Mortgages and Remortages

Mortgage Rates Toronto
Daily updates of Canadian mortgage rates for property in Toronto

Normally, a mortgage is paid in installments that include both interest and a payment on the principle amount that was borrowed. Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. This is accomplished through an acceleration clause in the mortgage. Failure to pay the mortgage debt once foreclosure of the land occurs leads to seizure of the security interest and it's sale to pay for any remaining mortgage debt. Contracts are obligations that the law will enforce. The law provides remedies if an obligation is breached or recognizes the performance of an obligation as a duty. Contracts arise when a duty does or may come into existence, because of an obligation made by one of the parties. To be legally binding as a contract, an obligation must be exchanged for adequate consideration. Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to make the obligation/contract.