Here’s a great article that explains the difference between foreclosures and power of sale homes in Ontario.
“In Ontario, a mortgage lender has the right to take possession of a property if mortgage payments are not made using either the power of sale or foreclosure process. The two processes can result in very different outcomes for a homeowner, but many homeowners do not know the differences between these processes. If you’ve received a legal notice from your lender it is important to understand which legal process is being used. Depending on which process is used, the timeline and the amount the homeowner receives after the process is completed can be vastly different.”
Check out the full article at Toronto.com