A power of sale is a legal action that is used to sell a property if the homeowners are unable to make their mortgage payments. Power of sale is the most commonly used legal process in Ontario due to its speed and cost-effectiveness when compared with foreclosure. When a property is sold under power of sale, fees are paid out to all parties who worked to process the power of sale and any other debts secured against the property are paid out. Any money left after this must be given to the homeowner.
In terms of purchasing a power of sale, this can be difficult since such properties are difficult to find. When a lender sells a property under power of sale, they are not legally required to state that it is a power of sale. This means that the only way to identify a power of sale property is to contact someone who deals with many power of sales.
My name is Ron Alphonso and I deal with power of sales on a regular basis and can be contacted for help in finding power of sale properties for purchase. My website which includes contact info and more information is powerofsalesontario.ca