It is important to understand the legal options you have when faced with a Vaughan power of sale or foreclosure. Our staff have been helping to stop the power of sale and foreclosure process and we can explain your options to help you make the best decision for your circumstances.
Vaughan is within the York region in Ontario, Canada. As of 2016, the city is home to a population of 306,233 and was the fastest growing municipality between 1996 and 2016. The city is 25 minutes from downtown Toronto and is bordered by Caledon, Brampton, Markham and Richmond Hill. It goes on record as the largest Canadian city without a hospital but there is one under construction that should be completed by 2019. There are six major communities in Vaughan including Maple, Woodbridge, Concord and Vaughan Metropolitan centre. Despite being a city, Vaughan isn’t listed in the phonebook. There are several cultures represented in Vaughan the most of whom are Southern Europeans, Eastern Europeans and Jewish people. There is a small but growing Chinese, Jamaican, Chinese and Indian population residing in Vaughan. The city has the lowest number of people who do not affiliate with religion, as there is a large community of Christians, Judaists, Hindus and Muslims. The mix of people in Vaughan enriches it with vibrant arts and culture.
A power of sale process typically starts 15 days after initial default. The lender activates the power of sale by emailing a ‘Notice of Sale Under Mortgage’ to the homeowner who has only about 35 days to pay listed fees or receive a statement of claim outlining the many costs accompanying payment of the mortgage. If this is not resolved, a lender gives a writ of possession which is later followed by a request to evict. The lender doesn’t take title to the property in a power of sale and the property owner receives all remaining funds once the lender has recouped. There is very little left for the borrower after all fees are cleared but this is better than for a foreclosure where all is lost including remaining equity as lenders also get title to the home.
You have the option to pay off the mortgage or allow the lender to sell your home in a bid to recover their investment. If a bank is foreclosing your property in Vaughan, we will go over your choices and the most important factor is equity left in the home. If the house has more debts than its value, you should consult an expert to offer guidance on the best solution. With sufficient equity, a homeowner can get a second loan on the property, get the original loan in good standing and keep their valued home. The main reason why lenders use a power of sale instead of foreclosure is that it is cheaper and much faster. This might favour the lender but it leaves homeowners with a short window for resolution Most people have average equity, which demands advice from professionals to determine your best options.
Finding such homes is quite challenging as there isn’t a general database and it is not required that one states their intention to sell. There can be amazing deals for people interested in buying a power of sale or foreclosure property but it is possible to lose money if you aren’t aware of all rules surrounding such properties. Our specialists can help you avoid such mistakes as well as provide privileged access to inside information on current listings for this type of properties. The main goal is to help buyers get the lowest price and ensure sellers get maximum value from their homes before the banks take over. Our team is ready to discuss your options and hopefully, keep you in your treasured home.
The legal costs and fees for purchasing homes under the power of sale are very high and unpredictable. Buyers must accept a series of terms and conditions such as limited ability to inspect the home condition or the AS IS condition. This way, it is recommended that you use a lawyer for every foreclosure or power of sale purchase.