Ace the Ontario Mortgage Agent Exam 2026 – Unlock Your Future in Finance!

After delivering a Notice of Sale in the power of sale process, the next step is for the borrower to have an opportunity to pay the arrears plus any applicable costs. This means the borrower has a chance to catch up on missed payments and potentially prevent the property from being sold at a foreclosure auction. Options A, B, and C are incorrect because they do not describe the immediate next step in this process. Option A, about the lender taking possession of the property, occurs after the foreclosure sale if the property is not redeemed by the borrower. Option B, regarding the lender filing a statement of defense, is not a step in the power of sale process. Option C, pertaining to the borrower obtaining a redemption period, may happen later in the process if the borrower takes legal action or applies for a postponement of the foreclosure sale.