Mortgage Broker Store # 12800

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Most of the time, a Foreclosure or Power of Sale is an unexpected life event that is difficult to resolve. People generally have a difficult time coping with these kinds of situations and are unable to resolve the issues. We advise people to contact us immediately if you are facing a Power of Sale or Foreclosure, each day that passes will end up costing you more money at the end. Our mortgage are real estate experts deal with these events regularly and can help you make the best possible decision.

Not all Canadian provinces can use a Power of Sale, but in Ontario it is by far the most common eviction process. Foreclosures are not preferred since they take much longer and involve more expensive legal work. Foreclosure is most common in provinces where Power of Sale is not an option. When a property is put under Power of Sale, the borrower must pay their debts 90 days after defaulting. With both Power of Sale and Foreclosure, the home owner will typically lose all equity in their home.

 Usually, both the lender and the borrower can make more money if they the borrower makes all of their payments. Due to the legal costs, many times the lender actually loses money from Power of Sales. For this reason, most lenders will only use Power of Sale as a last resort. Once the process is started, it is very difficult to stop, however we have specialized professionals who can stop these proceedings.

In most cases your lender will be willing to negotiate the terms of your mortgage. Many lenders will allow you more time to make payments or change other terms if you demonstrate your ability to make payments in the future. It is critical that you maintain a good relationship with your lender, avoiding them make force them to charge additional penalties.

It is important to keep all documents related to your Power of Sale, these documents include:

  • Notice of Default
  • Statement of Claim
  • Writ of Possession
  • Eviction Notice

Please contact us if you are facing these issues, these documents will be needed for us to help you. We will go through your case and determine the best course of action.