Pickering Power of Sale & Foreclosures
The foreclosure or power of sale process can only be started once a borrower has gone into default on their home in Pickering. Once the lender has taken title to the property the lender has the option to either keep the property or to sell the property. Our mortgage team can help you STOP a foreclosure or power of sale on your home or property in Pickering. We will provide fast and effective assistance right away, therefore we suggest that you call us now.
Lenders usually do not want to foreclose on a property in Pickering. The foreclosure and power of sale process can be time consuming and expensive for the lender. In most cases once the borrower has defaulted the lenders will start the foreclosure process once 3 months have passed. It is usually a good idea to talk to the lender. Let them know what your present situation is and why you have not been able to make the payments. Try to arrange a reduced payment plan that you can afford with a large lump sum payment further down the road. Remember lenders do not want to foreclose on they just want you to keep making the payments.
If the lender has decided to start the foreclosure process the legal documents must be filed at the local Supreme Court Registry for Pickering. As the property owner you will receive a “petition for foreclosure” from the lender. At this point you should retain a lawyer and file a “Response to Petition” within 21 days at the court house. The “Response to Petition” lets the court know that you are to be informed of any court proceedings against your property, so that your can properly defend yourself.
Once the foreclosure process has started you have a few options. The first is to pay off the lender in full, this may require getting another lender to provide funding. In some cases you may only be required to bring the mortgage into good standing, which means paying for any outstanding amounts and legal fees, this is cheaper and easier than paying off the full mortgage. Either of these methods will stop the foreclosure.
The second option, if you can not get any funding, is to sell your home. A foreclosure of a home in Pickering means that the home owner will get probably get nothing for their property even if there is a significant amount of equity in the property. By selling the home before the foreclosure takes effect, the home owner gets to keep any remaining funds once all the bills are paid.
For more information on how we can STOP foreclosures and power of sales in Pickering, please call one of our mortgage brokers.