A power of sale of properties in Ontario is a common legal remedy used by lenders. A power of sale of a house can be completed in 3 to 6 months. The legal cost for a power of sale is usually lower than a foreclosure. The lender must wait at least 15 days before sending the home owner a notice of default. The notice usually includes an amount to bring the loan back into good standing.
Our mortgage agents can arrange for you to receive free legal advice. Call us so that we can determine type of legal service you require. Please note that we are not lawyers.
If you are facing an eviction or a “power of sales” you should contact a mortgage broker right away. The mortgage broker can arrange new financing and pay off any mortgages, loans or liens. The power of sale of houses and properties can happen quickly and the cost to the home owner can be quite substantial. You should act quickly to stop a power of sale of your house or property. It is always advisable to provide your lawyer and mortgage broker with as much information regarding power of sale homes as possible.
If your home or property may be put up for power of sales, as the property owner you should try to stop the power of sale. This could reduce any legal costs and ensure that your home sells for its highest market value. Lenders will usually sell the house through a real estate agent that has access to a multiple listing service. This will let the largest number of potential buyers know the house is for sale. Lender will do their best to get the highest price possible for the house although the house may sell for less than fair market value. As the property owner it is in your best interest to try and stop a power of sale. This could be the best way to reduce real estate and legal fees.
Any person that is considering buying or selling a power of sale house situation should contact a lawyer to arrange the real estate transaction. Having your own legal representative will ensure that your interests are properly addressed. We are mortgage brokers and mortgage agents and we do not represent ourselves and this website to be a legal opinion. We recommend that our clients seek independent legal advice. Power of sale properties in Ontario are more complicated than the normal sale of a home. Usually more than one legal firm is involved and the legal costs can be quite high. Call our mortgage agents for a free consultation we can tell you within minutes if you qualify for a mortgage or power of sale properties in Ontario.
Follow this link for the Ontario Mortgages Act.