Lenders can use the power of sale process to recover funds from a cottage that is in default. The cottage power sale process has little involvement with the courts. This makes the power sale of cottages in Ontario cheaper than a foreclosure. In Ontario lenders must wait 15 days before sending the borrower a notice of default. Many lenders wait 90 days before sending a notice of default. As the property owner you should correct the default quickly since the penalties can be substantial. If possible work with your lender to arrange a new mortgage. If you cannot arrange a new mortgage with your present lender contact one of our mortgage agents.
If you are facing a power of sale of your cottage in Ontario we suggest that you contact a lawyer and a mortgage agent. Our agents can also refer you to lawyers that provide free legal advice.
Give the lawyer and agent information regarding the property, including mortgage papers, property taxes, notices from the lender, statement of claim and any liens. The more information that the lawyer and broker have the faster they can help you. A power sale cottages Ontario can result in your cottage being sold within a very short period of time. Therefore, we recommend that you act quickly to save your house and stop any further legal costs by the lender.
If your home or property may be put up for power of sales, as the property owner you should try to stop the power sale cottages Ontario. Try to reduce any legal costs and ensure that your home sells for its highest market value. In certain cases the homeowner may be already evicted from the property which makes the situation even more difficult. Lenders will usually sell the house through a real estate agent that has access to a multiple listing service. This will let the largest number of potential buyers know the house is for sale. Lenders will do their best to get the highest price possible for the house although the house may sell for less than fair market value. As the property owner it is in your best interest to try and stop a power of sale since this could be the best way to reduce legal fees.
Any person that plans to buy, sell or place a mortgage on any real estate or property should have a lawyer. We do not represent this website, mortgage brokers and agents to be a legal opinion. We recommend our clients receive legal advice from a lawyer. The power sale cottages Ontario process can be more complex, therefore having a real estate lawyer familiar with power of sales can save time and money. As the property owner you can correct the default and bring the mortgage back into good standing, this usually involves paying any outstanding amounts owed. Our mortgage agents can tell you within minutes if you can be approved be a mortgage or power sale cottages Ontario.