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Property and available equity
We need a realistic property value and the balances of mortgages and other secured claims. Gross equity is not the same as cash available after fees and payouts.
MORTGAGE ARREARS • ONTARIO HOMEOWNERS
Stop Power of Sale in Ontario
Understand your options while there is still time to act.
Missed mortgage payments or received a Notice of Sale? We help you understand potential financing options, the amount required and what may be achievable before your deadline.
Notice and deadline reviewProperty and equity assessmentFinancing options explained
Important: Submitting an application does not pause a power of sale or extend a legal deadline. Contact an Ontario lawyer promptly if you have received legal documents.
Understand your options
What is a power of sale?
A power of sale is a mortgage enforcement process that allows a lender to sell a property after a default, subject to the mortgage terms and applicable law. It is different from foreclosure, where a lender seeks ownership of the property. Receiving a notice means you should act promptly; it does not mean a new mortgage application will automatically stop the process.
Your practical options depend on the stage of enforcement, the amount owed and your ability to complete a workable arrangement in time. Obtain legal advice about the notice and your rights while financing is being assessed.
Start with your documents
Your actual notice and legal advice establish the next steps. An application does not pause enforcement.
Guidance for Ontario homeowners
Clear guidance when timing matters.
We help you compare potential financing through alternative lenders with your deadline, costs and repayment plan in view. Our role is to arrange and explain mortgage options. Your lawyer advises on enforcement and your legal rights.
Explore the possibilities
What determines whether financing is possible?
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Stage and deadline
A missed payment, Notice of Sale and Statement of Claim require different responses. Share the actual documents rather than relying on a general timeline found online.
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Repayment and exit plan
A lender may review income, credit history, existing debts and the proposed way to repay the new financing. Equity alone does not guarantee approval.
A realistic plan comes first
Available equity is only part of the picture. Financing must also address the required amount and leave you with a manageable repayment plan.
Understand your options
Understand the full cost before choosing
Ask for a written breakdown of mortgage payouts, arrears, applicable penalties, appraisal charges, legal costs and any lender or brokerage fees. Compare the amount required to resolve the default with the net funds the new financing would provide.
Short term funding can create a later renewal or payout challenge. Before proceeding, confirm when the financing ends, what happens at maturity and how you expect to repay or replace it.
| Possible approach | What it may address | What to consider |
|---|---|---|
| Existing lender arrangement | An agreed plan to address missed payments. | Confirm the payment and enforcement terms in writing. |
| Mortgage refinancing | A replacement loan covering the required mortgage payout and costs. | Net proceeds, approval conditions and new payment obligations. |
| Additional secured financing | A second mortgage or home equity loan where suitable. | Combined payments and the existing lender’s requirements. |
| Planned sale | An exit when keeping the property is no longer financially realistic. | Legal advice, sale timing and any bridge financing repayment plan. |
Prepare for your review
Documents that help us assess your options
- Notice of Sale, Statement of Claim and other lender or lawyer correspondence.
- Current mortgage statements and any available arrears or payout information.
- Property address, ownership information and estimated value.
- Income documents and an outline of ongoing household expenses.
- Information about other mortgages, liens or secured debts.
- Details of any proposed repayment arrangement, refinance or sale.
A clear next step
Three steps toward a clear decision
Establish the facts
Share your documents, deadlines and the amount you understand is required. Your lawyer should confirm the legal position.
Assess the financing
We review potential lender options, net proceeds, conditions and affordability.
Confirm a workable outcome
Review the written terms and coordinate any approved funding with the relevant parties. Approval and completed funding are separate stages.
Stop Power of Sale FAQs
Clear answers before you decide.
Can I stop a power of sale after receiving a Notice of Sale?
There may still be options, but the outcome depends on the enforcement stage and the requirements for resolving the default. Have an Ontario lawyer review the notice promptly. Financing may help only if it is approved, completed in time and sufficient for the required arrangement.
Does applying for a mortgage stop the lender from taking action?
No. An application or conditional approval does not itself suspend enforcement. Do not assume that a lender has agreed to wait unless the arrangement has been properly confirmed.
How much time do I have?
Use the actual documents and legal advice to establish your deadline. Timelines depend on the mortgage, notice, service and enforcement route. A general online countdown cannot tell you the time available in your situation.
Can I qualify if I have missed payments or have poor credit?
Missed payments do not necessarily end every financing option. A lender will still assess the property, secured debt, credit history, repayment ability and urgency. Approval is not guaranteed.
How much money will I need?
The amount may include more than missed payments. Obtain current figures for the applicable arrears or mortgage payout, interest and costs, and have your lawyer confirm what is required. New financing fees may also reduce the usable proceeds.
Should I use a second mortgage or refinance the first mortgage?
That decision depends on the existing mortgage terms, costs, available equity and combined payments. Compare both structures where available. The useful option is the one that can meet the required arrangement and remain manageable afterward.
Can Burke Financial guarantee that my home will be saved?
No. We can assess and arrange potential mortgage options, but lender approval, timing and the legal circumstances determine what is possible. We will explain the conditions that need to be satisfied.
What if new borrowing is not affordable?
Tell us early. Adding debt without a viable repayment plan may deepen the problem. Discuss a planned sale or other alternatives with your lawyer and relevant advisers rather than relying on financing that you cannot sustain.