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with an Award-Winning Mortgage Broker
Rates updated Aug 2, 2025
Rates updated Aug 2, 2025
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Since 2015, more than 2,000 homeowners in Ontario have given us 5-star reviews.
360Lending is an award-winning mortgage brokerage helping homeowners across Ontario get better rates on home equity loans, HELOCs, and mortgage refinancing.
Mortgage Payment Assistance
Use equity for mortgage relief
The Power of Sale process lets lenders sell your home after missed mortgage payments, often without court approval. Many don’t know the differences between Power of Sale and foreclosure or their legal rights and remedies. 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.
FAQs about stopping Power of Sale:
1
How many payments can you miss?
With the 1st missed mortgage payment, you might get a 15-day grace period. After 2–3 missed payments, lenders can initiate Power of Sale. Legal notices and timelines can vary.
2
Explain the Power of Sale process
Lender sends demand letter → 35–45 days later, issues Notice of Sale → legal fees and interest accrue → if unpaid, property is listed and sold to recover the owed balance.
3
Power of Sale vs. Foreclosure
Ontario uses Power of Sale, not foreclosure. The differences between Power of Sale and foreclosure include process speed, legal rights, and court involvement.
4
Rights and remedies for homeowners?
Homeowners can reinstate by paying missed amounts, redeem by paying off the full balance, receive surplus funds after sale, refinance (privately), or seek legal advice at any stage.
5
What about long-term solutions?
We follow up and give you guidance on long-term solutions based on your income, credit, and equity. In certain cases, we might advise our clients to downsize if their situation is unsustainable.
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 360Lending helped the family get a fresh start
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.
What you'll need to apply for mortgage payment assistance in Ontario, Canada
We recommend getting 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
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unite 215
Richmond Hill, Ontario, L4B 3M4
Mon-Wed9am-8pm
Thurs-Fri9am-5pm
Sat-SunClosed
