What is a writ of seizure and sale of personal property in Ontario?

What is a writ of seizure and sale of personal property in Ontario?

If the debtor has been ordered by the court to pay the creditor money but he or she has not paid, the creditor can ask the enforcement office to take specific personal possessions belonging to the debtor and sell them at public auction so that the money can be used to pay the judgment debt.

The costs of this procedure can be relatively high. The creditor risks paying these costs with no chance of recovery if the debtor does not have any goods worth seizing and selling, and other enforcement remedies fail. It is a good idea to confirm beforehand whether this procedure will be worthwhile.

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Tax sale properties Thessalon – Ontario

Tax sale properties Thessalon – Ontario

Nov 23, 2016 Tax sale properties Thessalon – Ontario

Tax sale properties Thessalon – Ontario

SALE OF LAND BY PUBLIC TENDER
THE CORPORATION OF THE TOWN OF THESSALON

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
November 23, 2016, at the Thessalon Municipal Office, 187 Main Street,
Thessalon Ontario.

The tenders will then be opened in public on the same day as soon as
possible after 3:00 p.m. at the Thessalon Municipal Office, 187 Main
Street, Thessalon.

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Tax sale properties Quinte West – Ontario

Tax sale properties Quinte West – Ontario

Nov 18, 2016 Tax sale properties Quinte West – Ontario

Tax sale properties Quinte West – Ontario

SALE OF LAND BY PUBLIC TENDER
THE CORPORATION OF THE CITY OF QUINTE WEST

TAKE NOTICE that tenders are invited for the purchase of the lands
described below and will be received until 3:00:00 p.m. local time on
Friday November 18, 2016 at the 2nd floor reception of the Municipal
office located at 7 Creswell Drive, Trenton, ON. (Local time is in
accordance with the clock stamp located in the 2nd floor reception area of
the municipal office which will be deemed conclusive.)

The tenders will then be opened in public November 18, 2016 at approx.
3:10 p.m. at the same Municipal Office

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Nov 25, 2016 Ontario Sheriff’s Sale of Lands – Ottawa

Nov 25, 2016 Ontario Sheriff's Sale of Lands – Ottawa

Ontario Sheriff's Sale of Lands – Toronto

Nov 25, 2016 Ontario Sheriff's Sale of Lands – 35 Murray St, Unit 214, Ottawa-Ontario Canada

Under and by virtue of a Writ of Seizure and Sale issued out of the Superior Court of Justice dated June 6, 2013, Sheriff’s file 13-1210 to me directed, against the real and personal property of Mireille lavoie Debtor, at the suit of The Bank of Nova Scotia, Creditor, I have seized and taken in execution all the right, title, interest and equity of redemption of Mireille Lavoie., debtor, in and to: Unit 9, Level 3, Carleton Condominium Plan No. 419; Firstly: LTS 3 & 4 and PT LT 2, N/S Murray St, PL 42482 PT 1 4R6069, Secondly: LT 5 and PT LT 6, N Murray St, PL 42482 PT 2 4R6069, as in Schedule ‘A’ of Declaration LT 551233; Ottawa (Pin: 15419-0035LT)

Unit 44, Level A, Carleton Condominium Plan No. 419; Firstly; LTS 3 & 4 and PT LT 2, N/S Murray ST6, PL 42482, PT 1 4R6069; Secondly: LT 5 and PT LT 6, N Murray St, PL 42482, PT 2 4R6069, as in schedule ‘A’ of declaration LT551233; Ottawa (PIN: 15419-0131 LT) Municipally Known as:

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Tax sale properties Lakeshore – Ontario

Tax sale properties Lakeshore – Ontario

Nov 16, 2016 Tax sale properties Lakeshore – Ontario

Tax sale properties Lakeshore – Ontario

Municipal Act, 2001
Nov 16, 2016 Ontario tax sale properties Lakeshore
Sale of land by public tender
The Corporation of the Town of Lakeshore

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 November 16, 2016, at 419 Notre Dame, Belle River, Ontario. The tenders will be opened in public on the same day at 3:05 p.m. local time at 419 Notre Dame, Council Chambers, Belle River, Ontario.

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Tax sale properties South Glengarry – Ontario

Tax sale properties South Glengarry – Ontario

Nov 24, 2016 Tax sale properties South Glengarry – Ontario

Tax sale properties South Glengarry – Ontario

Municipal Act, 2001
Sale of land by public tender
The Corporation of the Township of South Glengarry

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 November 24, 2016, at the Municipal Office, 6 Oak St., Lancaster Ontario.

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, 6 Oak St., Lancaster.

