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A Toronto-area woman faces losing her home due to missed mortgage payments amid rising interest rates and economic pressures.
Yvonne Morrish, a 63-year-old Scarborough resident with health issues, risks losing her home after missing a mortgage payment, triggering a power of sale by RiverRock Mortgage Investment Corp.
Despite efforts to sell and financial strain from failed businesses, she remains in the home on legal advice to avoid abandonment.
The case reflects a growing trend in Toronto’s suburbs, where rising interest rates, economic pressure, and falling home values have led to a surge in forced sales, with up to 1 in 10 homes now under power of sale.
RiverRock says it offers borrower support, but Morrish, owing nearly $800,000, faces an uncertain future as her court case approaches.
Una mujer de la zona de Toronto se enfrenta a perder su casa debido a pagos hipotecarios atrasados en medio de tasas de interés crecientes y presiones económicas.