If you want to stop a Stratford power of sale or foreclosure, it is important for you to understand the legal options you might have. Our Stratford staff have been handling these situations for many years now. We can discuss your situation to help you make the best choice for your situation.
Stratford is Perth County, Ontario, on the Avon River. It has a population of 31,465 according to the census in 2016. The town was incorporated as a city in 1886 with John Corry Wilson Daly as the first mayor. The swan is an important symbol for the city with 24 white ones being released into the Avon River annually. Comfort Life, a publication targeting the seniors ranked Stratford as one of the best places to retire in the country. The city has also been rated among the best places to live in Canada Shakespeare’s plays are constantly produced in the city with an annual Shakespeare festival celebrating the great playwright. Besides the festival, which attracts millions of visitors, there are other attractions in Stratford including Stratford Summer Music among others.
Stratford has long been recognised as a “smart city” having been placed among the 7 top intelligent communities globally. There is a university of Waterloo campus in the city as well as a number of secondary schools. Justin Beiber, Loreena McKennit and James Westman are some of the notable names with a local connection to the sister city of Stratford-upon-Avon in England.
The lender might decide to start the power of sale and foreclosure process if a loan has been unpaid for more than 15 days. To trigger the action, lenders will send a letter to the homeowner, giving them about 35 days to correct the “Notice of Sale Under Mortgage” to bring the loan back to good standing. If these fees are not paid on time, you will get the “statement of claim” a list of many other payments accompanying loan settlement. These include mortgage fees, legal fees and land rates due, among other charges unique to the Stratford area. Failure to pay at this point prompts the lender to issue a writ of possession followed by a request to evict the errant client. This is necessary as it allows for the sale of property to ensure recovery of investment. While it gives them right to sell a home, the lender doesn’t get title to the property with a power of sale. This means that the homeowner should get back all remaining cash but there isn’t usually much left after fees. In a foreclosure situation, you will lose both the home and any equity that remains to the creditors.
When your creditors decide to take power of sale or foreclosure action against you, there are several options. Rather than simply allowing the banks or credit unions to sell the home, it is actually possible to stop the action. If you have sufficient equity, the best thing is to get a second mortgage or sell the home for cash needed to pay up. If the debts in your home are way above its value, you should consider other methods of stopping the action as advised by your specialist. Many people in Stratford have equity in the midranges, which calls for professional help when they are faced with a power of sale or foreclosure.
Finding such homes in the area can be utterly daunting considering the absence of a general database for homes under power of sale and foreclosure. In Stratford, sellers are not required to state the nature of property in their listings, complicating things even more for potential buyers. There can be great deals for those interested in such properties but caution must be taken. Many people have suffered immense losses in the process so it is very important to use professional help for such deals. Our experts can help you avoid the common mistakes and even show to you the listings you seek. The goal is ensuring that sellers make the most from their homes while ensuring that buyers get foreclosure and power of sale houses for the least possible price.