If you've fallen behind on your mortgage in Ontario, you may have heard the term 'power of sale.' It's the process most lenders use here, and it's different from the foreclosure process you might have seen in American movies or TV shows.
In a power of sale, the lender takes the title to sell the house themselves to recover what you owe. It's generally faster than a foreclosure, which goes through the courts. That speed can work against you if you're trying to keep the house — you may have less time than you think.
If your lender has started or threatened power of sale, please speak with your lender and a lawyer or licensed insolvency trustee about your options. This article is general information, not legal advice.
Selling the house yourself before the power of sale completes is one option some homeowners choose, because it can preserve more of your equity and keep a forced sale off the public record. We can often move quickly — we can close in as little as 7 days, or on the date you choose — and we'll be honest about whether selling to us is the right move for you.