The applicants sought to discharge a second mortgage on their property and challenged the validity of a Notice of Sale and the amounts claimed by the respondent mortgagee.
The respondent had issued a Notice of Sale claiming over $153,000, including significant administrative, legal, and late fees, one day after the mortgage matured.
The court found the Notice of Sale was premature and invalid, and struck down several inflated and unjustified fees, including an unenforceable 39.99% interest rate on default.
The court determined the approximate amount owing and directed the respondent to provide a proper statement for final determination, declining to issue an order under section 12 of the Mortgages Act at this stage.
