When you're uncertain about your financial future one of the best things that you can do is get informed about your options. You can't start to turn things around if you're in the dark about what is happening and if there is a threat of a foreclosure on your home, that means talking to a foreclosure lawyer. They will help you understand the process of foreclosures and whether there is anything that you can do to stop it from happening. Here is some general legal information about foreclosures to get you started.
The real estate laws regarding foreclosing on a home are different from province to province. But there are some things that do not change no matter where you are. There are two different ways for a company to recover your contract debt with a home sale. A judicial sale means that the lender applies to the court to have them oversee the sale. With a power of sale, the lender sells their home without the involvement of the court according to what is laid out in their mortgage agreement and the provincial laws. While both of these options exist in each province, you will see more power of sales with townhouses in Toronto and more judicial sales in Victoria, for example.
If you're looking for how a foreclosure would be handled with your home, you should start by looking at your mortgage documents. When you're dealing with the possibility of a power of sale than there are two different kinds. A contractual power of sale means that there were provisions set into your mortgage contract for that real estate for sale. A statutory power of sale means that there is nothing laid out in the mortgage agreement. This option can be used when the lender has defaulted on their loan for more than three months.
As you would take the advice of a real estate agent when looking for the right home, you should not feel scared to talk to professionals when you're dealing with the threat of a foreclosure. They might be able to provide another option to you, like a short sale. And if the power of sale or judicial sale is proposed by your mortgage lender, you will have a certain number of days to make payment. Your lawyer can help you decide if this is possible.
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