• The 'power of sale' is the right of the mortgagee (lender) to force that a property without judicial proceeding, should default occur. 

• This is the most frequently used method by which a lender will remedy a default by the mortgagor (borrower). 

• The term power of sale indicates a sale under the power contained in the mortgage document. 

• The lender proceeding pursuant to a power of sale must follow strict rules.

 • The lender must send notice to the borrower, stating the amount due & date by which t arrears plus costs must be paid. 

• The power of sale can often be the fairest, most inexpensive with an unpleasant financial circumstance. 

• The lender has an obligation to sell the property for the fair market value.

• It allow the lender to retrieve the only what is entitled to and the borrower gets any surplus.

• The lender will give no warranties with respect to the state of the property or even the ownership of any chattels on the property. 

• If you are considering purchasing a home being sold by power of sale & have any legal questions about the contract you should speak with your lawyer.