Sep 22, 2016 Ontario Sheriff’s Sale of Lands – Powassan

Sep 22, 2016 Ontario Sheriff's Sale of Lands – Powassan

Ontario Sheriff's Sale of Lands – Powassan

Sep 22, 2016 Ontario Sheriff's Sale of Lands – 204 Balsam Lane, Powassan-Ontario Canada

UNDER AND BY VIRTUE OF a Writ of Seizure and Sale issued out of the Superior Court of Justice at Parry Sound to me directed, against the real and personal property of Ava Juta Vosu, Defendant, at the suit of The Canada Trust Company, Trustee for TD Waterhouse SDRSP 670B77S and Plan 65W605S, Plaintiff, I have seized and taken in execution all the right, title, interest and equity of redemption of Ava Juta Vosu, in and to:

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What to do with Power of Sale in Ontario

What to do with Power of Sale in Ontario

What to do with Power of Sale in Ontario
The Ontario lenders or bank will start   power of sale proceedings if the property owner is behind mortgage payments or the mortgage is due in full. There are several other reasons where the lender can exercise power of sale as well. The lender wants to recover their investment by selling the property at fair market value.

Most of the properties of power of sale listings on multiple listing services (MLS) are sold at fair market value by licensed realtors of Ontario. By no means they are considered fire sale or at bargain prices. But the lender and bank will sell power of sale properties in Ontario “ as is” and “where is” with no warrenties.

What to do when you are facing power of sale? The options are very limited but the rights of property owner and the lender are protected by Ontario mortgage act. Let us explore options for the property owner facing power of sale.

 

Sale by Property OwnerSale by property owner

In the interim period, the property owner could continue to market the sale of the property by hiring a realtor or by themselves privately. Usually the property owner will be able to sell and save money if the property is marketed at fair market value.

 

Selling the Property to an InvestorSelling the property to a investor:

The property owner can call investors and sell it for cash with fast closing. This works if the professional real estate investor is able to come up with the cash and close the deal really fast. Sometimes the Ontario lawyers require more time. But the property owner can assist them to gather all information required to close it swiftly.

 

Lenders Proceedings too QuicklyLenders proceedings too quickly

 

If the Lender or bank issued a Notice of Sale too quickly, the proceedings may be a nullity. This could arise if demands for full payment were made and the time limit in the demand had not expired. In such cases, the mortgagee would require a Court Order allowing the power of sale proceedings to take place.

 

Pay up arrears and costsPay up Arrears and Costs:

 

Most of the time, the Lender or bank will require payment of the entire balance outstanding. Under the Act, the property owner can simply pay up the arrears and costs. If that takes place, then the mortgage is back in good standing. The enforcement proceedings of power of sale are at an end.

 

Pay arrears an d costs in courtPay arrears & costs in  court:

 

In some cases, the Lender or bank will have instituted legal proceedings including an action for recovery of possession of the property. If that is the case, the property owner still has the right to pay up the arrears and costs as well as $100 for security, and the proceedings will be stayed.

 

The accelerated principal need not be paid. If judgment is not been recovered, the action will be dismissed. If judgment has been recovered, the proceedings in the action will be stayed provided that "no sale or recovery of possession of the land

or final foreclosure of the equity of redemption has taken place."

 

RefinancingRefinancing

This is very common recommendation by Ontario mortgage brokers and their agents. Low income/credit score/arrears/equity can be challenging to refinance. Banks and other lenders may not consider since the property owners are facing power of sale in Ontario.

Canadian hard money lendersCanadian hard money lenders

There are handful Canadian hard money lenders who might be able to assist the property owner who is facing power of sale in Ontario. Their rates and fees can be quite hefty. They can be a short term solution.

Findinf a Partner  Joint VentureFinding a partner/Joint venture:

The property owner who is going through the proceedings of power of sale in Ontario can find a joint venture partner. The joint venture partner can inject some cash for partial ownership. This strategy requires expertise and great amount of knowledge.

 

 

 

Request for InformationRequest for Information:

 

The property owner is entitled to certain information from the lender or bank including the amount of the accelerated principal. Upon receipt of the request, the lender or bank is obligated to respond within 15 days, failing which no further proceedings may be taken.

 

If the lender or bank fails to respond without a reasonable excuse or, if the response is incomplete or incorrect, any rights that the lender or bank may have to enforce the mortgage shall be suspended until the lender or bank has complied.

 

Requisition an assignmentRequisition an Assignment:

 

The property owner as well as all other creditors is entitled to an assignment of the mortgage upon payment in full of the principal, interest and expenses. The right in favor of each party is separate and independent of one another. The lender or bank is obligated to reply and comply with such requests.

 

Technical IssuesTechnical Issues:

 

The power of sale notice must comply with the contract and the Act. If there are any technical or legal issues they should be raised at once and rectified by the lender or bank. Courts will usually respond to such issues and deal with the matter equitably. The property owner might be awarded costs and additional time to pay.

 

Injunction by CourtsInjunction by courts:

 

On fair and equitable grounds the property owner will be awarded an injunction by the courts. This stops the proceedings of power of sale. One condition is the mortgage payments must be kept up to date until final disposition. This will not work if the property owner has no hope of refinancing.

 

Partial PaymentPartial Payments:

 

In many cases, the property owner will have made a partial payment. This frequently occurs without the active participation of either party. The lender or bank issues the Notice, and the mortgagor’s regular cheque is cashed. This means that the proceedings will have to start over again unless the lender or bank specifically indicates that it will accept the cheque as a "partial payment only", without staying its proceedings.

