Overview:

• YF Capital Inc. sued Harrison Frank Roy for defaulting on a mortgage loan secured against 519-7 Grenville St., Toronto, ON.
• Trung Tran was sued as the guarantor.
• Defendants failed to defend and were noted in default.

Findings & Decision:

• Liability:

  • Roy received a $680,000 mortgage with a 9.5% annual interest rate, increasing to 19% after February 1, 2023.
  • Monthly payments rose from $5,383.33 to $10,766.67.
  • The mortgage was registered as a first mortgage.
  • No payments were made since March 1, 2023.
  • Plaintiff served Notices of Default (March 9, 2023) and Notice of Sale (April 12, 2023); default was not remedied.

• Damages Awarded:

  • Outstanding balance as of November 1, 2024: $896,275.67 (principal + interest).
  • Judgment granted against Roy (mortgage) and Tran (guarantee).
  • Pre- and post-judgment interest at 19% per year.

• Possession & Enforcement:

  • Writ of Possession granted (property was owner-occupied).
  • Writ of Seizure and Sale not ordered, as it could be obtained by filing the judgment.

• Costs:

  • Plaintiff sought $30,063.06 in legal costs.
  • Reduced to $20,000 due to procedural deficiencies.

Final Order:

• Judgment for $896,275.67 + 19% interest.
• Possession of the property granted.
• Costs awarded: $20,000.
• Defendants remained in default, leading to judgment.