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When a borrower defaults on a home mortgage, the lender may attempt to recover its losses by repossessing and selling the property. However, because of legal fees, foregone interest, and property expenses, estimated losses on these foreclosures range from 30 percent to 60 percent of the outstanding loan balances.  There are other variables that can affect the losses or costs as foreclosures, one of which is the time it takes to process the paperwork in the courts.

Definition of Power of Sale:  A clause commonly inserted in a mortgage and deed of trust that grants the creditor or trustee the right and authority, upon default in the payment of the debt, to advertise and sell the property at public auction, without resorting to a court for authorization to do so.

Once the creditor is paid out of the net proceeds, the property is transferred by deed to the purchaser, and the surplus, if any, is returned to the debtor. The debtor is thereby completely divested of any interest in the property and has no subsequent right of redemption—recovery of property by paying the mortgage debt in full.

Definition of Foreclosure:  A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.

Power of Sales, Foreclosures and Bank Sales Alert for Etobicoke and the GTA

Would you like to receive the new residential Power of Sales or Bank sales or Foreclosures in the Etobicoke and the GTA areas?  This would include new power of sale and bank sale listings as they are added to the MLS database system.  You may fill in the fields below and click "Sign Me Up!"   Due to very popular demand, this service expires in 90 days from your submission date and must be resubmitted.  What is a power of sale property?

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