To stop a power of sale, foreclosure or eviction in Toronto the property owner will need information and help. It is very important that the property owner act quickly, we recommend that you contact us to discuss your options.
There are two legal remedies available to lenders in Toronto when a borrower is in default of a house mortgage. One legal remedy is the foreclosure process the other is the power of sale process. Most lenders in Toronto use the power of sale for process because it is faster and cheaper.
Lenders can send the borrower a notice of default when the loan is at least 15 days in default. If the default is not corrected the borrower will then receive a statement of claim outlining the terms and costs. As the property owner it is usually in your best interest to bring the mortgage into good standing and stop the legal process. Work with your lender to keep legal costs low. If alternative financing is required call our mortgage agents to arrange a loan.
If you are facing an eviction or a “power of sale” you should contact a real estate lawyer. If you do not have a lawyer we can help you get free legal advice from a lawyer. The lawyer can arrange the paperwork related to the power of sale. You should also contact a mortgage agent to arrange new financing and pay off any mortgages. A power of sale in Toronto can happen quickly and the cost to the home owner can be quite substantial. Therefore, you should act quickly to stop the power of sale action.
When a house or commercial property is put up for power of sale, the lender will usually hire a real estate agent to sell the property. The goal is to sell the property for the highest price that the real estate market will bear. The actual selling price of the property could be higher or lower depending on the condition of the property or carrying costs of the property. The property owner will have no input on the selling price or marketing of their property.
Foreclosures are not the most common method to recover money from a mortgage in default. Foreclosures involve a significant amount of court time and can take years to complete. Foreclosures are very expensive and can result in your property being taken away from you. The original owner will not receive any money from the property.
Most people know that buying a foreclosure or power of sale house is cheaper. As the owner of a house that is in power of sale, it is usually in your best interest to sell the house before the bank takes the house. As a buyer of a power of sale home you purchase the house in “AS IS” condition. This means that as the buyer you assume all risks related to buying the house. We strongly recommend that buyers have a real agent and lawyer that are familiar with the power of sale process, small errors can cost the purchaser tens of thousands of dollars, this is one of the reasons why power of sale houses are cheaper to buy.
Please call for a free consultation on Toronto power of sale homes.