A home foreclosure is used by lenders to recover funds invested in a house or other property. The foreclosure process in Guelph and Chatham can only be started after a borrower has missed a payment or defaulted on some terms or conditions of the mortgage. The lender must ask the courts for permission to start the foreclosure process. If the lender has been successful they will now own the home and can either keep 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.
Most lenders in Guelph and Chatham usually do not want to foreclose on your house, the foreclosure process can be time consuming and expensive. In most cases once the home owner has missed a payment or defaulted in some other manner, the lender will send default notices to the home owner. In most cases the lender will wait about 3 months before they began in the legal foreclosure process. It is usually a good idea to talk to the lender before they begin the home foreclosure process, tell them what your present situation is and why you have missed payments. Keep in mind that most lenders in Guelph and Chatham do not want to foreclose on your home they just want to be paid.
If the lender has decided to foreclose on your home the legal documents must be filed at the local Supreme Court Registry for Guelph and Chatham. As the home owner you should receive a “petition for foreclosure” from the lender. You should retain a lawyer to protect your rights and they lawyer should file a “Response to Petition” within 21 days at the court house. The “Response to Petition” tells the court that you are the home owner and that you want to be informed of any court proceedings against your property.
Once the foreclosure process has started home owners in Guelph and Chatham have some options to stop the foreclosure. The first option is to pay off the lender in full, this may require getting another lender to provide new funding for your mortgage. 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, but you do not have to pay off the principal amount.
The second option, if you can not get any funding, is to sell your home. A foreclosure of a home in Guelph and Chatham means that the home will be taken from the home owner. The home owner will receive no money from the sale of the home even if there is a significant amount of equity in the home. By selling the home before the foreclosure takes effect, the home owner gets to keep any remaining funds once all the bills are paid.