Podcast
Questions and Answers
What is the most common remedy used by lenders in Ontario when a borrower defaults on their mortgage obligations?
What is the most common remedy used by lenders in Ontario when a borrower defaults on their mortgage obligations?
- Repayment plan agreement
- Power of Sale process (correct)
- Foreclosure process
- Renegotiation of terms
Which act outlines the process that must be followed under a Power of Sale in Ontario?
Which act outlines the process that must be followed under a Power of Sale in Ontario?
- Mortgages Act (correct)
- Housing Regulations Act
- Real Estate Act
- Property Sale Act
How long after a borrower defaults on their mortgage payment can a lender begin the Power of Sale process?
How long after a borrower defaults on their mortgage payment can a lender begin the Power of Sale process?
- 15 days (correct)
- 7 days
- 30 days
- 90 days
What happens during the Power of Sale process?
What happens during the Power of Sale process?
How does a Foreclosure differ from a Power of Sale?
How does a Foreclosure differ from a Power of Sale?
Which provinces in Canada currently use a Power of Sale process?
Which provinces in Canada currently use a Power of Sale process?
How are the proceeds of a sale under a Power of Sale distributed?
How are the proceeds of a sale under a Power of Sale distributed?
What is the first step most lenders take to recover monies from a defaulting borrower, other than a Power of Sale or foreclosure?
What is the first step most lenders take to recover monies from a defaulting borrower, other than a Power of Sale or foreclosure?
When does a Power of Sale in Ontario typically commence after a default?
When does a Power of Sale in Ontario typically commence after a default?
Who are additional encumbrancers mentioned in the text?
Who are additional encumbrancers mentioned in the text?
In what order are rental deposits prioritized in the distribution of proceeds under a Power of Sale?
In what order are rental deposits prioritized in the distribution of proceeds under a Power of Sale?
What happens to any leftover money after settling all costs and payments in a Power of Sale?
What happens to any leftover money after settling all costs and payments in a Power of Sale?
What additional fees may the Lender require the Borrower to pay?
What additional fees may the Lender require the Borrower to pay?
What is a Demand Letter used for in the context of borrowing?
What is a Demand Letter used for in the context of borrowing?
What does the Lender proceed with if neither the Demand Letter nor other remedies are successful?
What does the Lender proceed with if neither the Demand Letter nor other remedies are successful?
What is the main difference between a judicial sale and a foreclosure?
What is the main difference between a judicial sale and a foreclosure?
In which provinces is the foreclosure process used?
In which provinces is the foreclosure process used?
What is a Quit Claim in the context of borrowing?
What is a Quit Claim in the context of borrowing?
