Notice of Sale
Quick Summary
A formal document sent by a lender when a borrower is in default.
ELI5 Explanation
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It is a legal warning that the lender may sell your home.
Detailed Explanation
This is the first step in the power of sale process in Ontario. It gives the borrower a specific redemption period to pay off the arrears or the entire mortgage balance before the lender takes possession.
Example
A borrower misses three mortgage payments and receives a Notice of Sale giving them 35 days to act.
Why It Matters
Ignoring this notice can lead to the loss of your property and accumulated legal fees.