Mortgages as a financial tool have been traditionally a backbone of our modern economy precisely because mortgage enforcement measures are in place. Frankly, without mortgage enforcement real estate law, as well as the right real estate or real-estate closing lawyers to provide proper legal assistance in Richmond Hill, the GTA or elsewhere, the viability of mortgages as a legitimate staple of the economy would cease to exist.
As a result, in the province of Ontario, as well as other provinces in Canada, or any jurisdiction with a modern legal system, various mortgage enforcement provisions exist to ensure the rights of the mortgagee (mortgage lender) when the mortgagor (mortgage borrower) doesn’t comply with the terms of the mortgage contract.
When the need arises
Default doesn’t happen frequently, which is one reason why mortgages serve as such a useful financial tool for lenders, investors — and even borrowers alike. But when mortgage default does happen, or other provisions of the mortgage terms are being broken, it’s very important for the mortgagor to know what real-estate legal action can be taken to enforce their rights.
Mortgagors shouldn’t settle for anything else, which is why the services of a qualified real estate or closing lawyer, in Richmond Hill or elsewhere, can be crucial to success in mortgage lending and/or services.
Perhaps most importantly, mortgagors should understand that there are a number of options available to ensure one’s rights under the mortgage contract. Assessing these carefully is probably the first step towards enforcement success.
Included in these mortgage enforcement options are: selling the mortgaged property, either through a power of sale or a judicial sale authorized by the courts. Seizure of title is another basic option, either through formal foreclosure proceedings, or through a quit claim deed on the mortgaged property.
Whichever mortgage enforcement measure is ultimately taken, the procedures can be complex, and their execution somewhat delicate, so always seek the services of a qualified real estate and closing lawyer when the need arises. Good luck.