Ottawa Power of Sale and Foreclosure
Very few people who buy a home expect to go into power of sale or foreclosure. That’s something that happens to “other people”. Yet, foreclosures can happen to anyone, it only takes a sudden illness or a loss of a job and then you are in default of your mortgage. If you are facing a foreclosure or power of sale, we advise you to call us as soon as possible, every day that you delay will result in higher legal costs. We have specialized agents that understand the foreclosure process in Ontario and they can explain your options.
In Ontario most lenders use the “Power of Sale” process since it is cheaper and faster. A foreclosure can be very expensive with multiple court dates and result in high legal costs. A power of sale can result in the home owner being evicted within 90 days from the time of default. In both cases the home owner will lose their property unless they can pay off the mortgage holder.
Most lenders do not want to foreclose on your property, they would rather you make your monthly payments and keep your house. In the event that you can not make the monthly payments most lenders will wait a few months before they start legal action. Once the lender starts the legal process it is very hard to stop since the legal costs must also be paid.
If you are facing a potential power of sale or foreclosure we advise you to talk to your lender, let them know your situation and what your possible options are. Ask for more time to make the payments, let them know if you have additional rental income or a new job. Do not avoid the lender since this will only speed up the eviction process.
You should keep a copy of every notice or legal document sent from the mortgage holder or it’s lawyers. The documents can include:
– Notice of Default
– Statement of Claim
– Writ of Possession
– Eviction Notice
Each document has a time frame associated with it and it is important that when you call us that you have the documents available. It is best if you can email the documents to us in advance so that we can review them with you.