Foreclosures Toronto, Ontario
This site is designed to help people who may be facing a foreclosure in Toronto or any other location in Ontario. We recommend that any person facing a foreclosure contact us as soon as possible. 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. A foreclosure can be time consuming and expensive. Lender 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.
We highly recommend that you use consult with a lawyer and our foreclosure specialist before buying or selling a foreclosure property. 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.
Foreclosures can take from 6 months to 2 years to complete and the foreclosure will be monitored by the courts. This means that all financial transactions will be checked by the court and the lender will be asked to justify to foreclosure proceeding.
Below are some common questions that you may have regarding foreclosures in Ontario.
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 request a court appearance.
Follow this link for the Province of Ontario.