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Tax sale properties Elizabethtown-Kitley – Ontario

Tax sale properties Elizabethtown-Kitley – Ontario

Nov 17, 2016 Tax sale properties Elizabethtown-Kitley – Ontario

Tax sale properties Elizabethtown-Kitley – Ontario

Municipal Act, 2001
Sale of land by public tender
The Corporation of the Township of Elizabethtown-Kitley

Take notice that tenders are invited for the purchase of the lands described below and will be received until 3:00 p.m. local time on November 17, 2016, at the Elizabethtown-Kitley Municipal Office, 6544 New Dublin Road, Addison Ontario

The tenders will then be opened in public on the same day as soon as possible after 3:00 p.m. at the Elizabethtown-Kitley Municipal Office, 6544 New Dublin Road, Addison.

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Tax sale properties Larder Lake – Ontario

Tax sale properties Larder Lake – Ontario

Nov 14, 2016 Tax sale properties Larder Lake – Ontario

Tax sale properties Larder Lake – Ontario

Municipal Act, 2001
Sale of land by public tender
The Corporation of the Township of Larder Lake

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 November 14, 2016 at 69 Fourth Ave., Larder Lake, Ontario. The tenders will then be opened in public on the same day at 3:15 p.m. at the Municipal Office (Council Chambers).

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Missing a mortgage payment in Canada

Missing a Mortgage Payment in Canada

missing-a-mortgage-payment-in-canada

Missing a mortgage payment in Canada is a serious matter. The reason a Canadian homeowner goes into foreclosure or power of sale is important for all to understand. As a Canadian homeowner one can be prepared for such a situation as the aforementioned, and as a Canadian professional real estate investor, one can be informed as to what causes foreclosure or power of sale and how to be of service. Death, job loss, medical expenses, and divorce are a few of the most common reasons Canadians face foreclose or power of sale on a home. These factors are real and an everyday part of society.

Falling behind on your payments can trigger power of sale process in Ontario. According to the Ontario Mortgage act 'Where a mortgage by its terms confers a power of sale upon a certain default, notice of exercising the power of sale shall not be given until the default has continued for at least fifteen days, and the sale shall not be made for at least thirty-five days after the notice has been given'  R.S.O. 1990, c. M.40, s. 32.

Missing a mortgage payment in Canada and cash flow issues going on and Canadian home owners try to juggle and decide which debts to repay. It’s tough but can be worked out.

Canadian Homes: Foreclosure or Power of Sale?

Both circumstances are a legal process designed to provide the Canadian lender an option to sell the property in the event the Canadian homeowner defaults or misses several payments.

Foreclosures in Canada involve the judiciary system, making it a much slower process which can take up to 6-10 months to resolve. We see foreclosures most commonly in Nova Scotia, Saskatchewan, Manitoba, Quebec, Alberta, and British Columbia.

Power of Sale, on the other hand, is much quicker. In some cases the power of sale can happen within weeks, but you will generally have a 35 day redemption period. This means you will have 35 days after being served notice to pay all your debts (including incurred fees) and get thing back on track. Power of Sale is currently being seen frequently in Ontario, Newfoundland and Labrador, New Brunswick, and Prince Edward Island.

What can you do about missing a mortgage payment?

Option 1: Contact your lender or bank as soon as possible1

Canadian lenders would always prefer not to go through the foreclosure or power of sale process. Their goal is to safeguard their investment and assist Canadian homeowners to find a reasonable and affordable solution.

Canadian homeowners tend to be very reluctant to contact their lenders out of fear and uncertainty.

With the majority of Canadian lenders, being forced out of the home happens only when all efforts and options have been fully explored.

The Canadian mortgage lenders may be able to offer you following four options

  • Change amortization to lower monthly payments
     
  • Switching from a variable rate to a fixed mortgage to provide a consistent payment plan you can budget for without fear of any future interest rate increase
     
  • Refinancing or second mortgage
     
  • There may be an option to add missed payments to the back of your current mortgage

There is limited action the Canadian mortgage lender or bank will take in the early days besides calling you and remind you to pay in time.

Option 2: Ignore and hope it will all will disappear3

Ignoring your oustanding debt will certaintly draw the attention of Canadian lenders and banks. In the long run, cooperation works much better and saves you the cost and hassle for all parties involved.

Option 3: Consolidate all of your debts

The cheapest way to rent or borrow money is with your first mortgage on a principal residence in Canada. Before you stop paying the unsecured debt to make your payments more affordable, make sure you seek out professional advice in order to plan your financing.

Finding a solution to deal with any other debts i.e. credit cards, lines of credit, consolidate loans etc. is all the help people need to obtain a positive cash flow each month and make paying down their debts significantly easier.

