New deals every week. Shop Deals →
Selling in Ontario · Behind on mortgage (Cambridge)
One missed payment is a problem you can still fix. Several, and your lender can start a power of sale. If you own a home in Cambridge and the payments have stopped working, this is the order to tackle it in, and where selling fits. For a lot of people it doesn’t, and that is fine.
No commissions or fees
Written offer in 24–48 hours
Close in 7 days to 6 months
01
Lenders would much rather work something out than run a power of sale. Ask about a payment deferral, a longer amortization, or adding the missed payments onto the mortgage. Call before the second missed payment, not after.
02
A non-profit credit counsellor or a Licensed Insolvency Trustee can look at the whole picture, including other debts that may be squeezing the mortgage. The first meeting with a trustee is free.
03
Every month of arrears adds interest, penalties and eventually the lender’s legal fees, and all of it comes out of your sale price. Selling while you are still in control usually leaves you with the most equity.
04
A written offer in 24 to 48 hours and a closing in as little as seven days. Your lawyer pays off the mortgage and the arrears from the proceeds, and whatever is left is yours.
In Ontario, once a mortgage has been in default for at least 15 days, the lender can serve a Notice of Sale under the Mortgages Act. That starts a redemption period, commonly 35 days, in which you can pay what is owed: the arrears, the lender’s legal costs, and sometimes the full balance. If you can’t, the lender can sell the house. They have to try to get fair market value and pay you any surplus, but lender-run sales are quick, and the costs added along the way shrink what you get back. Most people in Cambridge who end up there had options months earlier. The earlier you act, the more of them you have.
This page is general information, not legal or financial advice. If you have received a Notice of Sale or any other legal document from your lender, speak to a lawyer right away. The deadlines are short.
Listing instead? On the average Ontario home, a realtor costs about $35,655.
Commission at 4% plus 13% HST. See the number for your home’s price.
Get a written offer with no obligation, or call and ask us about your situation.
