is to get buyers the lowest possible price on properties as well as helping sellers get the most money for the home before it is sold off by banks.
The legal costs and fees associated with selling and buying power of sale or foreclosure homes are typically high and unpredictable. Buyers must contend with several terms and conditions such as the AS IS’ condition or the limited ability to inspect a property. This way, we recommend that you use a lawyer ob each foreclosure and power of sale. This will protect you from shady dealers who might try to rip you off and ensure that you get the best foreclosure home for your money.
