Ontario Mortgage Agent Practice Exam

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What occurs once eviction has been carried out in the power of sale process?

The lender takes possession of the property
The borrower is given an extended redemption period
The property is put up for auction
The borrower gains full ownership rights

The correct answer is: The lender takes possession of the property

Once eviction has been carried out in the power of sale process, the lender takes possession of the property. This is because eviction allows the lender to legally remove the borrower and any other occupants from the property. The other options are incorrect because B: The borrower is not given an extended redemption period after eviction. The redemption period is a specific amount of time given to the borrower before the property is auctioned off to allow them to pay their debt and regain ownership of the property. C: The property is typically put up for auction before eviction takes place. The auction occurs after the borrower has defaulted on their loan and the lender has initiated the power of sale process. D: The borrower does not gain full ownership rights after eviction. The lender takes possession of the property and may choose to sell it or keep it.