If you want to stop a Sudbury power of sale or foreclosure it is important to bear in mind the legal implications for both procedures. We boast experienced staff who have been helping with stopping a power of sales and foreclosures. We will discuss the various alternatives and help you make an appropriate decision for your special circumstances.
Officially known as Greater Sudbury, this is the largest city in northern Ontario by the population as it has 161,531 according to the 2016 census. Its foundation is in the discovery of nickel ore by a Canadian pacific railway blacksmith in 1883. The city comprises an urban core where most of its population dwells as well as a number if communities distributed around lakes and among hills of rock. Mining and related industries were the main economic activities in Sudbury for most of the 20th century but the city has since expanded to other sectors including education, health, and retail. There is a large Franco-Ontarian population in Sudbury and they have a great impact on the arts and culture. Sudbury is the healthcare centre for most of Northeastern Ontario and the first successful coronary artery bypass surgery was notably performed at Sudbury memorial hospital. There are three post-secondary institutions in the city as well as several primary schools.
If you fail to make mortgage payments for 15 days consecutively, the bank or credit union has the right to kick-start the process of power of sale by sending a letter by mail. When one receives the “Notice of Sale Under Mortgage”, they must pay listed fees in about 35 days or they will get a “statement of claim” outlining all other charges accompanying the settlement. Besides mortgage fees, legal charges and land rates due, you might see other fees that are unique to the region. If the statement of claim is still unpaid, you will receive a “writ of possession” followed by eviction. In this case, the lender can only sell your property to recover their investment but they do not receive the title to property. This means you will get back any remaining money from a power of sale but it can’t be much after legal fees and other charges. For a foreclosure, you relinquish the home and its title to the lender who gets full ownership including remaining equity.
If a bank decides to foreclose your house or activate a power of sale, the state of your equity determines the next move. Individuals with enough equity can get the cash needed through a second mortgage or sale of the home. If your equity is below acceptable levels, it is wise to consult with specialists who can negotiate with the lenders in your behalf. Most Sudbury residents dealing with foreclosure and power of sale have average equity and therefore need expert advice on the best option to take when faced with a power of sale. They will discuss your options and even help you make the right decision depending on your unique circumstances. A power of sale is a fast process that must be resolved before the grace period expires as it is impossible to resolve once activated.
It is not easy to find such properties in a city without a general database or requirement to state when selling. Homes in foreclosure or power of sale can be a great deal for interested parties who must tread carefully to avoid costly pitfalls. Our staff can help you navigate a foreclosure or power of sale property deal and even provide privileged information on relevant listings in the region. Our primary agenda is to get buyers a great deal while ensuring that sellers make the most from properties before the lenders take over.
The legal costs for properties under foreclosure or power of sale are quite high and unpredictable. Buyer must agree to multiple terms and conditions, increasing the need for a lawyer during such deals. A good lawyer will help you navigate the rules and get the property you want for the fairest price.