Foreclosure & Power of Sale
What to Know About Buying a Foreclosed Home in Ontario?
When you’re looking to buy a home, you may often come across a home for sale that is under foreclosure. These properties are usually identified by...
Registering a Notice to try and save a Power of Sale
Often, borrowers loosing their home to a power of sale will take any advise they can get to stop the process. Borrowers are sometimes led to...
Private Lending: Do not Rely on Someone Else’s Appraisal!
Often private lenders will receive a brief term sheet with an email introduction from a mortgage broker or agent trying to place a mortgage deal. Included...
Can a borrower redeem their mortgage under power of sale?
The answer to this question is constantly evolving, with new and conflicting case law addressing specific facts released almost yearly. The old adage of being able...
Can a lender charge a mortgage pre-payment penalty under Power of Sale proceedings or once the mortgage term has matured, regardless if it is an Open or Closed Mortgage?
Under section 17 of the Mortgages Act, and pursuant to relevant case law the answer is “Yes” the lender can. Subject to the wording in the...
MORTGAGE DEFAULT: Power of Sale or Foreclosure?
Although generally the real estate market in Ontario has been robust, the frenzied market of the past has caused an increase in mortgage defaults as a...
