Power of Sale / Distress Sales / Bank Foreclosures

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What is a "Power of Sale" and what steps must be taken ?

Power of Sale: The legal right of the mortgagee to force the sale of a property without
judicial proceedings should default occur. Power of Sale is the most frequently used
method by which a mortgagee remedies a default by a mortgagor. The term indicates a sale
under the power contained in the mortgage document or in the Mortgages Act.

Notice:    The mortgagee is not permitted to commence a power of sale immediately following
default. If the mortgage document includes a power of sale provision, the mortgagee must
wait until the default has continued for at least 15 days. Once the 15-day period has expired,
a notice of exercising the power of sale can be sent out. This notice must allow at least
35 days to remedy the problem. After the 35-day period has expired, a sale may take place.