Ontario lenders use power of sale under the Mortgages Act — no lawsuit, no court approval needed to start. There's no lawsuit and no waiting for a court date, which means less time to act than you might expect. Here's what that actually means for you.
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The notice period is set in law
Once you're in default, lenders must wait at least 15 days before issuing a Notice of Sale, then at least 35 days after that (40 if a spouse lives in the home) before the sale can complete — set out in Ontario's Mortgages Act. It's a real window, but not a long one, so acting early matters.
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Protect the equity you've built
Any leftover proceeds after the lender and sale costs are paid belong to you — but if the power of sale doesn't cover the full debt, you can still be on the hook for the shortfall. Selling on your own terms first protects whatever equity you have, and avoids that risk entirely.
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No judgment, no pressure
We talk to Hamilton homeowners in this situation regularly. This is a numbers-and-timeline conversation, not a lecture. You tell us where things stand, we tell you honestly whether a fast sale makes sense.
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We can move as fast as you need
Once we have the numbers, we can close in as little as 2 weeks — often faster than it takes a lender's legal process to reach the next stage.