The contents of the notice are fully defined by the Mortgages Act and it typically states that the mortgage is in default, what must be paid, and when the amounts must be paid by. This document can be recognized by the title at the top of the document, which is usually “Notice of Sale under Mortgage”. Recipients of this notice include the property owner, spouses, tenants, mortgage holders, lien claimants, and guarantors. Typically a lawyer will perform a subsearch of title on the property and send the Notice of Sale via registered mail. This document is sent to all mortgage holders and lenders on the property as well as anyone else who has an interest in the property. A Notice of Sale can be sent at least 15 days after the default and is the first step in the Power of Sale process. A Notice of Sale is a legal document that a mortgage lender can send to a borrower who is in default of their mortgage agreement.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |