Foreclosures Toronto, Ontario and Power of Sale
The information on this website is designed to help people who are considering buying a foreclosure home or want to stop a foreclosure on their home. Many of our clients want to stop a foreclosure or power of sale on their house in Toronto, Ontario and require advice and financing to stop the foreclosure.
For people who want to buy a Toronto foreclosure home we will advise you that the laws in Ontario make the foreclosure process difficult and expensive. The result is that not many homes in Toronto and across the province of Ontario are up for foreclosure, therefore a real foreclosure deal is rare.
How can I stop a foreclosure
There are a couple of ways to stop a foreclosure, the first is to bring the mortgage into good standing if the the lender will allow you to do this, the second is to pay off the lender in full. In many cases the home owner does not have the money to do this, therefore we can arrange the financing.
Who should I talk to about a foreclosure
There are a number of people that should be contacted including the mortgage holder, mortgage broker and your lawyer. As mortgage brokers we can tell you what your options with our free consultation service, then you can decide what is the best option for you.
What is a Notice of Default
The Notice of Default is the first step in the foreclosure process, the notice is sent to home owners after their property has been in default for at least 15 days, most lenders wait much longer. The notice is meant to give the home owner warning to bring the mortgage back into good standing.
What is a Statement of Claim
The Statement of Claim usually comes from the lenders lawyer and is a demand for payment of the mortgage principal plus any fees. There is usually a date by which the payment must be made or the eviction process will be started.
What is an Eviction Notice
An Eviction Notice is issued by the local sheriff, it will state a date and time by which you must leave the house. Once an eviction notice has been served it can only be stopped by the person who started the eviction process.
Do handle foreclosures in Ajax, Pickering, Whitby and Oshawa
Yes, we can stop foreclosures and power of sales across Ontario including Ajax, Pickering, Whitby and Oshawa.