How a Mortgage Broker Can Help Stop a Power of Sale

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

ProblemHow a Broker Helps
Missed a mortgage paymentExplains options, finds solutions fast
In default (15+ days)Connects you with private or B lenders
Received Notice of SaleGets emergency funding to stop the process
Can’t pay arrearsHelps refinance or sell before forced sale
Need legal helpRefers you to mortgage-savvy lawyers

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Ksenia Bichek

I'm a licensed Ontario mortgage agent & realtor, and Lead Writer at FinanceVine. I create educational content about mortgage, real estate, and insurance. Reach me at: [email protected].