COVID-19 has stroked Canadians very hard. We would not be surprised to know if you’ve lost your job or a part of your income. You may be trapped, in paying a bill or two, not forgetting the unpaid mortgages doubling your stress. In situations like this, you might fall into daydreaming and avoiding life realities. However, the point is we somehow have to deal with the bitter problems on our own, as escaping certain truths is temporary and fleeting.
It is very tempting to bury our heads in sand and hope for the better. However, in the long run, one can lose their home and its ownership.
We will initiate the talk by defining what power of sale and foreclosure is:
- Power of Sale: is in Ontario, New Brunswick, Newfoundland & Labrador, and Prince Edward Island.
Once you fail to pay your mortgage, the lender is obliged to give you notice with 35 days to pay the amount. If the buyer fails to return what he owes in time, then the lender (bank) can sell the property without the involvement of the courts. After the eviction, the lender is in a position to put his house on auction through a realtor just like those you find at https://bonniebuyshousesfast.com.
- Judicial Foreclosure: is in British Columbia, Alberta, Quebec, Manitoba, Saskatoon, and Nova Scotia
Unlike the power of sale, judicial foreclosure deals with the involvement of courts in the process of eviction and sale. This process takes a long time to undertake. It begins with a certificate of foreclosure handed to the lender by the court, transferring the ownership to him. After this, the buyer does not have access to all the financial gains from the property’s sale.
Let us start by letting you know in-depth about the process of the power of sale and foreclosure and how we can help you survive this situation with us!
What happens if you fall behind mortgage payments?
- If you fail to pay your mortgages on time and have not upheld the mortgage agreement, the power of sale begins. Usually, the homeowner has missed payment only.
- The lender (bank) delivers a legal notice of sale to the home owners. The usual time the lender waits for is 15 days. The provisions of the Mortgages Act direct the content and the person to whom the notice of sale is to get mailed. This notice is sent to every party involved as a guarantor, mortgagor, and to the interested party in the mortgaged property. This mass of people includes the party offering financial aid, the liens registered, and credit executors..
- This time is known as the redemption period. Here you can bring the mortgage you owe to the lender, which constitutes the entire debt. The debt has legal fees included incurred by the lender for rights enforcement.
Warning: If the mortgagor fails to pay the amount within the redemption period, the lender has the right to issue a Statement of Claim. This Statement of Claim is issued for collecting debt and possession of the property. The eviction of the mortgager opens the room for the lender to list the property for sale on MLS to sell
- After getting the judgment, the lender (bank) would bring a court motion to get permitted for allowing the issuance of a Writ of Possession.
- After the issuance of the Writ of possession as a lender, you’ve to deliver it to the sheriff concerned with jurisdiction of the area where the property is located. The sheriff keeps a date for the homeowner to move out voluntarily. If they do not move out till that date the sheriff is responsible for the removal of the residing.
- After the home owners have moved, the property is ready to be sold. The process of selling is carried out using a realtor. The lender is supervised to ensure the property gets sold at fair market price.
- Once the lender is done with the sale of the house, the expenses incurred in the process are paid. The payment consists of the realtor’s fee, the lawyer’s fee, and other concerning expenses. These payments get paid through the money gained by selling the property. If all the expenses are unpaid, the lender has the right to sue the former buyer for the remainder. For more info, check out Tenerife Estate Agents guide to selling property.
- Consequences of not taking immediate action when dealing with the power of sale or foreclosure:
We understand how it feels to become homeless and ruin your credits for over seven years. That is the very reason we are here to provide you with free help with the top 10 recommendations. If you are going through a hard time dealing with the power of sale, foreclosure, repossession, eviction, or seizure of your HOME, take a deep breath! Do not hesitate to make a call or text at, 1-416-409-7300.
We are here to help you stop, avoid or delay foreclosure and power of sale when it comes to losing your home. Avoiding or delaying can only worsen your condition. It is our headache to help clients successfully reclaim their home, going through the repossession of their house by bank or court. You can contact us for:
- Emergency Cash (if required).
- We will do everything to get you 2ndchance or help you move forward by downsizing your expenses.
- The redemption period is taken very seriously by us. Your reclaiming of the property is all that we work for!
Our legacy continues… since 1993
We have successfully helped Canadian homeowners in need facing the power of sale, foreclosures, repossession, eviction and seizures since 1993 all across Canada and we can help you.
Contact us @ 1-416-409-7300 call/text
