Tag Archives: power of sale

We Buy Homes in Canada   

We Buy Homes in Canada   

 

Professional real estate investors group (PREIG) Canada is helping fellow Canadians in need and we buy houses in Canada for cash with fast closing.We buy houses in Canada to provide instant cash, fast closing to avoid foreclosure, eviction and help fellow Canadians to downsize and move forward.We buy houses

We buy houses in Canada understand the urgency of time and money. We buy houses in Canada will make a written offer for you to review it with your real estate lawyer and get independent legal opinion.

We buy houses in Canada helping fellow Canadians in need now leads from the front when it comes to helping Canadians in and around the area to sell their homes really fast.

 With deep roots and insights in finance and Canadian real estate, we have helped innumerable Canadians to sell their homes without much of hassles whatsoever.

We buy houses in Canada and we are cash home buyers. The reason you want to sell your home for cash and fast is important to us to make sure that you are able to move forward. Together we can come together with win/win solution.

cash4yourhome

We buy house due to Canadian Home owners are facing one of following challenges;

 

Behind mortgage payments

Needs cash now

Bank/Lender refuses to renew mortgage

Demand letter by the bank, pay up or get sued

Avoid eviction orders by court

Missing mortgage payments

Unemployed

Laid off

Property requires renovation

Work orders by city inspectors

Avoid seizure of your property

Behind Taxes with Canada Revenue Agency

Foreclosures

Right to redeem (power of sale/foreclosures)

Non renewable of Mortgage

Fire damage properties

Power of sale

Sell Your House For Cash
Sell Your House For Cash

Tax Sale

Sheriff Sale

Court case

Eviction by Sheriff

Law suits

Expired MLS listings

Divorce

Bankruptcies

Homes in probate

Family problems

Sickness

Poor health

Pay off debts

Accidents

Downsize

Old age

Sellers whose employers transfer them

Owners who are evicting tenantsforeclosure

Vacant homes

Trashed or damaged homes

No-Commission

Fire damaged properties

Estate Sales

Death

Drugs

Grow Op houses

Meth labs

Murder

Stigmatized properties

Flood/wind damage properties

Seized properties

Auctions

 

All paper work approved in writing by the home owners Lawyer FIRST.

What is important is that you are treated fairly with respect and dignity and get out of the situation really fast.cashbuyers

With a considerable experience, expertise, knowledge, and vital industry exposure, Professional real estate investors group (PREIG) Canada is always successful in assisting Canadians to sell their properties without much of hassles.

By doing so, we have helped innumerable Canadians in need of money get quick cash. We buy any and almost every type of homes and properties. Therefore, Canadian property owners who must sell due to relocating or need fast cash owing to an urgent need, want to sell properties without involving in lengthy and cumbersome procedure.

We buy homes in Canada in any condition and irrespective of the location and condition. Despite the price range and condition of the property, we help Canadian property owners dispose of the property right away. Moreover, we offer no obligation offer to enable Canadian home owners to make the right decision for them.

Professional real estate investors group (PREIG) Canada is the best resource for those who want to know how to sell their house in Canada for quick cash and fast closing.

About Professional real estate investors group (PREIG) Canada

Professional real estate investors group (PREIG) Canada is known to provide a win-win situation to those who are in a dire need of money and want to sell their home fast.

cash4yourhome

 

Power of Sale in Ontario

Power of Sale in Ontario

What to do with Power of Sale in OntarioThe power of sale proceedings will be started by the bank  or lender when the property owner is behind mortgage payments, or the mortgage is due in full. 
 
 The lender can also exercise power of sale in many other cases. The property can be sold at a fair market value if the lender wants to recover their investment. 
 
 Multiple listing services (MLS) are usually where power of sale properties are listed, then they are sold by licensed realtors in Ontario. They are not considered a bargain price, or at a discount. But the lender and bank will sell power of sale properties in Ontario “ as is” and “where is” with no warranties. 
 
 What to do when you are facing power of sale? The options are very limited but the rights of property owner and the lender are protected by Ontario mortgage act. Options the property owner has when facing power of sale. 
 

 

Sale by Property OwnerSale by property owner

The property can be sold by the property owner themselves or they can hire a realtor to sell it for them. Usually the property owner will be able to sell and save money if the property is marketed at fair market value. 

 

Selling the Property to an InvestorSelling the property to a investor:

TThe property owner can call investors and sell it for cash with fast closing. 
 
 This works if the professional real estate investor is able to come up with the cash and close the deal really fast. Sometimes the Ontario lawyers require more time. But the property owner can assist them to gather all information required to close it swiftly. 
 

Lenders Proceedings too QuicklyLenders proceedings too quickly

 

 
 If the Lender or bank issued a Notice of Sale too quickly, the proceedings may be a nullity. This could arise if demands for full payment were made and the time limit in the demand had not expired. In such cases, the mortgagee would require a Court Order allowing the power of sale proceedings to take place. 

