People who may be trying to stop a Thunder Bay power of sale or foreclosure should understand the legal options. We boast staff with several years’ experience in stopping power of sale and foreclosure. They can explain your alternatives to help you make an appropriate choice according to your situation. Discover how to stop Power of Sale and Foreclosure in Thunder Bay.
Thunder Bay is the seat of Thunder Bay district of Ontario, Canada. It is one of the most densely populated municipalities in the NW region, with 107,909 as of the 2016 census, but this was a decline from the 2011 census, which reported 108,359 people. It earned its name from the great Thunder Bay on Lake Superior, and some people refer to it as the Lakehead. A majority of Thunder Bayers speak English with only 2.6% speaking French. There are many attractions for visitors in the city, with Fort William Historical Park being the most prominent.
Other scenic attractions include the Canada Games Complex, Bluffs Scenic Lookout and Cascades Conservation Area, among many others. There are 38 elementary, three middle, two private and eight secondary schools in Thunder Bay. The city is also home to one adult education facility. The Lakehead District School Board is the largest followed b the Thunder Bay Catholic District School Board. The entire city boasts several cultural centres representing the diverse population in Thunder Bay, which is duly named the ‘Cultural Capital of Canada’. The city also boasts the Thunder Bay Art Gallery, which specializes in the works of First Nations artists.
When you default on a loan for more than 15 days, the lender will take action by sending a ‘Notice of Sale Under Mortgage’ by mail. When you receive this letter, a lender expects you to pay listed fees in 35 days to bring the mortgage back to good standing. If this fails, you will receive a statement of claim, which is, in fact, a document stating all fees accompanying loan settlement. If a homeowner is unable or unwilling to pay the ‘Statement of Claim,’ they are issued with a ‘Writ of Possession,’ which lenders follow with a request to evict.
By evicting the homeowner, a lender is able to sell off a property to recoup. When the lender gets all their money, they have to refund the remainder to the homeowner, as they do not get title to the property. This, though, is usually very little after legal and other associated fees. After a foreclosure, the property owner loses even the remaining equity as all rights are reverted to the creditors.
You have two main options when banks decide to take power of sale and foreclosure actions. If you have sufficient equity, it is possible to get cash to bring a loan to good standing by selling or taking a second mortgage on the home. If there is too little equity to enable loan payment, you should consult with our experts. Most people in Thunder Bay have average equity, and this calls for expert assistance to ensure the right decision. They will discuss available options and definitely suggest the best option for your situation.
There isn’t a general database for properties in power of sale and foreclosure in Thunder Bay. It is even more difficult to find such properties in the market considering that the law doesn’t require one to state when selling such properties. Finding such properties can be a great deal, but caution is needed to avoid significant monetary losses. Our experienced staff help avoid pitfalls and provide details on foreclosure or power of sale listings.
Buyers of such homes must meet a variety of terms and conditions that may not necessarily cater to their interests. According to our experts, you must have a reputable lawyer to help negotiate the somewhat murky waters. Get the best value for your money and maximize your return when selling a home under power of sale.
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!
