Falling behind on your mortgage is frightening, and in Ontario the process moves faster than most people realize. The good news: if you still have equity in your home, there are usually ways to stop a power of sale and get back on solid ground.
What power of sale means in Ontario
Ontario lenders typically use power of sale rather than foreclosure. After you miss payments, the lender can issue a notice and, if the default isn’t cured, sell the property to recover what they’re owed. It can move quickly — which is why acting early matters.
You likely have more equity than you think
Home values across the GTA mean many homeowners in default still hold significant equity. That equity is exactly what makes a solution possible: it’s what a new lender lends against.
How a private or second mortgage stops the clock
- A private or second mortgage can be arranged quickly — often in days — to pay the arrears and halt the power of sale.
- Approval is based mainly on your home’s equity, not a perfect credit score or income.
- It buys you breathing room to stabilize, then move forward.
The plan doesn’t stop there
A private mortgage is a bridge, not a destination. Once you’re stable, we build a plan to repair credit and refinance back to a mainstream lender at a better rate. Often we also consolidate other debt in the process so your monthly cash flow actually improves.
Act early — it’s the single biggest factor
The sooner you reach out, the more options you have and the less it costs. Even if a notice has already arrived, don’t assume it’s too late. A quick, judgment-free conversation is the first step.
Facing arrears or a power of sale?
Reach out today — there’s usually a way to stop it. The first conversation is free and confidential.
Talk to Rajiv — freeBy Rajiv Verma, Mortgage Broker · Mortgage Architects — FSRA Brokerage Licence #12728 · Licensed in Ontario · Office 289.505.0631 · Direct 647.291.7116. General information, not financial advice; confirm current program limits and rules before acting.