If you want to stop a Stratford power of sale or foreclosure, it is important for you to understand the legal options you might have. Our Stratford staff have been handling these situations for many years now. We can discuss your situation to help you make the best choice for your situation. Discover how to stop Power of Sale and Foreclosure in Stratford.
Stratford is Perth County, Ontario, on the Avon River. It has a population of 31,465, according to the 2016 census. The town was incorporated as a city in 1886, with John Corry Wilson Daly as the first mayor. The swan is an important symbol for the city, with 24 white ones released into the Avon River annually. Comfort Life, a publication targeting seniors, ranked Stratford as one of the best places to retire in the country.
The city has also been rated among the best places to live in Canada. Shakespeare’s plays are constantly produced in the city, with an annual Shakespeare festival celebrating the great playwright. Besides the festival, which attracts millions of visitors, there are other attractions in Stratford, including Stratford Summer Music, among others.
Stratford has long been recognised as a “smart city” having been placed among the 7 top intelligent communities globally. There is a university of Waterloo campus in the city as well as a number of secondary schools. Justin Beiber, Loreena McKennit and James Westman are some of the notable names with a local connection to the sister city of Stratford-upon-Avon in England.
The lender might decide to start the power of sale and foreclosure process if a loan has been unpaid for more than 15 days. To trigger the action, lenders will send a letter to the homeowner, giving them about 35 days to correct the “Notice of Sale Under Mortgage” to bring the loan back to good standing. If these fees are not paid on time, you will get the “Statement of Claim” a list of many other payments accompanying loan settlement.
These include mortgage fees, legal fees and land rates due, among other charges unique to the Stratford area. Failure to pay at this point prompts the lender to issue a Writ of Possession followed by a request to evict the errant client. This is necessary as it allows for the sale of property to ensure the recovery of investment. While it gives them the right to sell a home, the lender doesn’t get title to the property with a power of sale. This means that the homeowner should get back all remaining cash, but there isn’t usually much left after fees. In a foreclosure situation, you will lose both the home and any equity that remains to the creditors.
When your creditors decide to take power of sale or foreclosure action against you, there are several options. Rather than simply allowing the banks or credit unions to sell the home, it is actually possible to stop the action.
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!
