Stop Power of Sale & Avoid Foreclosure in London, Ontario

Understanding Your Situation: Behind on Mortgage in London

When you are behind on your mortgage in London, the clock starts ticking the moment you miss a payment. Whether it's due to a sudden job loss, medical emergency, or rising variable interest rates, ignoring the letters from your bank will only make the situation worse. Getting professional foreclosure help in London, Ontario early is critical.

Ontario Power of Sale vs. Foreclosure

In Ontario, lenders rarely use traditional foreclosure (where the bank takes legal ownership of the property). Instead, they almost exclusively use the Ontario Power of Sale process.

Under a Power of Sale in London ON, you remain the legal owner of the property, but the lender has the legal right to evict you and sell the home to recover their money. Once the lender forces a sale, they will charge you for all their legal fees, real estate commissions, and holding costs, which rapidly drains any equity you had left in the home.

Timeline Explanations

• 15 Days Late: The lender begins contacting you regarding your mortgage arrears.
• Default (Missed Payments): If an agreement isn't reached, the lender issues a Notice of Sale Under Mortgage.
• The Redemption Period: You typically have about 35 to 40 days after receiving the Notice of Sale to pay off the arrears plus legal fees. This is your window of opportunity.
• Eviction and Sale: If the redemption period expires, the lender can obtain a writ of possession, evict you, and list the house on the market.

Your Options Before Foreclosure

If you cannot secure a refinancing loan to cover your arrears, your best option before foreclosure is to sell the property yourself before the bank seizes control.

However, listing traditionally takes 60 to 90 days, plus the time it takes to find a buyer. If you only have 35 days in your redemption period, you cannot risk a buyer's financing falling through.

We offer a guaranteed, lightning-fast cash sale. We can close in as little as 7 days, which is fast enough to pay off your lender, stop the legal proceedings, and allow you to walk away with your remaining equity in your pocket instead of giving it to the bank's lawyers.

Related Resources

• Learn more about our fast cash process on our main London home page.
• Going through a separation that caused the arrears? Read our divorce property sale guide.
• Does the house need work? We buy houses that need major repairs.