 

Pay up arrears and costsPay up Arrears and Costs:

 

 Most of the time, the Lender or bank will require payment of the entire balance outstanding. Under the Act, the property owner can simply pay up the arrears and costs. If that takes place, then the mortgage is back in good standing. The enforcement proceedings of power of sale are at an end. 

 

Pay arrears an d costs in courtPay arrears & costs in  court:

 

In some cases, the Lender or bank will have instituted legal proceedings including an action for recovery of possession of the property. If that is the case, the property owner still has the right to pay up the arrears and costs as well as $100 for security, and the proceedings will be stayed.

 

The accelerated principal need not be paid. If judgment is not been recovered, the action will be dismissed. If judgment has been recovered, the proceedings in the action will be stayed provided that "no sale or recovery of possession of the land

or final foreclosure of the equity of redemption has taken place."

 

RefinancingRefinancing

This is very common recommendation by Ontario mortgage brokers and their agents. Low income/credit score/arrears/equity can be challenging to refinance. Banks and other lenders may not consider since the property owners are facing power of sale in Ontario.

Canadian hard money lendersCanadian hard money lenders

There are handful Canadian hard money lenders who might be able to assist the property owner who is facing power of sale in Ontario. Their rates and fees can be quite hefty. They can be a short term solution.

Findinf a Partner  Joint VentureFinding a partner/Joint venture:

The property owner who is going through the proceedings of power of sale in Ontario can find a joint venture partner. The joint venture partner can inject some cash for partial ownership. This strategy requires expertise and great amount of knowledge.

 

 

 

Request for InformationRequest for Information:

 

The property owner is entitled to certain information from the lender or bank including the amount of the accelerated principal. Upon receipt of the request, the lender or bank is obligated to respond within 15 days, failing which no further proceedings may be taken.

 

If the lender or bank fails to respond without a reasonable excuse or, if the response is incomplete or incorrect, any rights that the lender or bank may have to enforce the mortgage shall be suspended until the lender or bank has complied.

 

Requisition an assignmentRequisition an Assignment:

 

The property owner as well as all other creditors is entitled to an assignment of the mortgage upon payment in full of the principal, interest and expenses. The right in favor of each party is separate and independent of one another. The lender or bank is obligated to reply and comply with such requests.

 

Technical IssuesTechnical Issues:

 

The power of sale notice must comply with the contract and the Act. If there are any technical or legal issues they should be raised at once and rectified by the lender or bank. Courts will usually respond to such issues and deal with the matter equitably. The property owner might be awarded costs and additional time to pay.

 

Injunction by CourtsInjunction by courts:

 

On fair and equitable grounds the property owner will be awarded an injunction by the courts. This stops the proceedings of power of sale. One condition is the mortgage payments must be kept up to date until final disposition. This will not work if the property owner has no hope of refinancing.

 

Partial PaymentPartial Payments:

 

In many cases, the property owner will have made a partial payment. This frequently occurs without the active participation of either party. The lender or bank issues the Notice, and the mortgagor’s regular cheque is cashed. This means that the proceedings will have to start over again unless the lender or bank specifically indicates that it will accept the cheque as a "partial payment only", without staying its proceedings.

 

Cost of Power of sale proceedingsCost of Power of sale proceedings:

 

The Act requires the lender or bank to set out its costs being claimed in the power of sale proceedings. Failure to do so can result in delay, or the Court failing to award costs. These are some of the steps that might be taken by the property owner can exercise their right to protect.

 

Seek legal opinion in writingSeek legal opinion in writing

 

The property owner shall always seek the legal help. When a property owner is facing power of sale in Ontario, one of the best options is seek legal advice in writing from a competent Ontario real estate lawyer.

 

Canadian Foreclosure Process

Canadian Foreclosure Process

 

A model house on white background, chained.

A professional Canadian Real Estate investor should understand thoroughly about Foreclosure process in Canada.

The word “foreclosure” is a nightmare for the property owner as well as for the Lender. Although the numbers usually increase during the real estate bust cycle; it happens all the time.

If the person who borrowed money using a mortgage fail to pay back that mortgage, money-lender can use foreclosure as a legal action. Foreclosure allows the lender to take or sell that person’s house by first getting a Court’s permission to do so.

The property owner will not lose their property right away when he misses a mortgage payment or makes a late payment. Lenders don’t want to foreclose if they don’t have to because it is expensive and is a lengthy process. Not until two or three months after the borrower has stopped paying, would the lender probably start to foreclose. Usually, a lender will send out letters requiring payment. Then, if they don’t receive a reply, the lender will usually start to foreclose and to sue at the same time. The foreclosure process differs from province to province in Canada.

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Stop help Canadian Foreclosure and Power of Sales

Stop help Canadian Foreclosure and Power of Sales

Avoid,stop or delay Foreclosure or power of sales in Canada

We are a professional network of Professional Real Estate Investors Group (PREIG) Canada specializing in helping fellow Canadians who are facing foreclosures or power of sale online.Foreclosure

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