There’s no need to get bogged down by a power of sale in Ontario if you’re looking for excellent resources and access to professionals who can help you through the process with expert advice, look to PowerofSaleOntario.ca.
So, how PowerofSaleOntario.ca Can help? The power of sale is the most common way lenders recover their expenses and interest and principal when a borrower doesn’t uphold the terms of a mortgage. A strict process is involved and can end with the eviction of the person who broke the mortgage agreement and, eventually, the sale of the house or other property.
Every mortgage has a mortgage agreement. When a borrower breaches the terms of that agreement, a power of sale process can start. More often than not, that means the person who has the mortgage has failed to make one or more mortgage payments.
Other reasons for a mortgage to go into default include a breach of a covenant. This can consist of missteps like intentionally damaging or using the property for illegal activities. Failure to pay real estate taxes or ensure the house are other reasons.
The power of sale process is strict. There are several reasons for this, including ensuring reasonable property sales and preventing lenders from seizing properties unfairly. The method also allows borrowers to make things right with the lender before they get evicted and the house sold.
The documents in a power of sale follow some steps that don’t change for everyone’s benefit.
The lender must wait at least 15 days before delivering this notice. Different aspects of the Mortgages Act govern the people to whom it needs to be mailed. It’s a registered letter that gets mailed to everyone interested in the property, including the mortgage and guarantor.
The lender must also wait 35 days before proceeding with the power of sale process. That’s 40 days if married people occupy the property or home.
It’s important to remember that after the Notice of Sale, there’s a period during which the borrower can bring the mortgage back into good standing. They can also pay off the entire debt and stop the power of the sale process. This is called The Redemption Period.
If they do neither, the lender can issue a Statement of Claim for possession of the home and property and collect on the debt that’s owed.
After a Statement of Claim is issued, the borrower has another chance to stop the process or slow it down with a Statement of Defense. Barring that, the lender can get what’s called the default judgment.
After the lender signs a default judgment, a court motion can ask for a Writ of Possession. When this is done, the sheriff will schedule a date when the homeowners will be evicted.
Several blogs supply good information about this process.
Having all the correct information can make a difference. Supplying it is one of the priorities of PowerofSaleOntario.ca.
It’s essential to remember that a segment of a power of sale involves a court order to secure possession of the property and eviction orders. Homeowners facing eviction need to contact one of the numbers listed below to understand their rights and/or seek advice.
These are the offices to contact with any questions you might have about mortgage-related court orders and other concerns. Here’s a link with some useful info.
Ron and Jonathan Alfonso are real estate experts who can provide money to stop a power of sale or foreclosure. These experts are regularly sought after for their opinions by media outlets like the Toronto Star and Global News.
Learn more at the websites they maintain, mortgagebrokerstore.com and powerofsalesontario.ca. You can reach either of these experts at 416-499-2122 or by email at ron@powerofsalesontario.ca.
Jade Filiault October 1st, 2024
