Default Assistance
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Rates updated Oct 29, 2025
Rates updated Oct 29, 2025
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Avoid Default with Home Equity
Get approved with no income or credit requirements
Turn home equity into cash at low rates to catch up on missed payments and delinquent debt. If you're facing mortgage default, we can help you stop Power of Sale using your home equity—before legal notices and timelines turn into forced sale.
How to avoid mortgage default (5 steps):
1
Get your estimate in 60 seconds
See how much you can borrow and your estimated monthly payments with our estimation tool - all before speaking with a broker.
2
Get your approval in 24 hours
Schedule a call at the end of your estimate to talk to a broker and receive your conditional approval within 24 hours.
3
Review your options
Receive a personalized report of your credit and debt-to-income ratios. See where you may qualify and how much you can save.
4
Compare with 100+ lenders
We negotiate with a vast network of lenders to get you the best rates for your situation.
5
Receive funds within 5 to 8 days
Have your funds deposited into your account within 5 to 8 business days after your documents are signed.
Paid off $35,930in total arrears
No interest payments for 12 months
Missed Mortgage Payments
Ethan and Daisy, both in their forties, live in a condo townhome in Oakville with their three children. When Ethan lost his job as an IT professional, they quickly burned through their savings and fell behind on their bills. After missing their $2,640 mortgage payment for the third time, they received a legal notice warning of the Power of Sale process.
They were also behind on property taxes, maintenance fees, and credit card payments. With nowhere else to turn, they applied for help at their bank, only to be declined due to their mortgage default. They were terrified they’d lose their home, unsure of the legal rights and remedies for homeowners in Ontario, or how to stop Power of Sale from proceeding.
How to Avoid Mortgage Default with Home Equity:
After reviewing their situation, we confirmed the family’s total arrears: three missed mortgage payments, unpaid property taxes, condo fees, and unsecured debt. Since they were already in default, refinancing was not an option. We explained the differences between Power of Sale and foreclosure, and how a second mortgage from an alternative lender could prevent or stop Power of Sale before their lender took legal action.
We ordered a rush appraisal to confirm their home’s market value and equity position. The numbers worked. Because they had enough equity, we could proceed with a tailored rescue plan that prioritized speed and flexibility—key when legal deadlines are in motion.
Our team structured a solution using a second mortgage to cover all arrears, legal fees, and even future costs. This gave them immediate mortgage relief while Ethan searched for new employment. The loan was designed as a form of mortgage forbearance, with prepaid interest so they wouldn’t have to make monthly payments for 12 months.
Results
Ethan and Daisy were able to stop the legal process and avoid losing their home. Their late mortgage payments and other debts were brought up to date, and the additional funds gave them a financial buffer while Ethan re-entered the workforce. This case shows how homeowners who can’t afford their mortgage still have options—especially when they act early. With the right strategy, it’s possible to stop legal action, protect your home, and buy time to recover from financial hardship.
Find out how much you will need to get back on track:
Arrears Total
$0
*The information presented is for illustrative and educational purposes only. You will need a 2nd mortgage of at least $25,500 not inclusive of any legal fees incurred and closing costs associated.
Apply for mortgage default assistance in Ontario, Canada
Have the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
Default notice or demand letter
Income documents
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