If you want to stop a St. Thomas power of sale and foreclosure, it is of utter importance that you are aware of all your legal options. Our St.Thomas staff boast many years of experience in stopping both actions. We discuss your options and even recommend the best one for your situation.
St. Thomas is the seat of Elgin Country despite being independent of the county. The city gained its charter in 1881 and is now part of the London metropolitan census area and in the 2011 census, it was home to 37,905 people. Most residents are Caucasian with a few aboriginal and minority groups. Manufacturing is an important part of the city’s economy with a presence of plants operated by Ford and Magna International. In 2010, there were 500 new jobs in the city created by the consolidation of Masco Canada’s operations in the former assembly plant of Sterling Truck and Takumi-Toyota’s supplier, expanding their hold of the country. The city is accessible on Kings Highways 3 and 4. The city transit provides both conventional and paratransit, operated and staffed by Voyageur Transportation. Air transport is provided by St. Thomas Municipal airport which is also host to the bi-annual largescale airshow.There are two main parks; Waterworks Park which is straddled by the waterworks reservoir and Kettle Creeks, as well as the Pinafore Park just beside Pinafore Lake. There is a dog park at 25 Talbot Road, which is managed by the city’s dog owners’ association. Rachel McAdams, the former catholic archbishop of Toronto, Gregg McKegg and Paul Hackman, a famous guitarist, are some of the famous people who call St.Thomas Ontario home.
If you miss mortgage payments for 15 days consecutively, the lender might trigger these actions. They start by sending a letter to the homeowner by mail. This letter is known as a “Notice of Sale Under Mortgage” and should be corrected in approximately 35 days to bring the loan back to good standing. If payments are not made at this stage, the lender issues a “statement of claim”, a document listing all other fees to accompany mortgage settlement. They include land rates due and legal fees among other charges that may be unique to St. Thomas. Once time elapses without payment, lenders are bound to issue a writ of possession and then request to evict. This is a necessary measure as the creditors must sell your home in order to recover the property. Once it has been sold off, you should receive any money that remains after the loan and fees but that is usually very little. The power of sale doesn’t give away the title to your property, unlike a foreclosure where you lose both the house and any equity that remains.
When faced with these situations, you shouldn’t resign to the fact that you might lose the home. There are various options to take and stop the power of sale or foreclosure but all largely depend on the equity in your property. If it is sufficient, you can sell or take a second mortgage to get much-needed cash to pay off those you owe. In the event that a home has more debts than its market value, you should consider seeking professional guidance on the best recourse. Many St. Thomashomeowners have average equity which means they also need help from our professionals when they are faced with a power of sale or foreclosure.
This isn’t easy as the homes are difficult to locate in the first place. The city lacks a general database for them and the rules do not require sellers to state the nature of property in their listings. These homes can be very profitable for those interested but only if they are careful to follow the rules. Many have lost money trying to acquire such properties without considering the requirements. Our experts can help you avoid such errors and even point you to the right properties.
There are high and unpredictable fees for such property deals. Homebuyers must also follow myriad rules during the deal. These and other reasons prompt our experts to recommend using a lawyer for every power of sale and foreclosure deal.
