STOP POWER OF SALE
ONTARIO
HOW MUCH DO YOU WANT TO BORROW?
Power of Sale Solutions in Ontario
Burke Financial is an award-winning Mortgage Brokerage committed to helping homeowners maintain control of their properties. Even if you’ve had some trouble making mortgage payments or owe mortgage arrears, we have the resources to STOP Power of Sale proceedings in their tracks and have done so using several tried-and-true methods.
We go to bat for our clients across Ontario, specializing in cities like Hamilton, Kitchener, Ottawa, Toronto, and Richmond Hill. Whether you’re facing foreclosure in Ontario or a Power of Sale in Toronto, Burke Financial can help. Learn more about what we can do to help you stop the Power of Sale process.


Power of Sale
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.
Stopping a Power of Sale
Stopping a Power of Sale on your home can be a complicated process unless you have a team of experts on-hand to guide you through every step.
For a lender to proceed with a Power of Sale, they have to follow a relatively strict process. At Burke Financial, we use our expertise and knowledge to help borrowers behind on their payments by stopping a Power of Sale from occurring. We can help get lenders off your back and put you on the road to financial security and stability.
Our team has the experience to STOP Power of Sale proceedings in their tracks and can do so using a number of tried-and-true methods. We help stop Power of Sale proceedings across Ontario, including Ottawa, Kitchener, Toronto, and Richmond Hill.
Here is what you can expect to experience during Power of Sale proceedings:


CONTACTING
THE BORROWER
The first step in Power of Sale proceedings in Ontario is contacting the borrower. Typically, this step is done in writing. This point of contact notifies the borrower that they are in default and gives them a chance to fix the problem.

NOTICE
OF SALE
If the situation is not taken care of, the lender will then deliver a Notice of Sale via registered letter, as well as notice under the Bankruptcy Act. This can only be done 15 days after the borrower has gone into default and no sooner. According to the Ontario Mortgages Act, the notice of sale must be sent to all appropriate mortgage agreement parties, including creditors.

REDEMPTION
PERIOD
At this point, a lender cannot take any further action for 35 days. If a married couple occupies the property, the lender must wait 40 days. This is called the Redemption Period. During this redemption period, all mortgage arrears must be paid to bring the mortgage into good standing. If the mortgage is due, the borrower must pay off the entire mortgage debt (including any of the lender’s legal fees). This can be done by using a debt consolidation loan.

STATE
OF CLAIM
If the borrower cannot pay the lender the appropriate amount during the redemption period, the Power of Sale moves to the next step. At this point, the lender issues the State of Claim to collect any owing amounts and take possession of the property.

STATEMENT
OF DEFENSE
If a borrower does not file what is called a Statement of Defence, the lender can obtain a Default Judgement, have a Writ of Possession issued, deliver that writ to the appropriate authority in the jurisdiction where the property is located, and that authority (sometimes a Sheriff) will arrange for an eviction.
Only after all of these steps are taken (and the physical removal of the borrower from the property) can the lender sell the property to recoup their losses.
Why Choose Burke Financial
At Burke Financial, we specialize in communicating with lenders on behalf of our clients and delivering the best techniques and resources to combat a Power of Sale in Ontario. When it comes to protecting your home and your family, we leave no stone unturned. Our Mortgage brokers are available on-hand to put a stop to this process and ensure you remain in your home.
We are a customer service leader, and we’re committed to creating a positive and stress-free experience for our clients. Your home is an essential part of your story, and you deserve to continue writing.
Don’t stress over losing your home. Let the experts help. Get in touch with Burke Financial today.



Contact Us Today
Feel free to contact us anytime with any questions that you have. We are here to help every step of the way!
Richmond Hill, ON L4B 1H7
Canada
Brokerage # 13111
Phone: 1-877-709-0709
Email: [email protected]