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Tag: foreclosure

Tag: foreclosure

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...

Issues in Mortgage Law

Foreclosure: When and Why?It is not uncommon to combine a claim for foreclosure with a claim for the amount due under the covenants contained in the...

ASSIGNMENT OF LEASES, RENTS, NON DISTURBANCE AND ATTORNMENT: How To Differentiate Between Them

In this context, Madame Justice McKinley also dealt with the situation where a lease is absolutely assigned by the owner of land but the reversionary interest...

The Law of Lease Assignments

Earlier we have seen how Goodyear benefited from its lawsuit against Burnhamthorpe. This verdict is compared with the generally accepted good law set out in Corbett...

Assignments of Leases: Goodyear, A Case in Review

Goodyear v. BurnhamthorpeGoodyear was the tenant under a long-term ground lease of part of an office building in Etobicoke, known as 10 & 21 Four Seasons...

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...