Receiving a notice of sale in Ontario can feel overwhelming, but it’s not the end. You have options, and fast action is critical. Whether you’ve missed a few mortgage payments or have fallen into deeper financial trouble, this guide will help you understand the process and how a mortgage broker in Ontario can help you stop it before you lose your home.
What Is a Notice of Sale in Ontario?
A notice of sale is a formal legal warning that your mortgage lender intends to sell your home due to missed payments. It’s the first step in the power of sale process, a lender’s right under Ontario law to sell a property without court involvement.
Typically, it’s issued 15+ days after a missed payment, but timelines may vary. Once sent, you only have a limited window to act before the lender can take control of your home.
Why Ignoring It Is a Costly Mistake
Waiting too long can lead to:
- Forced eviction
- Legal and court fees added to your debt
- Losing the equity you’ve built
- Serious damage to your credit
But here’s the good news: If you still have equity in your home, you may qualify for urgent refinancing, even with bad credit.
3 Fast Ways to Stop a Notice of Sale
1. Home Equity Loan
Tap into your home’s equity to pay off arrears and legal fees in full. These loans are often approved within 24 hours through an alternative lender.
2. Second Mortgage
Keep your current mortgage intact and use a second mortgage to clear the default. This option helps if your first mortgage is still at a low rate.
3. Full Mortgage Refinance
Replace your existing mortgage with a new one that covers your overdue balance, legal fees, and even high-interest debt.
Real Case: Angela from Scarborough
Angela missed 4 months of payments and received a notice of sale. Her bank wouldn’t refinance, but a broker at Burke Financial helped her access a $65,000 home equity loan in 48 hours. Her legal fees were paid off, and she kept her home.
Why Work With a Mortgage Broker in Ontario?
Mortgage brokers:
- Work with alternative and private lenders who fund urgent situations
- Have experience navigating power of sale and legal timelines
- Can get you approved even if your credit score is low or your income is non-traditional
At Burke Financial, we’ve helped hundreds of Ontario homeowners stop notices of sale in time.
FAQs: Stop Notice of Sale in Ontario
Q: Can I stop a power of sale after receiving the notice?
A: Yes, if you pay off the arrears and fees or refinance quickly, ideally before the 35-day redemption period ends.
Q: Will this ruin my credit?
A: Not if you act fast. Brokers can help protect your credit by avoiding full foreclosure.
Q: Do I have to sell my home?
A: No. If you have equity, you likely qualify for other solutions, even with poor credit.
A notice of sale doesn’t have to mean losing your home. If you’re in Ontario and need fast, personalized help, a mortgage broker can be your strongest ally—offering equity-based solutions when the bank won’t.
Contact Burke Financial
📞 1-866-702-9394
🌐 www.burkefinancial.ca
