Notice of Sale in Ontario – what is it?

live in GTA and get a foreclosure notice of default?

If you’ve gotten a notice of sale and want to know what the heck is going on, keep reading.

Basically, a notice of sale is a document that has to be filed by a lender to start the process of power of sale.

The notice of sale is a very important step within the power of sale process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.

If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.

Here are a few key steps you should take:

1) Stay calm and don’t panic.

This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.

2) Educate yourself.

Learn everything you can about the power of sale process in your state so that you know what’s happening and what’s coming up next.

3) Gather your resources.

There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.

4) Learn your options.

We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think.

5) Communicate.

The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the power of sale process if you take the appropriate action.

Want to know more?

Call us anytime (416) 797-9332 or connect with us on our website
and we’ll lay out all of your options for your specific situation.

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