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. Discover how to stop Power of Sale and Foreclosure in Sudbury.
Officially known as Greater Sudbury, this is the largest city in northern Ontario by 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 of 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. The lender can sell your property to recover their investment but does not receive the title.
The legal costs for properties under foreclosure or power of sale are quite high and unpredictable. Buyers 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.
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!
