Default & Power of Sale
Behind on payments doesn't mean out of options
Power of sale is a process, not an instant outcome. The earlier you reach out, the more solutions are usually still available.
It's not foreclosure
In Ontario, lenders use power of sale, not foreclosure — equity above what's owed is generally still yours after a sale.
You likely have more time than you think
Ontario law generally requires a minimum redemption period before a sale can proceed. Early action keeps every option open.
Refinancing can stop it
If you have equity, refinancing — including through alternative or private lenders — can pay out arrears and give you a clean restart.
Selling on your terms beats a forced sale
If a workout isn't realistic, selling voluntarily on your own timeline almost always nets more than a lender-driven sale process.