Protect your home & Equity!
Stop Power of sale.
Power of sale assistance & Foreclosure Relief.
Protect Your Real Estate & Equity.
serving Ontario, British Columbia & Nova Scotia.
What is a Power of sale?
How to Stop a power of sale.
When a real estate owner misses one or more mortgage payments, often referred to as mortgage arrears, including any other act of default, the bank or private mortgage lender can take legal action to enforce its security, which, if unsolved, can ultimately lead to the real estate sold via power of sale or foreclosure. The initial step usually entails the mortgage lender providing a demand letter to the borrowers, a document outlining the amount owed to the lender, including the balance of missed payments and default fees, along with a deadline. No sooner than 15 days after the act of default, the mortgage lender can deliver a written document known as a Notice of Sale to all parties with an interest, including spouses and guarantors. During this period, the real estate owner has 35 days to pay the defaulted amounts to stop the mortgage default, known as a redemption period. If the real estate owner can’t remedy the mortgage default, the lender can exercise their rights under a Power of Sale, including issuing a Statement of Claim through the courts. The real estate owner typically has 20 days to file a statement of defence, failing which the lender can then obtain Default Judgement and apply for a Writ of Seizure and Sale, Order for Possession and Writ of Possession, which can lead to a Sheriff evicting the real estate owners and the lender listing the property for sale. The sale proceeds, less existing mortgage balance(s) and closing costs are to the real estate owner. Lenders will typically pursue a Power of Sale in Ontario as the process is usually quicker and cost-friendlier than foreclosure proceedings.
What is a mortgage demand letter?
mortgage arrears help.
If your mortgage is in arrears, you may receive a mortgage demand letter from your mortgage lender or their real estate enforcement lawyer. When you receive a mortgage demand letter, it is critical to read the content of the demand letter, as hard as it is to face the matter. A demand letter is more than a reminder of missed payments or acts of default under the mortgage. A mortgage demand letter is an official document outlining the nature of the demand letter, the sum of monies owed to the mortgage lender, including missed mortgage payments and any related mortgage default fees payable to the lender within a specific timeframe. If said amount is not paid to the lender by the deadline, your mortgage lender may commence legal action against you for possession of your property without further notice. If you can’t satisfy the mortgage demand letter or anticipate having difficulty making subsequent scheduled mortgage payments, contact us to discuss a potential game plan to handle your mortgage arrears.
What is a Notice of sale?
Notice of sale under Charge/Mortgage of Land.
If you have received a Notice of Sale from your mortgage lender’s lawyer, understand that your mortgage lender is proceeding with the legal enforcement process to sell your property through a power of sale or foreclosure proceeding. A Notice of Sale document provides information about the defaulted mortgage, such as when the mortgage was registered, the properties that the mortgage(s) are registered against and the outstanding principal amount of the mortgage plus mortgage default and legal fees. It is important to note that the mortgage lender and their solicitor must abide by prescribed guidelines during the Notice of Sale process. You may be entitled to a redemption period whereby DV Capital will attempt to help you stop mortgage default proceedings. If you have received a Notice of Sale document, contact us immediately.
What is a power of sale eviction?
power of sale process.
It’s a gut-wrenching reality that mortgage arrears could eventually lead to a Power of Sale, a legal process whereby a mortgage lender will obtain a court order to evict the homeowner and list and sell their property. Real estate owners must be proactive and do their best to take control of their mortgage arrears and mortgage enforcement process. Their success will largely depend on how far they are in the process, their rights under an equity of redemption period, and their action plan, if possible, to stop the power of sale. Before the lender lists the property for sale, a Sheriff will list a notice to vacate order on the property and will later ensure that the eviction process occurs. From this point, the mortgage lender will clean up the property and order an appraisal (usually more than one appraisal to ensure that the mortgage lender is listing the property for fair market value and doing the best they can to obtain the highest sale price to help repay their mortgage and to return the most amount of net-equity to the property-owner, which will avoid the argument ) and list and sale the property. If you are facing a power of sale, contact DV Capital to discuss a potential solution.
What is a foreclosure?
Mortgages for foreclosure redemption.
Although, in Ontario, the most common mortgage default remedy for mortgage lenders is a Power of Sale, mortgage lenders in British Columbia and Nova Scotia will typically commence Foreclosure action. In a foreclosure, the courts will allow a mortgage lender to assume ownership of the real estate their mortgage is registered against. In a foreclosure process, the borrower has a redemption period to pay the lender the principal, interest and all outstanding fees related to the mortgage default; failing which, the property will be listed for sale by a court-appointed auctioneer or sheriff at a public auction. If the sale proceeds are insufficient to pay off the total sum owed to the lender, the lender can apply to the court for an order for deficiency judgment. Contact DV Capital to learn if you qualify for a foreclosure redemption mortgage to help you stop the foreclosure process.
Power of sale versus Foreclosure.
Differences Between Power of Sale and Foreclosure?
Power of Sale:
- The power of sale process is typically a faster process.
- The power of sale process is typically less costly.
- The court grants the lender power to sell the property.
- If there’s a shortfall, the lender can sue the borrower for difference.
- The typical legal mortgage remedy for real estate in Ontario.
- The typical legal mortgage remedy in British Columbia & Nova Scotia.
- Foreclosure is typically a longer process.
- Foreclosure is typically more cost intensive.
- The court grants transfer of full property ownership to the lender.
- In Ontario, the lender cannot sue the borrower for a shortfall.
