A missed mortgage payment requires immediate action: contact the lender, confirm the arrears and deadlines, protect essential cash flow and obtain legal and licensed mortgage advice before enforcement advances.
Four points to remember
- Do not ignore lender notices or rely on verbal extensions.
- Ask for an exact arrears and payout statement, including legal and default charges.
- A refinance or private mortgage must improve the situation and have a credible exit—not only delay it.
- A lawyer should explain enforcement rights, deadlines and sale consequences.
Stabilize the file immediately
Contact the lender using verified contact information and request the exact amount required to bring the mortgage current. Preserve all letters, emails and payment records and do not promise money you cannot deliver.
- Arrears amount and payment deadline
- Default interest and legal costs
- Current insurance and property-tax status
Build a complete household cash-flow picture
A temporary missed payment and a structural monthly deficit need different solutions. List reliable income, housing costs, secured debts, unsecured debts and essential expenses before borrowing more.
- Monthly recurring shortfall
- One-time event and recovery date
- Available verified savings or family support
Compare reinstatement, refinance and sale
Possible paths may include curing arrears, lender arrangements, refinancing, a short-term private mortgage or an orderly sale. The right option depends on time, equity, income, costs and legal status.
- Net funds after every fee
- Payment during the new term
- Realistic exit before maturity
Understand power-of-sale risk
FSRA warns that continued missed payments can lead to power of sale or foreclosure and serious credit consequences. Get independent legal advice quickly; a mortgage professional cannot replace a lawyer on enforcement rights.
- Read every notice date
- Do not transfer title or pay advance fees casually
- Keep a written record of advice and offers
Frequently asked questions
Can one missed payment start power of sale?
Contract and legal timelines matter, and default charges can begin quickly. Contact the lender and an Ontario lawyer immediately rather than waiting for another notice.
Can a private mortgage stop power of sale?
It may provide funds in some cases, but only if there is enough equity, time and a viable repayment or sale plan after all costs.
Should I sell before enforcement advances?
That decision requires legal, financial and real-estate advice. An orderly sale may preserve more control in some cases, but the facts and deadlines must be reviewed.
Official sources and verification
This guide prioritizes primary information from governments, regulators and CMHC. Mortgage policies change; confirm the rules that apply when you apply.
This guide and its calculators are for general education only—not an approval, commitment, or legal, tax or investment advice. Actual rates, fees, underwriting and product terms vary by lender and application.