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Power of Sale: The Risks for Owners

Author: 
DHA Team
Publication date:
January 20, 2022
Article Summary: 

In this blog post, the author discusses the risks associated with power of sale, which occurs when a mortgage lender takes possession of a property in order to sell it to recover the outstanding mortgage balance. The author notes that owners facing power of sale should seek legal advice as soon as possible to protect their interests and to explore alternative options. They should also be aware that the sale price of the property may not cover the outstanding mortgage balance and that they may be responsible for paying the shortfall.

Keywords: 

power of sale, mortgage lender, property, outstanding mortgage balance, legal advice, alternative options, sale price, shortfall.

Source Citation: 
DHA Team
Power of Sale: The Risks for Owners
January 20, 2022
https://dhacondolaw.ca/condo-law-news/power-of-sale-the-risks-for-owners/
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