One of the foundations of a civil society is the law. Without the law, chaos prevails. This principle certainly holds true in the mortgage industry, a pillar of which is the ability to enforce the terms of the mortgage. In other words, without mortgage enforcement, what’s the point of even issuing mortgages? Again, chaos would prevail.
That’s why companies exist that specialize specifically in mortgage enforcement. In fact, that’s what we do here at the Hosseini Law Firm (HLN), where we leverage our vast experience and expertise in real-estate law and mortgages to deliver a wide range of services related to the enforcement of mortgage provisions.
Types of mortgage enforcement
Such services include demand letters, statements of claim, notices of sale and writs of possession, overseeing the sale and exchange of property, dealing with third-party mortgage institutions such as insurers, resolving title issues, as well as a number of other services all meant to expedite the enforcement of mortgages. When other non-specialized measures fail, that’s where firms such as HLN step up and do the job — successfully.
One of the responsibilities of a mortgage enforcement specialist is to keep up with the latest trends in the law. There are two such trends that should be noted.
First, prior to 2015, a mortgagee seeking enforcement was essentially entitled to bring the mortgagor to court in just about any jurisdiction. That is no longer the case. Instead, any mortgage case must now be brought to a court within the jurisdiction of mortgagor residence.
Keeping up with the law
As such, this change in mortgage-enforcement law is seen as tipping the scales somewhat towards the rights of mortgages. Any firm specializing in mortgage enforcement needs to be prepared for such changes in jurisdiction, and have the resources available to adapt.
Another recent change in Ontario’s mortgage-enforcement laws is seen as actually helping to expedite the mortgage-enforcement process in general. Specifically, judicial sales processes outside the current and traditional mortgage-enforcement and family-law jurisdictions (such as the Sherriff’s sale) have been granted recognition by the law. This means that a quicker resolution of the mortgage-enforcement process is now more likely compared to the previous system.
Regardless of the specific changes to mortgage enforcement law that transpire during the regular course of events, it’s incumbent upon specialists in the area to keep abreast of how such changes need to be dealt with in an efficient and practical manner.
If you need professional small business, incorporation or general legal advice in Richmond Hill, the Greater Toronto Area (GTA), Ontario, or anywhere else in Canada, please phone us here at Hosseini Law Firm (HLF) for a 15 minute free consultation: 416-628-4635, or please use the contact form provided on this page. Thank you.