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.
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.