How to Stop a Power of Sale?
Mortgage to Stop a power of sale in ontario.
Depending on the property type, location, condition, existing mortgage balances, the amount needed to pay off existing mortgage & legal fees, and other determining factors such as which stage the property owner is in the legal proceeding process, DV Capital might be able to assist a homeowner STOP a power of sale or foreclosure. It’s imperative for property owners who are facing mortgage arrears or facing a power of sale or foreclosure to be responsive and act with a sense of urgency. In most cases, the mortgage lender and their enforcement lawyer will proceed with mortgage enforcement action quickly as the law permits. Contact DV Capital 7-days a week to discuss a potential solution that might help you protect your equity and property from being sold in a power of sale or foreclosure.
What are cash home buyers?
Cash Home buyers in Canada - who are they?
We are hearing of more cases of homeowners being approached by ‘Cash Home Buyers’, either by mail or flyer drops, phone calls or being approached at their homes. Homeowners tell us that they are being offered a ‘no condition, hassle-free, cash offer’ to purchase their homes without having to pay real estate commissions, which, in Ontario, are usually around 5% of the sale price plus HST. In some cases, homes are dated or can benefit from renovation work. In most of these situations, homeowners considering these propositions are experiencing financial strain: juggling debt or have one or more mortgages in arrears or facing the potential of falling into a power of sale or foreclosure situation. ‘Cash Home Buyers’ are telling homeowners that they will allow them to become tenants in the property in order for them to continue living in the property. It is very important for homeowners to exercise caution when considering these propositions and to consider speaking with an accredited home appraiser to understand the ‘fair market value’ of their home. This will help homeowners understand how much their home might sell for if properly exposed to a fair market, for a reasonable time period. The homeowner can use this information to calculate, even with real estate commissions plus HST, if listing their home with licensed real estate professionals will end making most sense for them, practically and financially.
Online power of sale Mortgage Help.
Stop Power of sale & Stop foreclosure.
DV Capital has immense knowledge and experience in helping real estate owners facing power of sale action. DV Capital is licensed as a mortgage broker and provides private mortgage lender services; their personnel are licensed as Mortgage Brokers, thus legally able to represent real estate owners’ private mortgage requirements in Ontario. Ontario real estate owners must understand that only 2-tiers of licensees can legally provide private mortgage services; as licenced mortgage brokers, DV Capital has helped hundreds of real estate owners. We have reviewed, underwritten and funded thousands of mortgages during the span of our principals’ experience in the mortgage industry and have a network of private capital to help real estate owners stop power of sale action in many locations and property types, including:
- Detached
- Semi-Detached
- Hi-Rise Condo
- Low Rise Condo
- Mixed-Use
- Multi-Family
- Commercial
- Industrial
- Land
- Cottage
- Student Housing
- Investment Property
- & More.
Contact us online 7-days a week for a confidential and complimentary discussion. We will listen to your story, treat you with the respect you deserve, and do our best to help you stop a power of sale.
Stop Power of sale In Ontario.
- Ajax
- Alliston
- Ancaster
- Aurora
- Barrie
- Belleville
- Bradford
- Brampton
- Brant
- Bracebridge
- Brantford
- Brighton
- Brockville
- Burlington
- Caledon
- Cambridge
- Carleton Place
- Chatham
- Cobourg
- Collingwood
- Cornwall
- Courtice
- Etobicoke
- Fergus
- Fort Erie
- Gananoque
- Georgetown
- Georgina
- Gravenhurst
- Grimsby
- Guelph
- Haliburton
- Halton Hills
- Hamilton
- Huntsville
- Innisfil
- Ingersoll
- Kanata
- Kawartha Lakes
- King City
- Kingston
- Kitchener
- Leamington
- London
- Markham
- Midland
- Milton
- Mississauga
- Muskoka
- Niagara Falls
- Newmarket
- New Tecumseth
- North Bay
- Oak Ridges
- Oakville
- Orangeville
- Orillia
- Oshawa
- Ottawa
- Owen Sound
- Parry Sound
- Pembroke
- Penetanguishene
- Peterborough
- Pickering
- Quinte
- Renfrew County
- Richmond Hill
- Sarnia
- Sault Ste Marie
- Scarborough
- Sharbot Lake
- St. Thomas
- Stratford
- Thornhill
- Thorold
- Thunder Bay
- Timmins
- Toronto
- Vaughan
- Unionville
- Wasaga Beach
- Waterloo
- Welland
- Whitby
- Windsor
- Woodstock
Stop Foreclosure in British Columbia.
- Abbotsford
- Agassiz
- Aldergrove
- Burnaby
- Campbell River
- Cariboo
- Castlegar
- Chilliwack
- Cobble Hill
- Comox
- Coquitlam
- Courtenay
- Cranbrook
- Cultus Lake
- Delta
- Duncan
- Fraser Valley
- Fort Langley
- Greater Vancouver
- Harrison Hot Springs
- Kamloops
- Kelowna
- Ladysmith
- Langley
- Maple Ridge
- Mission
- Nanaimo
- New Westminister
- North Saanivh
- Parksville
- Peachland
- Penticton
- Pitt Meadows
- Port Coquitlam
- Port Moody
- Qualicum Beach
- Richmond
- Rosedale
- Sardis
- Sidney
- Summerland
- Surrey
- Tofino
- Tsawwassen
- Ucluelet
- Vancouver
- Vancouver Island
- Vernon
- Victoria
- White Rock
- Yarrow
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