Bank Power-Of-Sales (Foreclosures) for October 19th.
List of Power-Of-Sales (Foreclosures)
for the week of October 19th., 2020
Dear <<First Name>>,
Here are some of the existing properties that are being sold under the Power Of Sale. The list includes Freehold, Condo and Commercial listings in the Greater Toronto Area.
Changes since last week's update:
New: 11 | Sold: 14 | Under Contract: 2 | Off The Market: 3
We are closely following the directions of Public Health Authorities and highly advise our clients and colleagues to follow their personal hygiene advisories. Keep yourself and your family safe.
Power of sale is the most common mortgage remedy used by lenders in Ontario. Power of sale allows a lender to sell the mortgaged property and recover their investment. This is different from foreclosure, where the lender takes title to the property. In power of sale, the lender has the right to evict the homeowner and sell the home to pay off the mortgages on the property. Any money left after the mortgages are paid off and the legal and real estate fees are paid must go to the former homeowner. Unfortunately, this is usually not much money, as the fees for processing the power of sale can be upwards of $30,000. If you’ve received a Notice of Sale, it is important to act immediately as fees can increase quickly.
