Anyone who needs to stop a Welland power of sale and foreclosure must understand their legal options for the actions. We have experts who have many years of experience stopping the actions. We can explain your options and even help you in deciding which is best.
In 2016, Welland Ontario had a population of 52,293 people. It is a city in the Southern parts of Ontario. There are 5 secondary schools and twenty elementary schools in the city which is served by four education boards. The city was a steel, automotive and textile industrial hub owing to its proximity to the Sir Adam Beck hydroelectric station. Manufacturing firms were originally the largest employer in city and today, there are still big names manufacturing out of Welland. The city is home to parks like Chippawa with its rolling hills, specimen trees and a rose garden. Welland Canal Park Way Trail is a well-paved stretch from St. Catharines City to Port Colborne. Sections located in Welland are well-paved passing through downtown, recreational canals and alongside the Welland Ship. The city’s most popular event is the Niagara Food Festival, fondly known as the “peninsula’s tastiest party”. It draws in visitors from the entire region trying to sample delicacies and have a good time. The Welland Rose Festival is the city’s longest-running festival, celebrating 56 years in June 2017. There are several events including the rose parade, serenaded by different entertainers. Welland will also be host to the Canoe Polo World Championships in 2018, at the Welland International Flatwater Centre. Highway 406 is the main route out of Welland to Thorold and onward. The city has a good rail system as you can tell from its motto “Where Rails and Water Meet”.
The process may begin on a mortgage that has defaulted for more than 15 days. It starts with a “Notice of Sale Under Mortgage” sent in the mail. This gives the homeowner only about 35 days to pay up and correct the notice. Failure to do this leads to a “statement of claim” listing the many other fees to go with mortgage settlement. Legal fees and land rates due are some of the fees in a statement of claim but there may be other charges unique to the Welland area. If the payment isn’t paid, the creditor will issue a writ of possession and request to evict. The eviction is necessary to allow the sale of your home so that lenders may recoup. Once this happens, the lender will refund all extra money as they do not own the title to your property. Different from a power of sale is foreclosure, where the home, as well as remaining equity, are lost to the lender.
When a credit union, bank or other lender decides to take power of sale action against you, there are some alternatives. The actions you take largely depend on equity in your home as it can suffice to get you a second mortgage for cash to pay off the initial loan. Some people opt to sell the property themselves to pay the banks to the power of sale or foreclosure. If there isn’t adequate equity, a homeowner should consult with an expert to decide on the best options. Most people in Welland have average equity which means they need to use the advice from an expert if they are faced with a power of sale or foreclosure.
It is not easy to find such homes in Welland as there isn’t a general database for them. The rules don’t require people to state when selling such properties either, which makes them all the more difficult to find. There can be major profits for such properties but losses are also incurred by people who do not follow the rules. Our experts can help you avoid some common mistakes and even point you to the listings you seek.
Legal fees for such deals are high and often unpredictable. Buyers must meet several terms and conditions which do not necessarily favour them. For this, experts agree that it is important to use a lawyer for every power of sale and foreclosure deal.