Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
adam@debtcliniccanada.ca (905) 970-0439
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca

July 2015 – WHEN YOU ARE BEHIND ON YOUR MORTGAGE PAYMENTS DO NOT IGNORE POWER OF SALE NOTICE

By:Adam Aspilla
July 25, 2015

Power of Sale is a process for a lender to take possession of your property for the purpose of selling to pay off the mortgage loan against your property.

A good example was a couple’s beautiful house in Brampton. They lost their house for they ignored to act on the Power of Sale notices they received. They acted only when they were given final notice to vacate the property within fifteen days from the date they received the notice to vacate.

Consequently, the house was sold through Power of Sale. It was sold way below market value. In addition, the couple had to pay thousands of legal fees, sheriff’s fee, agent commission, disbursements, and other related expenses.

The bottom line, not only they lost the equity on their house, they were also required to pay for the shortfall for the proceeds of sale was lower than the amount needed to pay for the mortgage owing, legal fees, agent’s commission and disbursements as above mentioned.

To avoid the heartbroken experience by the above couple, when you are behind on your mortgage payments do not ignore Power of Sale notice so can have enough time to look for refinancing, and as a last resort to sell your house at fair market value and get the equity. rather than to let your lender sell your house through Power of Sale.

Adam Aspilla operates the Debt Clinic of Canada Inc. for more than 30 years.  He was a former financial planner, a former mortgage broker, and the author of the book, You Can Negotiate All Your Debts.  He also writes another column, “Biblical Perspectives” in this paper. For a free initial, expert, professional and confidential financial consultation on your financial issues like: Debt Consolidation, Credit Counseling, Consumer Proposal, Bankruptcy, and securing 1st and 2nd Mortgages, call 905-970-0439 or visit www.debtcliniccanada.ca

Scroll to Top