Category: Power of Sale

Don’t be fooled by bad information. Understanding how this process works and your rights and obligations can help you avoid power of sale myths that could cost you everything. What Is Power of Sale?  A power of sale is the most common legal tool lenders use when a borrower defaults on a mortgage agreement. It’s…

For many Ontario homeowners, the realization that their mortgage has entered power of sale territory is a scary and baffling experience. Letters come with legal terms, the time limits seem vague, and recommendations from acquaintances or online discussions are often contradictory. During such times, the most significant risk is not only losing money but also…

Timing is perhaps the most stressful uncertainty for Ontario homeowners who are in mortgage default. The factors that lead to stress include not only the sale date but also the date the owners must vacate the house. The eviction process during a power of sale is not simply about prolonging the event; it is the…

For Ontario homeowners, few letters cause more anxiety than a notice related to a power of sale. It usually arrives at minimum 15 days after default. At that point, many people assume the bank has already won and that the house is effectively gone. That assumption costs people real money. In Ontario, a power of…

Getting a mortgage default letter isn’t very fun for any homeowner in Ontario. It leaves them unsure on how to proceed. The letter informs a borrower (them) that the lender considers them to be in breach of the mortgage contract due to failure to pay an instalment or for any other contractual violation. The letter…

Precarious economic conditions can place Ontario homeowners in many difficult situations, especially when they weigh debt consolidation against a power of sale. Each offers somewhat different assets moving forward and in the actual strip of credit and financial desirability. This article will compare debt consolidation and power of sale, explain how each can shape the…