The difference between Power of Sale and Foreclosure really comes down to real estate laws.
In the United States, banks WANT to own houses. They buy them up from people who can no longer pay their mortgage payments, and sell the house for the remaining total of the mortgage. This is often below market value. This is why some houses are insanely cheap in the States.
In Canada, banks don’t want the houses. They must sell the houses at market value, because the equity gained on the house should go to the owner.
Do you have any questions about the difference?
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