The foreclosure process in Brantford and Burlington, Ontario can only be started once a borrower has gone into default and with the permission of the court. Once the lender has taken title to the property the lender has the option to either keep the property or to sell the property. Our mortgage team can help you STOP a foreclosure on your home or property, you will need fast and effective assistance right away, therefore we suggest that you call us now.
Lenders usually do not want to foreclose on a property in Brantford and Burlington, Ontario, the foreclosure process can be time consuming and expensive for the lender. In most cases once the borrower has defaulted the lender will send notices and will not usually start the foreclosure process until after 3 months have passed. It is usually a good idea to talk to the lender and let them know what your present situation is and why you have not been able to make the payments. Try to arrange a reduced payment plan that you can presently afford with a large lump sum payment further down the road. Remmember lenders do not want to foreclose on your property in Brantford and Burlington, Ontario they just want you to keep making the payments.
If the lender has decided to start the foreclosure process the legal documents must be filed at the local Supreme Court Registry for Brantford and Burlington, Ontario. As the property owner you will recieve a “petition for foreclosure” from the lender. At this point you should retain a lawyer and file a “Response to Petition” within 21 days at the court house. The “Response to Petition” lets the court know that you are to be informed of any court proceedings against your property, so that your can properly defend yourself.
Once the foreclosure process has started you have a few options to stop the foreclosure of your home in Brantford and Burlington, Ontario. The first is to pay off the lender, usually the lender wants the loan repaid in full, this may require getting another lender to provide the money. In some cases you may only be required to bring the mortgage into good standing, which means paying for any outstanding amounts and legal fees, this is cheaper and easier than paying off the full mortgage.
The second option, if you can not get any funding, is to sell your home. A foreclosure of a home in Brantford and Burlington, Ontario means that the home owner will get probably get nothing for their propety even if there is a significant amount of equity in the property. By selling the home before the foreclosure takes effect, the home owner gets to keep any remaining funds once all the bills are paid.