Toronto Power of Sale Homes
There are two legal remedies available to lenders in Ontario when a borrower is in default of the mortgage. One legal remedy is the foreclosure process the other is the Toronto power of sale homes process, most lenders in Ontario use the Toronto power of sale homes process because it is faster and cheaper. Lenders will send the borrower a notice of default when the loan is at least 15 days in default, if the default is not corrected the borrower will then receive a statement of claim outlining the terms required to bring the mortgage into good standing. As the property owner it is usually in your best interest to bring the mortgage into good standing, work with your lender to keep legal costs low. If alternative financing is required call our mortgage agents to arrange a loan.
If you are facing an eviction or a “power of sale” you should contact a real estate lawyer that has a background in power of sale transactions. The lawyer can arrange the paperwork related to the power of sale. You should also contact a mortgage agent to arrange new financing and pay off any mortgages, loans or liens. A Toronto power of sale homes can happen quickly and the cost to the home owner can be quite substantial, therefore you should act quickly to stop the Toronto power of sale action. It is always advisable to provide your lawyer and mortgage agent with as much information regarding the Toronto power of sale homes as possible, complete disclosure of all relevant information can speed up the process.
When a house or commercial property is put up for power of sale, the lender will usually use a real estate agent with access to a multiple listing service to sell the property. The goal is to sell the property for the highest price the present real estate market will bear. The actual selling price of the property could be higher or lower depending on factors such as the condition of the property and ongoing costs. In most cases we advise the property owner to try and stop the power of sale as soon as possible. If the house must be sold consider selling the house through your own real estate agent, let the lender know that you are selling the house, they may give you more time to sell the house.
Legal Disclaimer
We recommend that our clients hire a lawyer whenever they are buying, selling, mortgaging their property or in a power of sale. Lawyers are needed to complete paperwork regarding title searches, mortgages, liens, change of ownership and with Toronto power of sale homes situations the legal process is usually more complex than a normal house sale. We are not lawyers therefore you acknowledge that information provided in this website shall not be interpreted as expert legal advice. We advise all clients to seek independent legal advice on any matters regarding property or real estate. Please call for a free consultation or if you need any financing for a Toronto power of sale homes situation.