How Long Does a Writ of Possession Take in Ontario?

Certain timelines and a well-laid-out process for getting a Writ of Possession in Ontario are part of a Power of Sale. Both lenders and borrowers need to understand different factors that influence the timelines and legal aspects, plus how long one of these usually takes from beginning to end. Homeowners need to understand their rights and adequately implement their options during a property repossession.
Ron and Jonathan Alphonso help homeowners understand their rights and options regarding the Writ of Possession during this critical phase of repossession. Learn more about their combined real estate experience at mortgagebrokerstore.com and powerofsalesontario.ca.
What is a Writ of Possession in Ontario?
A Writ of Possession is part of the process for borrowers undergoing a Power of Sale. The courts may issue one once the lender has received a judgment from a Statement of Claim. The Writ of Possession goes out to everyone involved in the mortgage process, including the owner’s occupants, lenders, and the sheriff’s office.
After that, the sheriff usually gives an Eviction Notice. It takes about 30 days to evict the occupants.
Initiating the Writ of Possession
The Writ of Possession is part of the Power of Sale process. Here’s how the process works.
- The borrower breaks the mortgage agreement. This can mean either they failed to make a few mortgage payments or there was a breach of a covenant. Those can include not paying taxes and using the property illegally.
- A Notice of Sale Under Mortgage follows, followed by a Redemption Period. This is when the borrower can bring the mortgage up to date or pay it off.
- The Statement of Claim comes after that if the borrower does nothing. A default judgment can lead to a Writ of Possession if the borrower has no Statement of Defence.
Factors Influencing A Writ of Possession Timeline
Understanding the Writ of Possession timeframe helps. Here’s what you’ll need to know.
- With a Power of Sale, the lender usually doesn’t mail out a Notice of Sale Under Mortgage for 15 days after the borrower defaults.
- The lender must wait 35 days before proceeding. If the people living in the property are married, that’s 40 days.
- If nothing is done during this Redemption Period, a Statement of Claim will be sent. This can be used for either a Foreclosure or a Power of Sale.
- Without A Statement of Defence from the borrower, there’s a default judgment and the Writ of Possession.
After that, a sheriff schedules a date for the eviction. A delinquent property owner can be evicted 4 to 6 months from the date they first get the Notice of Sale.
Although they are less common than a power of sale, foreclosure is another option for lenders to recoup their money. The Writ of Possession is the final part of that process.
What is the Difference Between Power of Sale and Foreclosure
Understanding the difference between a power of sale and a foreclosure is essential.
With a power of sale, the negligent homeowner keeps the title to the property
until it’s sold. They can also receive any excess funds after the mortgage is
repaid in full. Foreclosure is a different matter because the ownership gets
transferred to the lender.
That means the homeowner doesn’t get any claim to the profits from the sale.
A power of sale typically costs less to process because a foreclosure involves a
more lengthy legal process and higher legal fees. After all, there’s more time
in court involved.
It’s crucial to note that even after the property is sold, the borrower can still be held responsible for any shortfall in the mortgage debt with a power of sale.
Support From Industry Professionals
Understanding a Writ of Possession and your options can be manageable if you contact professionals with experience in this field. Ron and Jonathan Alphonso are real estate professionals with experience with the Writ of Possession, power of sales, and foreclosures. Their input is sought after by major media outlets like Global News and the Toronto Star. If you or a loved one are facing difficulties with a mortgage, you may want to consider getting a free consultation from a professional.
Ron and Jonathan maintain information sites, including mortgagebrokerstore.com and powerofsalesontario.ca. You can reach them at 416-499-2122 or by email at ron@powerofsalesontario.ca.