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Real Estate

Mortgagee Remedies in Ontario

Written by on December 10, 2018.

When a mortgagor (borrower) defaults on mortgage payments, the mortgagee (lender) has several remedies at its disposal. The most frequently used remedies are a power of sale, an action for judicial sale, and an action for foreclosure. The following is a comparison of the three remedies, highlighting the benefits and disadvantages of each. Following a default, a mortgagee may sell the mortgaged property pursuant to a private power of sale. This remedy allows a mortgagee to force a sale of the ...

Lenders Beware: Not All Charge Terms Are The Same

Written by on December 05, 2018.

When a lender, be they a large bank or a private individual, lends money to someone they will, in most cases, require security for that loan. One well-known type of security is the mortgage. A mortgage, otherwise known as a charge, is a lien or encumbrance on the property, giving the lender certain rights over the property if the borrower fails to comply with his or her obligations. Mortgages in Ontario are governed by a couple of different laws, primarily the Mortgages Act, the Land Titles A...