Stop Foreclosures & Evictions in Toronto and across Ontario
This site is designed to help people who may be facing a foreclosure or eviction from their property in Toronto or anywhere in Ontario. A foreclosure is a legal process by which your mortgage holder can take your property from you. The foreclosure process is expensive and time consuming. If you have received legal documents regarding a foreclosure of your property you can call us at 416-499-2122 for FREE advice. We can quickly tell you what your options are and help stop the foreclosure of your home.
Ontario foreclosures are not the most common legal method to recover funds from a property that is in default. Lenders will only use this legal process in a few limited situations. Most lenders will use the power of sale process since it is faster and cheaper.
If your property is in foreclosure we highly recommend that you consult with a lawyer and our foreclosure specialist. Please call us for a list of lawyers that can provide FREE legal help. Note, we are not lawyers and always recommend that our clients obtain legal advice. A foreclosure can be a complex legal transaction with the final out come determined by the court system.
A foreclosure means that the lender will take title to the property and the present owner will be removed from title of the property. The original home owner will no longer have any interest in the property and the new owner will assume all responsibility for the property.
Below are some common questions that you may have regarding foreclosures in Toronto, Ontario.
Can I Stop the Foreclosure?
Yes it is possible to stop a foreclosure. There are legal and financial remedies that can be used to stop a foreclosure. In most cases it is in the property owner’s best interest to stop the foreclosure.
How can we help you?
Our mortgage agents can provide a FREE consultation on you situation. We have years of foreclosure and power of sale experience. We can tell you your options and what the best alternative for your situation is. We can also arranging financing that can stop a foreclosure or power of sale.
What can a lawyer do to help me?
There are many different legal issues that could come up during a foreclosure process, a lawyer could tell you which issues may be relevant to your foreclosure. Some lawyers will give you a free consultation which could tell you if a lawyer could save your home or they could reduce any legal liability that you may have.
When I am in default of my mortgage?
Every mortgage has a set of terms and conditions that must be met to keep the mortgage in good standing. If you break any of these terms, you are in default of the mortgage. In most cases the term that is broken is the monthly payment. You could also be in default if you do not pay your property taxes or house insurance.
What is a lender or bank repossession?
A repossession happens when your house is taken by your lender and the title to the property is changed from your name to the lenders name. This means that the former owner will no longer have any right to the property and any equity in the property.
How can I tell between a foreclosure and power of sale in Ontario?
Our best advice is to ask a lawyer, if you do not have access to lawyer carefully read any notices that you have received. Look for terms such as “Power of Sale” or “Statement of Claim” these terms usually relate to a power of sale. Foreclosures usually request that the home owner appear in court to defend against the action. Power of sales do not require a court appearance.
If you need more information regarding a foreclosure in Toronto or anywhere in Ontario, please call us.
Areas that we Cover
Ajax Whitby Pickering Oshawa
Newmarket Aurora Richmondhill Markham
Barrie Orillia Brampton Mississuaga
Hamilton Vaughan Cambridge Kitchener
London Guelph Oakville Peterborough
The following articles refer to people who had problems with their mortgages. Some were in power of sale, other in default of their first or second mortgage.
The Toronto Life article tells the story of various people in power of sale and how a mortgage broker helped them resolve the situation.
The Global TV news report tells how a private lender used second mortgages to take advantage to homeowners.
Do you really need a second mortgage? This article tries to answer some of the many questions related to second mortgages.
The following articles are about;
Stopping a power of sale and foreclosure and how to get debt free.
How a homeowner can stop an power of sale and eviction.
How a private mortgage lender can provide a mortgage even if you have bad credit.
How to use a second mortgage to stop a foreclosure.
High condo fees can lead to an increase in power of sales and foreclosures.
What to do if you have received a sheriff’s eviction notice and how to stop the eviction.