Stop Power of Sale and Foreclosure
Borrower/Mortgagor’s Remedies: Legal Steps to Stop Power of Sale
Have you received a notice of sale and are unsure about what steps to take? More importantly, can you protect yourself from losing your home due to mortgage debt?
Ontario Foreclosure vs. Ontario Power of Sale
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Power of Sale and foreclosure are two distinct legal actions that banks, institutional lenders, and private lenders can use to recover their investment if you default on your loan or fail to make payments. While both processes can result in the loss of your home, they are different procedures.
Power of Sale
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Power of Sale is the most common legal action used by lenders to enforce mortgage repayment. This procedure allows the mortgage lender to sell your property. If your lender proceeds with a Power of Sale, they can seize control of your home and sell it quickly. The proceeds from the sale are used to repay the loan, as well as the lender’s legal and real estate costs. If there are any funds remaining after the sale, you, the borrower, are entitled to them.
Foreclosure
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Foreclosure is a less common but more severe enforcement action. Unlike Power of Sale, foreclosure allows the mortgage lender not only to sell the property but also to take full ownership of it. In a foreclosure, the lender assumes the title to the property used as security for the loan. The lender then decides how to recover the loan, and the borrower will not receive any remaining funds. If a lender intends to proceed with foreclosure, this will be outlined in the statement of claim, which will be sent to the borrower along with the notice of sale.
The Lawyer’s Role in Preventing or Stopping Power of Sale or Foreclosure
At NLCI Your Real Estate Lawyer Professional Corporation, we have over 25 years of experience helping homeowners prevent the loss of their homes. We provide experienced legal advice to delay or stop the Power of Sale process. Our firm will help you explore options and choose the most beneficial course of action for your unique situation.
Why Choose NLCI to Stop Power of Sale or Foreclosure?
At NLCI, we have successfully:
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Negotiated reductions in mortgage discharge payouts
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Secured additional time for borrowers to refinance their properties
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Helped homeowners retain the right to list and sell their property, even after the lender has secured a judgment for possession
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Delayed possession orders and structured creative solutions to protect borrowers under Power of Sale.
If you’re facing the threat of losing your home, don’t wait until it’s too late. Call our law firm today for advice and let us help you safeguard your home.
For skilled assistance in stopping a Power of Sale or Foreclosure, contact us today at YOURLAWYER@BELLNET.CA. Our experienced team is here to help you navigate the legal complexities and protect your home and financial interests.