A foreclosure or power of sale in Oshawa is a legal remedy used by lenders to recover money from secured assets such as houses. The power of sale or foreclosure can be completed in 3 to 6 months. Legal costs for a power of sale are usually lower than foreclosure legal costs. The lender can give the home owner notice of default after 15 days of a missed payment. The notice usually includes an amount to bring the loan back into good standing. The home owner should work with their lender to find an acceptable re-payment terms.
If you are facing an eviction or a “power of sale” you should immediately contact a real estate lawyer. You should also contact a mortgage broker that can arrange new financing for your home. A power of sale in Oshawa can happen quickly. Therefore as the home owner you should act quickly to stop the power of sale. Provide your lawyer and mortgage broker with as much information regarding the power of sale.
Every lender is required to notify the home owner of any steps taken in the power of sale or foreclosure process. The first notice is the “Notice of Sale” this tells you that you are indefault of the mortgage and how much is owed on the mortgage. The next document is the “Statement of Claim” which is filed at the Oshawa court house. The home owner has 20 days to respond to the claim. After the 20 days has expired the Writ of Possession can be sent, followed by the eviction notice. If you have received any of these documents please call us right away for a free consultation.
If your home in Oshawa may be put up for power of sale you should try to stop the sale. 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 due to its condition or other factors in the housing market. As the property owner it is in your best interest to try and stop a power of sale. This could be the best way to reduce real estate and legal fees.
Any person that is considering buying or selling a power of sale house in Oshawa should contact a lawyer. We always recommend that our clients seek independent legal advice. Power of sale transaction in Oshawa are more complicated than the normal sale of a home. Usually more than one legal firm is involved and the legal costs can be quite high. Call our mortgage agents for a free consultation regarding power of sales in Oshawa.