Mortgage Enforcement Series Bulletin II – Remedies

A. INTRODUCTION

Last month we sent out the first bulletin in our mortgage enforcement series, which dealt with the issuance of demand letters and notices. This second bulletin deals with the types of remedies that are available to a lender in Ontario when there has been a default under the mortgage that has not been satisfactorily resolved following notice by the lender, as discussed in the first bulletin. Where market liquidity exists, the market is non-depressed and realizable values are achievable, the power of sale proceeding is often the remedy of choice as the most time efficient and cost-effective method to obtain value for the lender. However, each enforcement situation is unique and it is essential to choose the remedy or remedies that best suit the facts and circumstances of each situation.