Foreclosure / Power of Sale Property Information Centre

SOME FORECLOSURE PROPERTIES IDENTIFIED APRIL 8, 2010:

Foreclosure / Power of Sale - What does this mean?

Distress Sale, Bank , Bank Sale, Foreclosure, Power of , Foreclosure, Power of Sale, etc. These are some of the terms being commonly used today due to the real estate meltdown. In this article, we will talk about Foreclosure which is the starting point for the sale under distress or bank sale, etc., etc. These are some of the terms being commonly used today due to the real estate meltdown. In this article, we will talk about Foreclosure which is the starting point for the sale under distress or bank sale, etc.

Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement.

If you would like to receive reports on Power of Sale properties in your area, kindly select here and complete the form. There are currently approximately 324 Foreclosure properties in Ontario (as on February 6, 2010).

The following are some of the financial lenders involved in the mortgage business:
Bank of Montreal, Bank of America, ING, TD, FirstLine, CIBC, HSBC, Laurentian,  MCAP, Scotia, BNS, First, Royal, RBC, Maple Trust, etc.

When you provide me the authorization to locate and send you listings of genuine Power of Sale properties, you will receive these listings directly into your mail box. The information I provide you is:

o        Genuine power of sale properties

o        Listed on the official MLS system

o        Not known or identified by most realtors

o        Available for you to purchase quickly before the foreclosure properties are sold.