The Bank wants to cancel my mortgage and sell my house. What can I do?

August 22nd, 2014 by Questions

I was 10 days late in monthly mortgage payment and I owe 2013 property taxes. Now the bank wants to cancel my mortgage and sell my house. What can I do? As I am now able to pay back the property taxes and I have no problem in continuing paying my mortgage monthly in full.

Posted from: Ontario

Questions

One Response to “The Bank wants to cancel my mortgage and sell my house. What can I do?”


August 22, 2014 at 10:38 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:

Mortgage foreclosure proceedings vary from province to province and to some degree between mortgage contract and mortgage contract depending on the lender. In general terms you are required to make the mortgage payments and keep your property taxes up to date as prescribed in your mortgage contract. Failure to live up to obligations under your mortgage contract will allow the lender to take various procedures to collect the payments outstanding and in some cases the whole mortgage amount.

Provincial laws will require proper notification to be served and allow provisions for the delinquent payments to be caught up. This will also have to include legal fees and disbursements that are a normal part of the foreclosure proceedings. If not brought up to date mortgage foreclosure procedures can result in the sale of the property.

You are best advised to have your lawyer review the contract with you and advise you as to your options. Hopefully you are not too far down the road that the property cannot be redeemed.

Related: What Happens to my house if I file bankruptcy?

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