Deep dive into Real Estate by Team Laddi Dhillon
We provide educational info to help you make an educated decision in real estate in Brampton and the surrounding area. We dive deep into the world of real estate investing. Discover how to find profitable deals, finance your investments, and manage rental properties. Whether you're a beginner or a seasoned investor, you'll find valuable insights to help you maximize your returns.
Feel free to check out our website https://www.houseinbrampton.ca/ for more info.
Deep dive into Real Estate by Team Laddi Dhillon
EP57 Power of Sale Process in Ontario!
A Power of Sale in Ontario is a legal recourse for lenders when borrowers default on mortgage agreements. The process begins with a default, typically missed payments or breaches of the mortgage terms. The lender then issues a Notice of Sale, triggering a redemption period for the borrower to rectify the default. If the debt remains unpaid, the lender can obtain a court order to evict the homeowner and take possession. Following eviction, the property is sold, and the proceeds are used to cover sale expenses, the outstanding mortgage, and other registered debts, with any surplus returned to the former homeowner, although often little to no proceeds remain. The lender can pursue further action to recover any remaining debt.