Do you need to stop a power of sale, foreclosure or eviction in Barrie. If the answer is yes we may be able to help you, but first lets give you some information regarding the process. The power of sale process is the most common remedy used by mortgage lenders in Barrie, Ontario.
Power of Sale Process
The power of sale process can be completed fairly fast, usually in 3 to 6 months. The cost is also usually lower than the foreclosure process. The lender is required to give the borrower notice of the proceedings, which usually include an amount or terms to bring the mortgage back into good standing. The borrower should work with the lender to find an acceptable solution. If an acceptable solution is not found the borrower should contact a mortgage broker and find a lender that has acceptable terms for the mortgage. A power of sale Barrie can be costly due to the legal fees, and we advise all clients to resolve the situation as soon as possible.
If you are facing a possible eviction under a “power of sale” action we suggest that you retain a lawyer and a mortgage broker. The lawyer will handle all the paperwork related to the power of sale in Barrie. The mortgage broker can arrange new financing to pay off any existing mortgages. A power of sale in Barrie can happen fairly quickly and the costs to the home owner can be quite substantial. Therefore the sooner you act to stop the Barrie power of sale the lower your costs will be. Try to provide the lawyer and broker with as much information regarding the power of sale Barrie as possible. Full and honest disclosure will speed up the process.
Stopping Power of Sales on Homes, Houses and Condos
If your home has been put up for power of sale, you should try your best either to stop the power of sale Barrie, Ontario or ensure that your home sells for its highest value. In some cases the homeowner may be evicted from the property and is no longer allowed within the house. The lender will usually sell the house through a multiple listing service that will let potential buyers know the house is for sale. The lender has a duty to get the highest price possible in a power of sale situation. The house may sell for considerably less than fair market value due to the condition of the house or other factors in the housing market. As the homeowner it is usually best in your best interest to try and stop a power of sale in Barrie. This could be the best way to keep real estate and legal fees under control.
Every person involved in a real estate transaction or power of sale should consult with a lawyer. Our Barrie mortgage brokers do not represent ourselves as legal experts. We recommend that our clients seek independent legal advice. A Barrie, Ontario power of sale transaction is significantly more complicated than the standard purchase or sale of a home. There is usually more than one legal firm involved and the legal costs can be quite high for most people. Therefore we also recommend that the borrower try to resolve the default situation as soon as possible. You can call one of our mortgage agents for a free consultation to determine if we can help you with your Barrie power of sale.