Ontario power of Sale Training
Ontario Power of Sale training
Ontario Power of Sale training for real estate owners, professional real estate investors, mortgage brokers and realtors.
What is a Power of Sale?
When a homeowner stops paying their mortgage and defaults on the loan, a power of sale by the lender allows the home to be sold to pay back the mortgage. There are other ways for homeowners to default on a mortgage besides not making their mortgage payments.
Latest headlines in the media
Tens of thousands of Canadians could default on mortgages due to rising rates, bank CEOs say -Toronto Star
Mortgage defaults and foreclosures on the rise as interest rates climb ~ Financial post
Mortgage defaults and foreclosures on the rise as interest rates climb ~ Vancouver Sun
Basics of a Ontario Power of Sale training
A power of sale is the most common forced sale process used in Ontario when a homeowner fails to repay their mortgage. In a power of sale, a mortgagee (the lender in a mortgage) obtains the legal right to evict residents of a property and sell the property to recover funds owing.
Canadian banks or lenders prefer the power of sale over foreclosure because the process is faster, involves less court time, and legal costs are lower. A lender need only wait 15 days after a missed payment to begin a power of sale process.
Ontario power of sale process in brief:
- Lender obtains right to sell
- Can begin as soon as 15 days after the first missed payment
- No court involved in Notice
- Redemption period (usually 35-40 days) during which you can bring the mortgage current
- Lender has a duty to sell for fair market value
- Equity or profit paid to the borrower
What would you learn in one day Ontario power of Sale Training
- Hidden profits in Ontario power of sales (where and how)
- What can trigger power of sale apart from missing payments
- Rights of a home owner & the lender
- Options & fast solutions
- First step upon a default
- Manner of giving notice, general rules
- Mortgage Act Ontario
- Notice of Sale. Pursuant to section 32 of the Mortgages Act process and who get it ?
- Validity of the power of sale
- How to obtain judgement from Superior Court of Justice
- How to apply for Writ of Seizure and Sale
- How to apply for Order for Possession and Writ of
- How to get the possession – notify mortgagor (Home owner)
- How the Sherriff evicts mortgagor
- When the property can be listed for sale on MLS
- Redemption period
- Delaying the enforcement
- No Further Proceeding: Pursuant to section 42 of the Mortgages Act
- Re-negotiating new mortgage terms
- Claim for Shortfall
- Strategies to help home owners, lenders
- Repossession by the Sheriff
- Lender’s liabilities upon repossession
- Property management upon repossession
- Marketing at Fair market value
- Field trip to the Superior court of justice
- Searching and interpretation of ownership
- Searching and interpretation of writs
- Obligations of consignors of the lenders
- Dealing with owner occupied, vacant and tenanted properties
- Eye Witness LIVE field training in the Superior court of Justice ($999/person)
- Lot more
Ontario power of Sale Training
DATES & LOCATION: March 2023 to be disclosed upon the registration.
The Ontario power of sale is intended to provide a general guide to the subject matter.
Realtor and mortgage brokers can help their clients going through power of sale. Get more listings and help refinance if possible. Help those in need.
Canadian Foreclosures and power of sales in Canada with Navtaj Chandhoke with Maria Rekrut Canadian Real Estate Talk Show.
Ontario Power of Sale Training Fees
$2499/person + HST =$2,823.87
payable by email transfer or call/text us at