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Ontario Power of sale Mortgage assistance.

British Columbia Foreclosure Redemption.

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Lior D.

Toronto Condo Owner

What is a Power of Sale?

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 a mortgage arrears, including any other act that constitutes default under the mortgage charge, the bank or private mortgage lender can take legal steps to enforce it’s security, which, unsolved, can lead to the real estate being sold via Power of Sale. In summary, 15 days following the act of default, the mortgage lender can deliver a written document known as a Notice of Sale to the to all parties that have an interest in the real estate security. During this period, the real estate owner is granted 35 days to pay the defaulted amounts to stop the mortgage default, known as the redemption period. If the real estate owner is unable to remedy the 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 has 20 days to file a statement of defence. The lender can then proceed with issuing and delivering a Notice of Sale to the real estate owner without taking further action for 35 days. The lender can then obtain Default Judgement, 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 for the property for sale. Power of Sale is the most common default remedy process in Ontario. 

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 important that you read the content of the demand letter. A demand letter is not just a gentle reminder, rather a demand outlining the fact that there are missed mortgage payments and the sum required to be paid within a certain timeframe, including missed payments and related mortgage default fees. If the sum is not paid by the deadline, your mortgage lender may commence legal action against you for possession of your property without further notice. If you are unable to pay this sum and or suspect that you will have trouble making the next scheduled mortgage and or property tax payment, please contact us immediately. 

Mortgage Demand Letter
What Is A Notice of Sale?

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 lenders lawyer, it’s important to understand that your mortgage lender intends on selling your property. A Notice of Sale document typically provides information about the defaulted mortgage including when the mortgage was registered, the property’s that the defaulted mortgage is registered again, as well as the outstanding amount and fees payable under the mortgage. It is important to note that the mortgage lender and their solicitor must abide by prescribed guidelines during the Notice of Sale process and that the real estate own may be entitled to a redemption period. If you have received a Notice of Sale document, please contact us immediately. 

What is a power of sale eviction?

power of sale process.

It’s a get-wrenching reality that mortgage arrears can eventually lead to a Power of Sale, which includes an  an eviction process, with the assistance of a Sheriff. This can add that much more turmoil to an already very stressful situation. This is why it is important for real estate owners to b e proactive during the course of mortgage arrears, mortgage enforcement and legal proceedings process and understanding their rights and timeframe of their equity of redemption period – the property owners legal right to pay-off the mortgage, default and lending fees and regain full rights to the property. If you are facing a power of sale and approaching the eviction process, contact DV Capital to discuss a potential solution.

What Is a Foreclosure?

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, mortgages lenders in British Columbia and Nova Scotia will typically commence Foreclosure action; a process whereby the courts will permit the mortgage lender to assume ownership to title of the real estate that their mortgage is registered against. If the court grants a Foreclosure, the borrower has a redemption period to pay the principal, interest and all outstanding fees related to the mortgage default to the lender, failing which, the property can be sold 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 judgement. Contact DV Capital to learn if you qualify for a foreclosure redemption mortgage to help you stop the foreclosure process. 

Power of sale vs. 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

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 the state and extent of legal proceedings, DV Capital might be able to assist you STOP a power of sale or foreclosure. In any case, it is imperative for property owners in mortgage default 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 action as quickly as the law permits them to. Contact us 7-days a week to discuss a potential solution that might protect your equity and property ownership. 

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.

Cash Home Buyer

power of sale assistance.

Stop Power of sale & Stop foreclosure.

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Stop Power of Sale Ontario

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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