A Power of Sale is commonly caused by the home owner being in mortgage arrears, and missing payments. When in default of a mortgage, the lender demands repayment of mortgage arrears, or full pay out of their mortgage.
The mortgage lender will usually send you “Notice of Default” after 15 days a mortgage default. The home own
er has approximately 30 days to fix it. If the default has not been remedied after the 30 day period, the lender can issue a “Statement of Claim” to all parties that have any investment in the property, including the hom
e owner, other mortgage lenders/banks on title.
Stop power of sale process today, by getting our expert mortgage brokers involved all the way. To help stop power of sale or stop foreclosure, we effectively negotiate with lenders, banks and lawyers to reach a resolution.
We present solutions to your lender and their lawyer with a specific timeline of events, and they generally co-operate with our offer. They usually give us enough time to resolve your matter, to avoid further costs on their part, and to stop the power of sale process.
Get us involved today, to save your home and stop power of sale proceedings
In a power of sale, the home owner under a power of sale still has the opportunity to save the same, up until the property has been sold. The home owner use their own real estate agent, depending on the particular governed area.
From a power of sale, if there are funds remaining from the equity in a proper, the remainder would go to the home owner. If there is a shortfall of money to cover all expenses the home owners are responsible to pay that amount.
In Ontario, Canada, a foreclosure is less likely the route any entity takes in proceeding on a defaulted mortgage agreement.
In a foreclosure, the title of the property will transfer to the lender, now making them the owner of the property. The lender will sell the property through means of their own choice. If there is a shortfall of money for the cost of foreclosure proceedings, the home owners are responsible to pay this amount.
A Notice of sale under a mortgage, is a notice given by a lender to a borrower after 15 (fifteen) days of a mortgage default. The home owner then has 30 calendar days to remedy the mortgage default, which in most cases, is to bring mortgage payments up to date and in good standings. As per the Notice of Sale Under Mortgage, if the borrower fails to remedy the mortgage default after 30 days, the lender can file a “Statement of Claim” with a court, which will be sent to all who have interest in the property.
A “Statement of Claim” is a legal claim, or law suit a lender files with a local Small Claims court or Superior Court of Canada, which is the initiation of a law suit against the home owners. A mortgage lender will file a statement of claim as part of the power of sale process to have the courts determined the default of mortgage, and rule in favour of the lender to take possession of the property.
At what point can a bank put my home into a power of sale or foreclosure?
For a bank or lender to put your home into a power of sale or foreclosure, a home owner must be in breach or default of one of more of the mortgage terms agreed upon in the mortgage commitment originally signed.
Mortgage arrears is the most common cause of a power of sale.
What is a "Statement of Claim" in a power of sale or foreclosure?
Do I need a lawyer to represent me for a power of sale or foreclosure?
Home owners should retain a real estate lawyer to represent their best interest during a power of sale or foreclosure, to understand all of their legal rights and obligations.
Mortgage Associates Ontario is affiliated with a trusted network of legal professionals who can represent home owners in all power of sale stages.
Can I be evicted from my home?
During a power of sale or foreclosure stage a home owner can be evicted from their home only with a local sheriff’s “Eviction Notice”. At this point the home owner and occupants are given a specific time period to vacate the property, at which time, the home will be in the possession of the lender.
Can I get my home back after being evicted by a Sheriff?
Yes, even after an eviction from a sheriff via “Eviction Notice”, you can still save your home. A home owner has very limited time at this point, and must act right away to get a private mortgage to pay out the mortgage arrears or lender in full.
Speak With A Professional Mortgage Broker & Get Approved Over The Phone
I lost my job and my financial situation completely changed, when I unfortunately fell behind on my mortgage and property tax payments. I started receiving letters from the bank and then their lawyer, making demands that if I don't catch up with my payments then they will be evicting me from my property and going power of sale.
I didn't know what to do, until I came across Mortgage Associates Ontario, and my mortgage broker was extremely helpful and took action right away to make a deal with my bank and their lawyers, and we got a second mortgage to get my payments into good standings, and I got to keep my house.
I am very grateful for their help, and I don't know where I would be without them.
Bruno BretzerleskiMississauga, Ontario
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