 

Cost of Power of sale proceedingsCost of Power of sale proceedings:

 

The Act requires the lender or bank to set out its costs being claimed in the power of sale proceedings. Failure to do so can result in delay, or the Court failing to award costs. These are some of the steps that might be taken by the property owner can exercise their right to protect.

 

Seek legal opinion in writingSeek legal opinion in writing

 

The property owner shall always seek the legal help. When a property owner is facing power of sale in Ontario, one of the best options is seek legal advice in writing from a competent Ontario real estate lawyer.

 

Tax sale properties Stirling-Rawdon – Ontario

Tax sale properties Stirling-Rawdon – Ontario

Aug 30, 2016 Tax sale properties Stirling-Rawdon – Ontario

Tax sale properties Stirling-Rawdon – Ontario

MUNICIPAL ACT, 2001
SALE OF LAND BY PUBLIC TENDER
THE CORPORATION OF THE TOWNSHIP OF STIRLING-RAWDON

TAKE NOTICE that tenders are invited for the purchase of the land(s) described below and will be received until 3:00 p.m. local time on August 30th, 2016 at 2529 Stirling-Marmora Road, P.O. Box 40, Stirling, Ontario K0K 3E0

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Tax sale propreties Minden Hills – Ontario

Tax sale propreties Minden Hills – Ontario

Sep 23, 2016 Tax sale propreties Minden Hills – Ontario

Tax sale propreties Minden Hills – Ontario

MUNICIPAL ACT, 2001
SALE OF LAND BY PUBLIC TENDER
THE CORPORATION OF THE TOWNSHIP OF MINDEN HILLS

TAKE NOTICE that tenders are invited for the purchase of the land(s) described below and will be received until 3:00 p.m. local time on the 23rd day of September, 2016, at the Township Offices, 7 Milne Street, P.O. Box 359, Minden, Ontario, K0M 2K0.

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Tax sale properties Seguin – Ontario

Tax sale properties Seguin – Ontario

Sep 19, 2016 Tax sale properties Seguin – Ontario

Tax sale properties Seguin – Ontario

MUNICIPAL ACT, 2001
SALE OF LAND BY PUBLIC TENDER
THE CORPORATION OF THE TOWNSHIP OF SEGUIN

TAKE NOTICE that tenders are invited for the purchase of the land(s) described below and will be received until 3:00 p.m. local time on the 19th day of September, 2016, at the Township Offices, 5 Humphrey Drive, SEGUIN, Ontario, P2A 2W8.

The tenders will then be opened in public on the same day at 3:30 p.m. at the Township Offices.

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Tax sale properties Howick – Ontario

Tax sale properties Howick – Ontario

Sep 15, 2016 Tax sale properties Howick – Ontario

Tax sale properties Howick – Ontario

FORM 6
MUNICIPAL ACT, 2001
SALE OF LAND BY PUBLIC TENDER
THE CORPORATION OF THE TOWNSHIP OF HOWICK

TAKE NOTICE that tenders are invited for the purchase of the land(s) described below and will be received until 3:00 p.m. local time on Thursday, September 15, 2016, at the Municipal Office, 44816 Harriston Rd., RR 1, Gorrie, ON N0G 1X0.

The tenders will then be opened in public on the same day as soon as possible after 3:00 p.m. at the Municipal Office, 44816 Harriston Rd., RR 1, Gorrie.

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Discover the Formulas for Success in Canadian Real Estate

Discover the Formulas for Success in Canadian Real Estate


1.5You might think that where you are right now is far away from where you want to be, and that isn't true. It isn't years away, not even months, but it could be right infront of you. Having an apprenticeship changes everything. The fact is, almost 99% of the Canadian real estate investors who set out to acheive their dreams don’t get them. Even if they work hard and are nice people. That missing Percent can be conquered by learning from our mistakes and our success.

2The first formula is finding Canadian Real estate deals at a deep discount. That is the most important skill any Canadian real estate investor can have. Why? Because instead of waiting 20 years to make a profit, you can make it instantly. Appreciation and inflation takes forever. Guessing and speculating always leads to being bankrupt. After each real estate bust, the gamblers are the ones who lose it all. If a real estate investor is having trouble profiting, it is most likely a problem with how they acquire. Either they don’t know how to invest in deep discounted deals or they don’t know these deals exist. Flipping4Profit.ca provides you eye witness ,real time, real deal training with your own boots on the ground.

The next formula is to have a Real Estate investment coach who has a proven track record. If you want to make massive and passive income, make sure to team up with an entourage 3of experts and coaches. No matter what anyone tells you, investing in Canadian real estate is a team effort. You team doesn't only have to include Canadian real estate investors, it can also include lenders, realtors, brokers, contractors and all of these people can be part of your entourage.  Your entourage will help you reach your dreams of success in Canadian real estate. Keep in mind that a team need to be developed early on. Real estate investors believe that once they are successful then they can build a team, but it is the opposite. Put together a team now instead of later, and you can create 4massive income.

Networking is the third most important component. At Professional Real Estate Investors Group (PREIG) Canada, networking with other investors becomes really easy. Relationships will help you acheive your goal of success, and create massive and passive income.

Systems & Strategies: You have to learn solid and reliable system and strategies in the apprenticeship so that your business can still run even without your presence.  Meaning, if you were to go away for just a few days or weeks, your business can still generate income.

6Another formula for success is accountability. If you truly want something bad enough, you have got to hold yourself accountable to your goals, or get someone else to hold you accountable. Without self-discipline, accountability is the distance between you and what you want to achieve in Canadian real estate. 

Ten Commandments of investing in Canadian real estate; That’s because one thing we learned from 5my mentors and coaches is that the glue that holds the business together, is the same thing that holds a family together. The same thing goes for a religion, a sports team, a civilization- Your success in real estate is decided by your ability to follow these commandments.