Behind on mortgage payments in Ontario? Act before legal costs and deadlines escalate. Sarah Colucci reviews lender communication, refinance, second-mortgage, and short-term private options where equity, affordability, and timing support them. Obtain legal advice if enforcement has begun. Call 647-773-4849.
Mortgage eligibility and pricing depend on the property, requested loan amount, verified income, credit history and each lender's current guidelines. Sarah reviews the complete application rather than relying on one advertised rate or one automated rule.
Sarah Antonia Colucci is a licensed Mortgage Agent Level 2 with access to more than 50 lenders. She compares available mortgage structures, explains costs and restrictions, and identifies the documents a lender will need before an application is submitted. The initial consultation is free, and recommendations remain subject to lender review, property acceptance and full underwriting.
A useful review normally includes the mortgage balance or purchase price, available equity or down payment, household income, monthly obligations, credit history and the client's short- and long-term plans. Looking at these details together helps distinguish a low headline rate from a mortgage that actually fits the client's situation.
Contact your lender as early as possible — ideally before a payment is actually missed. Federally regulated lenders are expected to work with borrowers facing genuine financial difficulty, and proactive contact gives both sides the most time to explore tailored relief options. What relief looks like — a deferral, a repayment arrangement, a temporary modification — varies by lender and by the specifics of your situation. Waiting until enforcement has started significantly narrows the options available. Document your communications and follow up in writing.
Engaging your lender directly is generally the right first step and, for federally regulated institutions, is specifically encouraged. Your lender may be able to offer a short-term deferral, a structured repayment plan to catch up on missed payments, or other file-specific accommodations depending on the circumstances. What is available will depend on your lender's policies, your history with them, and the nature of the hardship. If formal default notices have already been issued, a real estate lawyer should advise you on the legal status of those notices and any applicable deadlines — that is separate from, and in addition to, your conversations with the lender.
When sufficient equity exists, refinancing to pay out the defaulting mortgage — including accumulated arrears, accrued interest, and any lender legal costs — may be an option. Lenders have different policies about refinancing mortgages that are in arrears; some institutional lenders will not do so, but private and some alternative lenders may assess the file primarily on equity rather than payment history. Whether refinancing is viable, and at what cost, depends on the specific file — your equity, the total amount owing, and the lender landscape at the time. I assess the equity and financing side honestly before recommending this route.
Per FSRA guidance, private mortgages are generally short-term, cost more than institutional mortgages, and may be structured as interest-only — meaning you need a realistic plan for what comes next, whether that is qualifying for conventional financing, selling the property, or another exit. The costs involved — higher rates, lender fees, legal fees — are real and material. The question is whether the cost of the private mortgage, combined with a credible exit plan, is a better outcome than the alternative. I model both sides of that comparison with you before any recommendation is made.
For a personalized review, call Sarah at 647-773-4849 or request a free consultation. Rates, qualification and product availability can change without notice and are confirmed only through a complete lender application.