If you’ve received a Notice of Sale in Ontario, time is not on your side. This legal document is the first step in the lender’s process to sell your home, and you may have as little as 35 days before your property is listed.
The good news? With the right strategy, you can stop it, sometimes within 24 hours, and keep your home. Here’s how.
Step 1 – Understand What a Notice of Sale Means
A Notice of Sale is issued when you’ve fallen behind on your mortgage payments. It means your lender is beginning power of sale proceedings.
Key points to know:
- You still own your home at this stage
- You have the right to redeem your mortgage by paying arrears plus legal costs
The clock starts ticking the moment the notice is issued
Step 2 – Act Immediately
Ignoring a Notice of Sale only speeds up the process. Every day matters.
Contact a licensed mortgage broker right away, they can quickly assess your file and find lenders who will work with you despite arrears, bad credit, or income challenges.
Step 3 – Gather Key Documents
To move fast, you’ll need:
- Your mortgage statement
- The Notice of Sale document
- Proof of income (paystubs, bank statements)
- Property tax bill
- Photo ID
Having everything ready allows your broker to present your case to alternative lenders without delay.
Step 4 – Explore Your Options
Depending on your situation, a broker may suggest:
- Home Equity Loan – Use your property’s value to pay arrears and stop the sale
- Second Mortgage – Cover the arrears without touching your existing mortgage
- Refinancing – Consolidate debts and bring your mortgage current
- Short-Term Private Mortgage – Buy time to recover financially before switching to a conventional lender
At Burke Financial, we’ve stopped power of sale for Ontario homeowners in as little as one day.
Step 5 – Negotiate and Close Quickly
Once a lender agrees, the funds are sent to your lawyer, who pays the arrears and stops the legal process. This step is time-sensitive, delays can cost you your home.
Real Story: Saved in 48 Hours
Jaspreet from Hamilton received a Notice of Sale after falling three months behind on payments due to job loss. She contacted us immediately. Within 48 hours, we secured a second mortgage that paid off the arrears, stopped the sale, and lowered her monthly payments by 30%.
Final Thoughts
A Notice of Sale is serious, but it’s not the end. Acting fast, working with a broker, and using your home equity can protect your home and your future. Received a Notice of Sale in Ontario? Don’t wait, contact Burke Financial now.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
