Ontario makes use if a judicial foreclosure process, which makes foreclosure a costly and stressful process to go through for both homeowners and lenders. After you stop making your regular mortgage payment, your lender should keep you up to date with your account’s state. Suppose you don’t take any action after receiving all those notices from your lender. In that case, they proceed to request a court permit to foreclosure your home.

Although some parts of the state use another method called the power of sale. It is a mutual agreement between you and your lender that authorizes them to sell your home if you stop paying your loan.  The power of sale process is more similar to a non-judicial foreclosure process because your lender does not require a court permit before selling your home.

Find out what type of foreclosure is carried out in the part of Ontario where your home is located. In either case, it takes 3 to 6 months of a missed payment before your lender takes a step towards foreclosure. However, if you are facing a foreclosure, there is the usual routine:

• Your lender goes to court to request a permit to foreclosure your home.
• The court verifies your lender’s case.
• The court sends you a notice to pay up, and it’s valid for 30 days.
• If you did not pay up after that, a final judgment of foreclosure is passed.
• You then receive a notice of eviction from the sheriff.

That’s how a normal foreclosure process is done in Ontario. However, there may be little variations here and there. Even after your lender goes to court, your lender’s case might not be reviewed early, depending on the court’s schedule. It would be best if you used this time to request alternative solutions to prevent or stop foreclosure. Act now because it’s too late.

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