If you default on your mortgage, the lender acquires certain rights in order to help them recover the money they loaned you.
Subject to certain requirements, a lender has the right to sell your property, through power of sale proceedings. A lender can also foreclose on your property.
However, in some circumstances, you can take steps to preserve your ownership of the property in the event of default, even if the lender has taken some steps to start power of sale proceedings or foreclosure.
For example, it is sometimes possible to negotiate directly with a lender, to come to a resolution, such as an extension of time to remedy the default, before they take steps to enforce. In other circumstances, a lawyer may be able to take steps to prevent the lender from carrying out enforcement steps, such as power of sale or foreclosure. If you have defaulted on your mortgage and your lender is taking steps to enforce, please contact us.