1-844-ASK-ACCESS / 1-844-275-2223

Access Mortgage Facebook Access Mortgage Instagram

Encrypted Loan Application

1-844-ASK-ACCESS / 1-844-275-2223

Access Mortgage Facebook Access Mortgage Instagram

Ottawa Power Of Sale Stopped

How to Stop Power of Sale in Ottawa

When a borrower fails to pay his or her lender, the lender can take legal action against the borrower to recover the debt. Most banks and other financial institutions will give notice of power of sale after the borrower goes into default when paying his or her mortgage. The process that a lender commences to recover its loss is called power of sale.

Definition of Power of Sale

The power of sale is a process which gives a lender authority to take possession and sell the house if the borrower fails to bring the mortgage up to date (ie. redeem the mortgage). In this procedure, ownership changes hands after the power of sale is complete to a new owner. The proceeds of the sale then are used to pay off the mortgage which is in default.
• Ownership of the asset does not go to anyone until the power of sale process has been followed and the house has been sold
• The lender can use a realtor to sell the house.
• If by selling the house, the lender can raise more money than the borrower owes. In this case, the extra money goes to the borrower. If the lender raises less than the amount owed by the borrower, then that the borrower is liable for the difference.
• When the mortgage has been insured, then the lender is able to claim a loss, and the insurer will have to pay the lender. Then an insurer can take legal action against the homeowner to recover the cost of the claim.

Why Power of Sale takes place?

• A power of sale can happen as a result of different unfortunate events. A borrower may have lost his/her job and been unable to find another job.
• Another reason, power of sale can happen is when the borrower faces personal challenges like divorce, and are unable to make their monthly payments to the lender.

• Health issues that restrict a person from working are another reason why the borrower may not be able to make their payments to the lender.

• In the unfortunate event, of the borrower dying and if the beneficiaries are unable to handle the payment on the property, and if there is no life insurance.

• Failure of a business could also be a reason why payments can’t be met.

How an Ottawa Power of Sale stopped.

The first thing to do is thoroughly read any document sent to you by the lender’s lawyer. Keep in mind that your lender just wants to be paid, so instead of avoiding calls you need to call the lender and tell him that you are trying to get money to them. Consider talking to a lawyer and taking their advice. Some people have stopped the power of sale in Ottawa by coming to a mutual acceptable arrangement to pay the arrears.

Another option is to get a private second mortgage through a mortgage broker so that the arrears can be paid and the Ottawa power of sale stopped.

WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
  • “A tough deal that others could not do!”
    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
  • “Seamless from beginning to end!”
    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
  • “Patient with deep understanding”
    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
  • “Got creditors off our back”
    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
Scroll Up