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

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