If you live in Chatham or Brantford and your house for foreclosure or power of sale, you should always get legal advice and a mortgage broker. A power of sale of foreclosure of your home in Chatham or Brantford, Ontario can lead to serious losses for the homeowner. Some homeowners are not even aware that their home can be taken away until it is too late to stop the power of sale or foreclosure.
As the owner of the home you know when you have missed a mortgage payment and just to remind you the bank will send a “Notice of Default” to let you know that you missed the payment.This is also a legal step in taking your house away from you. After 30 days the bank can send you a “Statement of Claim” which can ask for the full payment of the mortgage by a certain date. If the homeowner is not able to pay, then the bank has the right to ask a sheriff to evict you from you home and take possession of your home in Chatham or Brantford.
Since a power of sales is the most common legal process in Chatham and Brantford you may want to know more about how you can be affected. A power of sale can result in the home being sold by the lender, the lender has a responsibility to sell the home at a reasonable price, but the house can be sold far below market value if the lender wants to. Selling a house through a power of sale or foreclosure can be expensive including real estate fees, legal fees, government taxes and other fees. All costs including the mortgage will be deducted from the proceeds of the house in Chatham or Brantford, any money left over can be given to the homeowner. If there is a shortfall from the sale of the house the homeowner can be sued by the lender for any loss.
The law has also given the homeowner a number of rights which can be used to stop of power of sale. The homeowner has the option to pay off the lender at any time up to when the house is sold. This means that if you have equity in your home you should always try to stop a foreclosure or power of sale.
Our mortgage agents understand the legal process regarding power of sales and foreclosures in Ontario. Call us to find out how you can stop a foreclosure or power of sale on your home in Chatham or Brantford.