If you need to stop a Richmond Hill power of sale or foreclosure, it is necessary to weigh all your legal options. Our Richmond Hill staff have years of experience stopping both procedures and we can still offer guidance on available options and the best solution in your circumstances.
Part of the Greater Toronto Area, Richmond Hill is the most populous town in Canada. There were 195,022 people counted in the 2016 census in the fastest growing community since the 1990’s. Richmond Hill gained global popularity for its David Dunlap Observatory telescope-the second largest in the world. There are 27 public elementary schools and 5 secondary schools operated by the York region District School Board. The town is at a higher elevation than others within the GTA and the uneven melting of the glacier that led to the formation of modern day Richmond Hill caused other formations like kettle lakes and the famous Oak Ridges Moraine. A large part of Richmond Hills is subject to Ontario’s Greenbelt legislation, which hopes to protect the staggering biodiversity in the moraine.
The power of sale action is initiated when a loan has been in default for 15 days. The borrower will receive a letter by mail giving them about 35 days to pay up. if the Notice of Sale Under Mortgage isn’t acted upon by the end of that duration, a lender issues another document listing fees accompanying mortgage settlement. Besides legal, land rates due and mortgage fees, the statement of claim’ may contain other charges unique to Richmond Hill. If the statement of claim doesn’t spur any action, lenders will issue a writ of possession’ and request to evict you. The eviction paves way for sale of your property so the lender can recover their investment. The power of sale doesn’t give property title to the lender and so you will get back any leftover money. There usually is little time left after clearance of all fees but in a foreclosure, the homeowner loses both the home and remaining equity.
There are two options for an individual in these circumstances; allow the lenders to sell your home or try to stop a power of sale and foreclosure. The best choice depends on how much equity remains in the home. If it isn’t enough, you have to seek the help of professionals but if there is sufficient equity, you can take a second mortgage or sell the home and bring the loan to good standing. Many people in Richmond Hill must seek advice from our staff on the most appropriate solution as they have average equity. If you are trying to stop a power of sale, our experts advise you to bring all relevant documents to speed things up. Lenders prefer this action as it is much faster than a foreclosure and doesn’t cost as much. This is indeed a time sensitive action leaves borrowers with very little time to resolve.
There is neither a general database nor a requirement to state when selling homes in foreclosure or power of sale. This makes it difficult for interested buyers to find such properties that can be very profitable. If you are not aware of the rules regarding such properties you might incur major losses. Our staff are ready to explain matters so you can avoid common mistakes that could have grave impacts. Besides the advice, our professionals also provide insider-listing information on homes in foreclosure or power of sale. Our main intention is to get the best deal for the buyer while ensuring that the seller makes the most from their properties before the banks come to evict them.
Legal costs for power of sale or foreclosure deals are notably high and unpredictable. There are also several terms and conditions for the buyer to meet like the AS IS and limited ability to inspect conditions which don’t always favour their interests. This is why you need a lawyer for power of sale home buying deals as they know what to avoid in such situations. A lawyer is an assurance that you will get a good deal that will not pose problems in future.