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Power of Sale

This legal term is included in all mortgage documents and it allows the lender to repossess your property if mortgage payments, monthly condo fees or property tax payments are not made. In the event of a default, the lender will take legal measures to sell the property to recover the losses and repay the debts.

Typically, as this process is often lengthy and costly, lenders do not want to resort to a Power of Sale and would prefer other alternatives. An option available for you is to speak with a mortgage broker to secure another mortgage loan.

At Maple Leaf Mortgages, we have extensive experience with Alternative Lending options and we will help you get approved for financing to avoid a Power of Sale, bankruptcy or consumer proposal proceeding. Call one of our specialists today for a free consultation.