
A mortgage broker can be a critical ally if you’ve missed a mortgage payment in Ontario—especially if you’re at risk of default or already facing a Notice of Sale. Here’s how they can help at each stage:
🔧 1. Assess Your Situation Quickly and Clearly
A broker will review:
- Your current mortgage terms
- The amount in arrears (what you owe)
- Your credit score and income
- Your available equity in the home
They can give you a realistic breakdown of what options are available within days—not weeks.
💰 2. Arrange Urgent Financing
Brokers have access to lenders that you won’t find on your own, including:
- Private lenders who can approve fast second mortgages (even with bad credit)
- Alternative lenders (B-lenders) who offer flexible qualifications
- Bridge financing to help you sell before losing the property
They can:
- Stop a power of sale by getting funds to cover arrears
- Structure short-term solutions like a 1-year interest-only second mortgage while you stabilize your finances
📄 3. Communicate with Lenders or Lawyers
Some experienced brokers will:
- Help you draft letters or requests to the lender to delay the process
- Connect you with real estate lawyers who can buy you more time
- Provide a letter of intent to finance that can pause legal action temporarily
This shows the lender you’re actively working toward a solution, which may give you more breathing room.
🏡 4. Guide You on Selling the Property (If Needed)
If keeping the home isn’t possible, a broker can:
- Help coordinate a fast sale strategy with a real estate agent
- Assist with bridge financing or a cash-out sale
- Ensure you get maximum value before the lender sells it under Power of Sale
They help you exit with dignity—and possibly equity in hand.
✅ Summary: What a Broker Can Do
Problem | How a Broker Helps |
---|---|
Missed a mortgage payment | Explains options, finds solutions fast |
In default (15+ days) | Connects you with private or B lenders |
Received Notice of Sale | Gets emergency funding to stop the process |
Can’t pay arrears | Helps refinance or sell before forced sale |
Need legal help | Refers you to mortgage-savvy lawyers |
To get connected to a local mortgage broker fill in a form below.