What is the difference between foreclosure and power of sale?

Foreclosure is a legal process where the lender takes full ownership of the property, while power of sale allows the lender to sell the property to recover the debt while returning any surplus to the homeowner.

How long do I have to catch up on missed payments?

The redemption period varies by province, typically ranging from 35 days to 6 months. During this time, you can pay the outstanding amount to stop the foreclosure process.

Can I sell my house during the foreclosure process?

Yes, in most cases you can sell your home during the foreclosure process, as long as the sale price covers the outstanding mortgage balance and any associated fees.

Understanding Your Rights

Basic Legal Rights

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Right to Information
You have the right to receive detailed information about your mortgage terms, interest rates, and payment history.
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Right to Notice
You must receive proper written notice of default and foreclosure proceedings.
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Right to Respond
You have the right to file a Statement of Defence within the specified timeframe.
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Right to Redemption
You have the right to pay the outstanding amount during the redemption period.
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Right to Legal Representation
You have the right to be represented by a lawyer throughout the foreclosure process.
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Right to Surplus Proceeds
If your home sells for more than the outstanding mortgage balance, you're entitled to the surplus.

Provincial Protections

Ontario

Right to reinstate mortgage
Power of Sale protections
Notice requirements

British Columbia

Petition hearing rights
Extended redemption periods
Court oversight requirements

Consumer Protection

Fair Dealing Requirements

Lenders must act in good faith and follow proper procedures throughout the foreclosure process.

Disclosure Rights

You have the right to receive clear information about your mortgage terms and foreclosure proceedings.

Complaint Procedures

You can file complaints with regulatory bodies if proper procedures aren't followed.

Important Legal Resources

Legal Aid

Access free or low-cost legal representation through provincial legal aid programs.

Housing Help Centers

Find local housing advocacy organizations that can provide guidance and support.

Consumer Protection Offices

Contact provincial consumer protection offices for additional assistance and information.