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Power of sale: how many days do I have?
Behind on your mortgage or received a Notice of Sale? Find the key dates, roughly what it takes to keep your home, and the difference between selling yourself and a forced sale.
Earliest the lender can send a notice
Oct 27, 2026
15 days after default. After a notice there's usually about 35 days to redeem.
- Oct 12, 2026 · Default (missed payment)
- Oct 27, 2026 · Earliest notice of sale (15 days after default)
- Mortgage arrears$5,600
- Penalties, legal costs etc. (est.)About $300/month in late / admin fees + legal costs$3,600
- Roughly needed now$9,200
Left if you sell
$306,800
Left after a forced sale
$226,400
Common ways out (more options the earlier you act)
- Refinance or take a private 2nd mortgage to pay off the arrears and stop the sale.
- Sell yourself within the redemption period; usually keeps more equity than a forced sale.
- Talk to your lender about a payment arrangement (call first, don't wait).
- See a lawyer now: spouses have redemption rights too, and the process must be done properly.
Estimate: timing follows the general process under Ontario's Mortgages Act; fees and the forced-sale price gap (about 10%) are rough. Not legal advice; consult a lawyer as soon as possible.
No notice yet? Call your bank and ask for these
Just starting to struggle, or missed one payment? Call your lender early: federally regulated banks must offer relief options to homeowners in difficulty.
- Extend the amortization (temporarily or permanently) to lower payments.
- Waive prepayment penalties and the bank's internal fees.
- Switch to a blended rate to lower payments.
- Skip a payment or defer for a few months (interest may still accrue).
- If you have a lump sum, prepay penalty-free so the balance doesn't grow.
Monthly now
$3,016
+5 years
−$337
+10 years
−$549
A longer amortization lowers payments but raises total interest; banks need your express consent first.
FCAC: mortgage relief options (official)
General information; relief is up to the lender. Wait until a notice of sale and you'll have far fewer options; the countdown below shows the days left.