Sheriff Sales

Solutions

Sheriff Sale

A sheriff sale in Canada is a legal process initiated by a lender or creditor to sell a property when the homeowner defaults on their mortgage or fails to pay off a debt. Unlike foreclosure, where the lender takes ownership of the property, a sheriff sale allows the lender to sell the property to recover the outstanding mortgage balance. The property is typically sold at public auction, and the proceeds are used to satisfy the debt. This process can be stressful for homeowners, as it often results in the loss of their property.

What to do when facing a sheriff sale

Communicate with Your Lender:

Contact your lender or creditor immediately to discuss your situation.
Inquire about potential solutions, such as loan modifications, payment plans, or forbearance options that may help you avoid a sheriff sale.

Seek Financial Counseling:

Consult with a financial advisor or credit counselor who can help you assess your financial situation and identify viable options.
Explore whether you qualify for any government assistance programs or grants that may be available to help homeowners in distress.

Explore Financing Options:

Consider applying for personal loans or home equity loans to pay off the outstanding debt.
If you have equity in your home, refinancing your mortgage might help consolidate debt and provide you with additional funds.

Sell the Property:

If keeping the property isn’t feasible, consider selling it before the sheriff sale occurs.
Work with a real estate agent to determine your property’s market value and list it for sale as soon as possible to maximize your return.

Taking Action

If you’re facing the possibility of a sheriff sale, remember that you don’t have to navigate this challenging time alone. To explore available assistance options and take proactive steps to protect your home, contact us today. Immediate actions can make a significant difference in finding a path forward, and we’re here to support you every step of the way.