If you deem it necessary to stop a Stouffville power of sale and foreclosure, it is essential that you understand the legal options available for these procedures. Our staff have been stopping the owner of sales and foreclosures for many years in Woodstock, and we explain your options to help you select the most advantageous. Discover how to stop Power of Sale and Foreclosure in Stouffville.
This is the main urban area within Whitchurch-Stouffville town in Ontario. The population of Stouffville in 2011 was 24,886, which was a major increase from 2006 census, which showed 12,411 people living in the area. The area is on the Rogue River and Ridges Moraine, bounded by a golf course and farmland. Stouffville urban area is 4.5km long from the Highway 48 to York-Durham line.
Stouffville began to grow rapidly in 2005 owing to the Big Pipe, a new and massive sewage system. The entire area is about 2.7km wide and transportation is provided by GO transit. When there are not scheduled trains a bus service from Toronto offers service as well as York Region Transit bus 15 that goes along Stouffville Road to Richmond Hill. The closest communities are Ringwood, Bloomington and Uxbridge. The city of Markham borders Stouffville to the south.
In 1877, this became an incorporated village and in 2003, a 16th century Huron Village was discovered during land development. About 2000 people were believed to live on the site with a series of longhouses. Thousands of artefacts were discovered on the ancient settlement.
The process begins when a loan has been unpaid for more than fifteen days. Lenders respond to this default by sending a letter to the homeowner. This is called a “Notice of Sale Under Mortgage” and must be paid within about 35 days to bring the loan to good standing. If you do not settle, the lender will have to issue a “Statement of Claim,” which, in reality, is a list of fees accompanying mortgage settlement.
Mortgage fees, land rates due and legal fees are some of the charges listed in a “Statement of Claim.” They should be cleared before the lenders issue a Writ of Possession and request to evict. Power of Sale allows the lender to sell your home and recover their money, but it doesn’t give the title to the property. You are, therefore, entitled to the remaining funds after the sale, but usually, that isn’t much after all fees have been deducted. For a foreclosure, the lender gets full rights to the property, including remaining equity.
You have the option when a bank or other lender decides to take the power of sale or foreclosure action. If you have significant remaining equity, you can use it to get another loan or sell the home for the cash needed to clear the initial debt. If there isn’t enough equity, you should consider the help of a professional in deciding the best course of action rather than simply allow the banks to sell off your homes. Many Stouffville residents have average equity and that requires advice from our professionals to make the most appropriate decision.
Finding the power of sale and foreclosure homes in Stouffville isn’t an easy task without a general database for them. For people interested in such properties, there can be great deals, but it is also possible to suffer huge losses if you are unaware of the rules. Our experts can advise you on how to avoid mistakes and even point you to the listings you seek. Our expert team can go over these and other opportunities with you to save you from unprecedented losses.
The legal costs and fees related to trading in power of sale or foreclosure homes are high and unpredictable. Buyers must accept many terms and conditions, such as “AS IS” and limited ability to inspect the home. In light of these and other issues, we recommend using a lawyer for every foreclosure and power of sale deal.
Many families are moving to outlying areas of the greater Toronto region. Attracted to a more relaxed lifestyle and overall lower cost of living than their downtown Toronto counterparts. Stouffville can provide such an enviable lifestyle. The current population of Stouffville is 55,800. Located 50 KM north of Toronto, Stouffville has historic charm to entice a Stouffville homeowner.
Although the living costs may be lower, some circumstances may cause a Stouffville homeowner to fall into arrears with their mortgage. If you are facing imminent power of sale on your Stouffville property, you should be prepared to take all steps to try to stop this process in its tracks. In Ontario, there are currently 2,301 properties in arrears, which represent 0.11% of the properties in the Province. In life, finances can take a beating and it may become difficult to try to pay all your expenses in addition to your monthly mortgage payments. Many factors, such as a costly divorce, job loss, or other financial circumstances, can represent a barrier to keeping up with the costs of your mortgage loan.
You do have options. One option is to look into Ontario-based buyers who will buy your property in the state it is currently in. Given that money is already tight, there is no need to put in thousands in fix-up costs and renovations. Your property can be sold within a week, with the buyer using a real estate lawyer to transfer the title.
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!