One of the key things to look at if you are about to miss a mortgage payment is whether you can afford the house you live in, or whether you’re over-extended on your debt.

If you decide your house is unaffordable then there are essentially two options.

  • Obviously if there is equity in the house, selling the house is the best option.
     
  • If you are in a negative equity situation then this needs to be carefully planned and professional advice is required.
     

4Option 4: Make payments first rather than unsecured debt

The general rule if you want to keep your home is, your mortgage must be the top priority over all of your other debts. You will have many more options to deal with unsecured debt vs. secured debt.

Top 10 reasons to buy a home during winter and holidays in Canada

Win/win for panic sellers and Canadian real estate investors

Very few Canadians like to uproot their family and go through the stresses of home buying and moving during the winter and holidays. Those canadians who do not mind, the holiday season and winter may provide home buying bargains for Canadian professional real estate investors.It is actually a win/win situation.Apart from demand and supply there is another factor which is they must sell and reasons to buy a home during winter and holidays in Canada.

Reasons to buy a home during winter and holidays in Canada

 Market Activity is really slow – Lots of family, school, and work activities, combined with the weather in many locations, lead to fewer real estate transactions over the winter & holidays. Since fewer people overall are looking to buy houses, you will have less competition for your preferred house – and this gives you leverage.

reasons to buy a home during winter and holidays in Canada

Winter and Holiday home sellers often have to adjust their price downward or make other concessions if they want to sell. Keep this in mind as you search for homes. Bargains may be available, and listed prices may be more open to negotiation.

Clearance Sale Canadian home builders end up with surplus properties as well as those properties with a new buyer befalls. They are happy  to find Canadian real estate investors to buy the property at a whole sale price. This is very common among condominiums in slow markets.

Circumstances beyond control: Canadians sometimes have to sell their home but not by choice, but due to circumstances beyond their control. That is due to sickness, loss of job, transfer, death, divorce or drugs. Since there are not that many active buyers during the holiday and winter months, it is a perfect time for investors to scoop these types of deals without any competition.

reasons to buy a home during winter and holidays in Canada

Power Of Sale/Foreclosures in Canada: Due to time and  legal obligations the lender have no patience but to sell these properties as soon as possible to recuperate and safeguard their investments. During holidays and winter times a lot of jobs intend to disappear and a lot of home owners start defaulting their mortgage payments. Remember always buy pre-power of sale or pre-foreclosure Canadian real estate.reasons to buy a home during winter and holidays in Canada

Estate Sales are the sales with next of kin have inherited these properties by default due to the laws of the country there are a lot of financial obligations which include capital gains, taxes and outstanding bills. These properties need to be sold in urgency because most of the time they are empty and are not in good shape. These are perfect properties for Canadian real estate investors to fix and flip for instant profits.

Motivated panic motivated sellers – Canadians  who are selling their homes over the winter & holidays often have great incentive to sell, such as upcoming job relocation. If a house has already been on the market for some time, that incentive is multiplied.

reasons to buy a home during winter and holidays in Canada

You may be able to use this urgency to your advantage (assuming you are not in a similarly urgent need to buy). Negotiate fairly but firmly with sellers and you should be able to extract a lower price and/or other concessions like paying part of the closing costs.

Potential Tax Advantages – If you itemize your taxes, you can deduct any points you paid upon closing, as well as property taxes and mortgage interest. Whether it is to your advantage to buy before or after year’s end depends on factors such as how many other deductions you have this year and expect to have next year.

Better service from Canadian lenders – Within the general trend of interest rates, there is often a cyclical trend of lower interest rates during the winter & holidays – not from the generosity of lenders but due to limited demand forcing greater competition among Canadiu

Fast Closings – Generally, all parties involved have incentive to complete transactions toward the end of the year. Lenders want to close their books, real estate agents want to receive their commissions before the year closes, sellers want to move on to their new home and settle in for the winter & holidays – and just like the sellers, you want to settle in as well.

Since all parties are motivated and there are fewer transactions taking place during this time, it should be easier to put everything in place for a smooth and rapid closing.These factors do not always apply. For example, if you are trying to buy a home in a winter ski resort area or similar high-demand winter destination, these dynamics may be reversed – except for the tax implications. However, for the majority of Americans, the winter & holidays represent an opportunity to buy a home under mostly favorable economic conditions.

Cold weather and Snow storms:, but your opportunities to buy a home around the winter & holidays may be just as delightful. Enjoy the holiday season as you explore your options. Perfect time for canadian real estate investors to help fellow canadians in need.

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