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- Power of sale in Ontario occurs when a homeowner fails to meet their mortgage obligations.
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- If a mortgage falls into arrears (people fall more than three months behind on their payments), the lender can consider the borrower to be in default.
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- When the homeowner defaults on the mortgage, it gives the lender the power to sell the property and collect the outstanding balance of the mortgage.
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- When the power of sale occurs, the homeowner still retains the title to the property and keeps any surplus after the debts and costs are paid.
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- A contractual power-of-sale timeline starts when the lender gives the borrower notice of a power of sale after 15 days of default.
