Mortgage Default Assistance
Pay back missed mortgage payments with your equity to avoid mortgage default
Are you facing financial difficulties? Our Mortgage Default Assistance program can help you pay back missed mortgage payments, property taxes, and delinquent debt with your equity. Get started now to avoid costly penalties and restore your peace of mind.
or call 1-888-360-1098
Smart money advice for Canadian homeowners
360Lending is an award-winning digital mortgage brokerage. See what thousands of clients have to say about their experience:
Learning Opportunity
What is a Power of Sale?
Power of Sale, also known as non-judicial foreclosure, allows a mortgage lender to sell the borrower's property if they default on the loan. This is the most commonly used method for mortgage lenders in Ontario to recover their money.
Avoiding mortgage default with 360Lending:
1
Bring your payments up-to-date
Use your home equity to pay off your essential obligations as a homeowner (i.e. mortgage payments, property taxes, delinquent debt, maintenance fees etc.).
2
Avoid costly legal fees & penalties
Work with lenders and lawyers to stop the Power of Sale process quickly and effectively.
3
Plan for an exit strategy
Receive guidance to help you get back on track with a traditional lender as a long-term solution.
Paid off $35,930in total arrears
No interest payments for 12 months
Case Study: Starting a New Chapter
Ethan and Daisy, both in their forties, live in a beautiful condo townhome in Oakville with their three children. When Ethan unexpectedly lost his job as an IT professional, their savings quickly dwindled, and they began falling behind on their bills. Panic set in as they missed their $2,640 mortgage payment for the third consecutive month.
They are also behind on their property taxes, maintenance fees, and credit card bills. Desperate for a solution, they turned to the bank for a loan, only to be declined due to their mortgage arrears.
How 360Lending helped the family get a fresh start
After the introductory call and a thorough review of their credit reports, our team determined that Ethan and Daisy were also behind on their property taxes, maintenance fees, and debt payments in addition to their mortgage arrears.
The banks will not refinance their existing mortgage since they are already in arrears. They will need to obtain a second mortgage from an alternative lender instead.
Our team ordered a rush appraisal from an approved appraiser to quickly confirm the market value of the property and its available equity.
Results
Ethan and Daisy brought all of their arrears up to date and got some extra cash to pay for expenses while Ethan looked for new employment. Our team also structured the rescue financing to include interest payments for the term so that they would not have to make any payments for the next 12 months.
Find out how much you will need to get back on track:
Arrears Total
$0
*The information presented is for illustrative and educational purposes only. You will need a 2nd mortgage of at least $25,500 not inclusive of any legal fees incurred and closing costs associated.
Ready to get back on track with your finances?
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
Default notice or demand letter
Income documents
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unite 215
Richmond Hill, Ontario, L4B 3M4
Mon-Wed9am-8pm
Thurs-Fri9am-5pm
Sat-SunClosed
