Second chance Mortgages Toronto will explain to you the list of things to consider if a borrower does not want to pay a debt.Make sure you follow the instructions carefully in order not to have problems with the payment.
Reminder on the sale of real estate
If within 30 days of receiving the first notice the borrower does not repay the debt, the debtor and the creditor will send a warning to the owner of real estate on the sale of real estate, which includes:
Details on the contract for the mortgage and real estate;
A description of the contract of the mortgage on the basis of which requires the realization of the mortgage;
Notice that the entire debt is due and payable;
The amount of debt that is due and payable;
Actions that the borrower or the owner must take to pay off the debt and avoid the sale of real estate;
Deadline within which the borrower or the owner must fulfill obligations in order to avoid the sale of real estate;
Warning that if the borrower or the owner fails to take these actions and thereby fulfill the debt, the creditor will terminate the sale of mortgaged real estate possession of the immovable property;
Notification of the choice of ways of selling real estate;
Name and necessary information about the representative of the creditor to whom the debtor can pay for maintenance of the meeting;
Other information which the creditor is considered to be of significance.
The record of Mortgage Sales
The creditor will also send a request to register that the real estate is executed properly, and here is what he will need to send:
- A copy of the notice of sale of real estate;
- A copy of the mortgage;
- A statement that the debtor did not fulfill the debt until that day;
- Evidence that the first warning and a reminder of the sale was sent to the debtor and the owner of real estate.
- Real Estate Registry shall, within seven days of receipt of the request for annotation, make a note.
Mortgage sales and solution selling mortgage includes:
Explicit authorization to the mortgage creditor, when the decision becomes final, but not before the expiration of 30 days from the date of issuance of the decision, as the mortgagee may in its own name sell the real estate.
A ban on the sale of mortgaged property by the owner.
The owner, the debtor and the creditor have the right to appeal to the competent authority of the decision on the record of the mortgage sale within 15 days of receipt of the decision. The competent authority must make appeal the decision within 15 days of filing the appeal.
The complaint will not be accepted if:
- The claim does not exist;
- Mortgage does not exist;
- Claim has not fallen due; or
- The debt is paid.