2nd mortgage power of sale
I was just served with notice that my home is going into power of sale within 35 days, because of not paying my 2nd mortgage for the last 6 years, my 1st mortgage is up to date.
The problem is I thought it was paid since I never received a renewal in the last 6 years, and there was no attempt on their part to contact me. So now I'm faced with a power of sale, I asked if I could just pay off the 2nd mortgage which at the time was 21,000.00 when I first applied for it.
Their lawyer said fine but the new total is 94,000.00, out of that is 21,000.00 which was the original loan plus acurred interest and legal fees?
So my question, does the statue of limitations limit the amount of time they can hold out for the power of sale.
Is there not a Law that would force them to power sale the property 3 to 4 months after missed payments rather than 6 years and an interest rate that is un heard of.
(Ontario Canada)