If you want to stop a Timmins power of sale and foreclosure, it is necessary that you understand all the choices available. Our Timmins staff have been stopping these actions for many years, we explain all your choices and help you choose the one that is most appropriate for your circumstances. Learn how to stop Power of Sale and Foreclosure in Timmins.
This city is on the Mattagami River in northeastern Ontario. It has a population of 41,788 as of the census in 2016. Almost half of Timmins’s population is bilingual in French and English. The city is rich in tourist attractions like the Dome mine, Gillies Lake boardwalk and cedar meadows, among others. For art lovers, the La Galeruche art gallery is a great chance to see the works of francophone artists.
The local Timmins Public Library has an eco-friendly design that was awarded a 3 Green Globes by the Green Buildings Initiative for competent use of resources. The Northern College of Applied Arts and Technology is the main post-secondary school in the city, served by four district school boards. Timmins is the home of famed singer Shania Twain and many other notable people like actor Natalie Brown.
When a lender decides to take any such action, the loan must have defaulted for more than 15 days. They then can send a letter or “Notice of Sale Under Mortgage” in the mail, which you are expected to clear in about 35 days. When this time elapses, the bank or another lender you owe will send a “statement of claim,” which is, in fact, a list of all the other payments accompanying mortgage settlement. If you fail to pay the Statement of Claim, you will receive a Writ of Possession before the lender moves to evict.
At this stage, you need to vacate the home so that the lender can sell and recover their money. The difference between a Timmins power of sale and foreclosure is that for a power of sale, you do not lose the title to the property and so are entitled to whatever remains after the home has been sold. This isn’t usually much after fees, but it is better than in the foreclosure process; all is lost to the lender, including any equity remaining in a home.
When banks or other lenders decide to take these actions, it is possible to counter their efforts. Your reaction depends on how much equity remains in the home. If there are fewer debts in a home compared to its value, you can take a second mortgage for the money needed to clear your loan. Some people may also sell a home with sufficient equity for cash needed to settle the loan. If you have more debts than the value of property, you should consider the assistance of experts. Many people in Timmins with moderate equity need expert assistance when facing foreclosure or power of sale situations.
It is not easy to find such properties in Timmins. Sellers aren’t required to disclose if a property is under power of sale or foreclosure, but a city database exists. These types of homes can be very profitable for those interested, but you need to look into them very carefully. Many have lost money on power of sale and foreclosure homes due to not knowing the many rules involved. Our experts help you avoid common pitfalls and provide up-to-date information on listings for the homes you want. Our goal is to help buyers get quality homes at the best price and sellers maximize their profits.
Legal fees involved in power of sale and foreclosure deals are high and often difficult to anticipate. Buyers must also agree to myriad terms and conditions like a limited liability to inspect a home. This makes it important to use a lawyer for such deals, as our experts unanimously suggest. This would prevent monetary losses and lost time trying to resolve issues.
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!
