This site is designed to help people whose home may be facing power of sale or foreclosure in the Toronto area and across Ontario. We will explain how to stop a power of sale or prevent an eviction. If you need information regarding a power of sale on your property, please call 647-793-8792 as soon as possible. We also have a list of lawyers that can provide FREE ADVICE to stop a power of sale on your house.
Power of sale and foreclosure are two different legal actions that your financial lender can use to get their money back if you fail to keep up with payments or break your loan agreement in any way.
Here is how you can tell them apart:
A power of sale is a commonly used method in Ontario, which allows the mortgage lender to sell your property. Our experts can stop this legal process and keep you in your home.
If your lender proceeds with a power of sale against you, they can seize control of your home in order to sell it quickly. When the property is sold, the funds are used to repay the loan and the lender’s legal and real estate costs. You get the remaining funds, if there are any left.
A foreclosure is less common in Ontario. Like a power of sale, foreclosure allows the mortgage lender to sell your property, as well as get ownership. Our experts can stop the foreclosure process.
During a foreclosure, the lender assumes the title to your home. The lender essentially becomes the new owner and chooses how they will use the property to get their money back. Whatever they decide to do, you will not receive any money from them. Your lender’s intent to proceed with foreclosure will be outlined in the statement of claim, sent to you 30 to 40 days after you receive the notice of sale.
Our real estate experts work closely with real estate lawyers to stop the legal process that removes you from your home. Contact our experts to go over your legal options for free.
We have helped people facing Power of Sale and Foreclosure in the GTA and throughout Ontario. Wherever you are in Ontario, we can assist you. Here are some of the cities we service:
Speak with us directly and we’ll outline the best options for dealing with your power of sale or foreclosure.
Before a bank or lender in Ontario can put your home into foreclosure or power of sale, the home owner must be in breach of one of the mortgage terms. The Power of Sale process can begin 15 days after the breach of the mortgage terms. The most common mortgage breach is non-payment of the mortgage. There can be many other reasons such as no house insurance.
An Ontario lender can send you a “Notice of Sale Under Mortgage” after 15 days in breach of a mortgage condition. The home owner then has 30 days to fix the default. If the default has not been fixed after 30 days the lender can issue a “Statement of Claim”. The claim can be filed at any local court house. A copy of the “Statement of Claim” will be sent to all parties that have an interest in the property.
In most cases you should get a lawyer to arrange the legal paper work for power of sales and foreclosures. We can also provide a list of lawyers that can give you a free consultation regarding your power of sale. Most lenders in Ontario use lawyers that are located in Toronto. If you are not located in the GTA having a local lawyer could make the process smoother.
An eviction happens when the local sheriff enforces an “Eviction Notice”. Once the eviction time and date have been set the sheriff will arrive at the prescribed time and evict all occupants of the house. The mortgage holder will be given vacant possession of the house. The home owner is not allowed back in the house without permission of the lender. This means all contents of the house could become the property of the lender. The only way to stop an eviction notice is to pay all the funds requested by the lender. Learn more
When letters or notices are mailed to the address of the property, the property owner is deemed to be aware of any contents of those letters and any legal actions regarding the power of sale. Claiming that you did not get any letters will not stop the legal process. The power of sale will continue and you will be evicted from your house unless you act to stop it.
A repossession notice usually comes from the mortgage lender or their lawyer. The notice means that the home or property will be repossessed by the lender. The present occupants of the house will be evicted from the house. The home owner can only gain access to the house if the repossession notice is rescinded or if the lender allows the occupants back in.
Many people know that buying a power of sale or foreclosure property can save them a lot of money. The reality is that it is fairly hard to buy power of sale or foreclosure home. Lenders have a duty to get the highest value when selling a property. But foreclosure homes can be sold below market value. Our real estate agents can tell you which houses in your area are up for power of sale or foreclosure and which ones are the best deal. Please call to talk to one of our real estate agents. Buyers should always use a lawyer when purchasing a power of sale property.
If the property taxes have not been paid on a property the local municipality has the right to sell the house. This is usually called a land tax sale. In most cases a municipality will wait for a few years before taking any action. They will notify the property owner of a potential tax sale before it happens. The owner can stop the sale by paying the outstanding taxes and any penalties.
In a power of sale the lender does not take title to the property. The lender does have the right to sell the property. Any remaining funds will go to the home owner. In the case of a foreclosure the mortgage holder will take title to the property. The property owner will receive no money once the house is sold. The foreclosure process is also much more expensive and time consuming than a power of sale. Learn more
A sheriff is an officer of the court and is authorized to remove any occupants from a property with an order provided by the court. The Sheriff will give the occupants written notice prior to the eviction. The notice will include the date and time of the eviction. A sheriff’s notice can only be cancelled by the person who issued it.
If you are going to lose your house to a foreclosure or power of sale, it is usually in the home owners best interest to sell the house before the lender takes it. The lender can sell the house far below fair market value. Selling a house that is in foreclosure can be difficult since the lender can take the house before you sell it. If you would like to sell your home prior to the eviction please call us for advice.
Many people think that buying a home that was in foreclosure or power of sale will save them a significant amount of money. In most cases the buyer will save money, but the house is sold in “AS IS” condition. “AS IS” condition means that the buyer assumes all risks regarding the property. For example, if the house was flooded with water and the sale closed the buyer is responsible for repairs. It is strongly recommended that every buyer have a real estate agent and lawyer that can advise the buyer regarding the purchase.
We specialize in Ontario power of sales and foreclosures. We can explain your options and tell you what is required to stop a power of sale or foreclosure. We cover most cities in Ontario including Toronto, Brampton, Mississauga, Hamilton, Oshawa and Barrie.