WHEN IT’S NO LONGER BUSINESS AS USUAL,
WE’RE HERE TO
MORTGAGEE IN POSSESSION SALE
When a borrower repeatedly defaults on the repayments for a secured loan, the lender may take possession of the security for the loan (typically property). The lender, often a bank, will sell the property to raise funds to cover the outstanding debt and any costs.
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WHAT IS AN AGENT FOR MORTGAGEE IN POSSESSION?
An Agent for a mortgagee in possession is tasked by the lender with selling the property that is security for the loan for the best price they can achieve. Funds received are used to pay the outstanding debt. The property is normally sold via auction.
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What is a power of sale?
What happens if the property sells for less than the market value?
The mortgagee’s concern is to cover all, or as much as possible, of the outstanding debt, even if this means they sell the property for less than the market value.
What happens to the funds from the sale of the property?
If the proceeds of the property sale don’t cover the outstanding debt in full, the lender may pursue the borrower for repayment of the remainder of the loan.
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