There are two remedies available to lenders in Vaughan when a borrower does not meet the terms of the mortgage, a common reason for default is usually non-payment of the mortgage. One remedy is the foreclosure the other is the power of sale homes in Vaughan, most lenders use the power of sale homes in Vaughan because it is faster, cheaper and has less court involvement. Usually the lender will provide the borrower with a notice of default when the mortgage is at least 15 days in default, the borrower will then receive a statement of claim outlining any costs and terms that are required to bring the mortgage into good standing. As borrower and property owner it is usually in your best interest to bring the mortgage into good standing with as little cost a possible, work with your lender to keep legal costs low. If financing is required you can call our mortgage agent to arrange a loan.
If you are facing a possible eviction under a “power of sale” action we suggest that you retain a lawyer, you may also need a mortgage broker. The lawyer will handle all the paperwork related to the power of sale homes in Vaughan and the mortgage broker can arrange new financing to pay off any existing mortgages. The power of sale process can happen fairly quickly and the costs to the home owner can be quite substantial, therefore the sooner you act to stop the power of sale homes in Vaughan the lower your costs will be. Try to provide the lawyer and broker with as much information regarding the power of sale as possible, full and honest disclosure will speed up the process.
When a property is put up for power of sale by a lender, the lender usually uses a real estate agent with access to a multiple listing service to sell the property. The actual selling price of the property could be higher or lower than the estimated market value depending on such factors as the condition of the property and ongoing carrying costs. In most cases we advise the property owner to try and stop the power of sale homes in Vaughan as soon as possible, this can also reduce any further management or legal fees.
We strongly recommend to all our clients to hire a lawyer that is familiar with real estate transactions whenever they are buying, selling, mortgaging their property or in a power of sale homes in Vaughan situation. Lawyers are needed to complete paperwork regarding mortgages, liens, change of ownership, etc. for most real estate transactions and with power of sale situations the legal process is usually more complex than the regular sale of a house. We are not lawyers therefore you acknowledge that information provided in this website shall not be construed as expert legal advice. We also advise you to seek independent professional legal advice on any matters regarding any property or real estate that you own. Please call us if you need any financing for your property or power of sale homes in Vaughan.