Many people who live in St. Thomas and Stratford, Ontario have had the unfortunate experience of having their home put up for foreclosure or power of sale. A power of sale of foreclosure can lead to serious financial losses for the home owner. Some homeowners are not even aware that their home can be taken away until it is almost too late to stop the power of sale or foreclosure.
As a homeowner you will know when you have missed any mortgage payments and in most cases the bank will send a “Notice of Default” to let you know that you missed the payment. The “Notice of Default” is also the first legal step in taking your house away from you. If you do not respond or make up the missing payments after 30 days the bank has the right to send you a “Statement of Claim” which can demand the full payment of the mortgage by a certain date. If payment is not made by the required date then the bank has the right to ask a sheriff to evict you from you home and take possession of your home.
Since power of sales is the most common legal process in St. Thomas and Stratford, Ontario you may want to know more about how you can be affected. A power of sale can result in the home being sold by the bank, the bank has a responsibility to sell the home at a reasonable price, but the house can be sold far below market value if the bank wants to. Selling a house in St. Thomas and Stratford through a power of sale or foreclosure can be expensive including real estate fees, legal fees, government taxes and other fees. All costs including the mortgage will be deducted from the sale price of the house, if there is any money left over the homeowner may be entitled to that money. If there is a shortfall from the sale of the house the homeowner can be sued by the bank for any loss.
Our mortgage agents have years of experience in dealing with power of sales and foreclosures in Ontario. We can help you stop a foreclosure or power of sale on your home in St. Thomas and Stratford, Ontario , give us a call for a free consultation.