When a borrower fails to make the agreed-upon payments on their mortgage, a mortgage lender has the option to begin a Power of Sale process to recoup their money. A power of sale can seem daunting, but it doesn’t have to be.
A Power of Sale can also happen if the borrower is using the property for an illegal purpose, if they have not kept the property in good condition, haven’t paid their property taxes, or if they don’t have adequate property insurance.
When faced with a Power of Sale, Ontario residents can be evicted and see their homes sold in order to pay the mortgage lender the principal amount they initially loaned. This amount includes interest and related expenses and fees, which can add up quickly.
Luckily, there are several effective methods you can use to stop the Power of Sale process, and Burke Financial is well-versed in all of them.