Home Foreclosures Stopped in Kingston, Belleville and Peterborough, Ontario
A foreclosure is a legal process used by a lender to recover an investment in a property. The foreclosure process in Kingston, Belleville and Peterborough, 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 agents can STOP a foreclosure on your home or property, call us for fast and effective service.
Lenders usually do not want to foreclose on a property, 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 Kingston, Belleville and Peterborough, 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 Kingston, Belleville and Peterborough. 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.
Home owners do have options to stop foreclosures in Kingston, Belleville and Peterborough, Ontario. The first is to pay off the lender, usually the lender wants the loan repaid in full. 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.
The second option, is to sell your home. A foreclosure of a home in Kingston, Belleville and Peterborough, Ontario means that the home owner will get nothing for their propety even if there was equity in the property. By selling the home before the foreclosure takes effect, the home owner gets to keep any surplus funds.