Behind on Mortgage Payments? Refinancing Might Be Your Safety Net
Falling behind on mortgage payments is stressful—but it doesn’t have to mean the end.
In Ontario, more homeowners are facing financial pressure from rising interest rates, inflation, and unexpected life events. If you’re struggling to keep up with your mortgage, refinancing may be the solution that brings you breathing room—and protects your home from foreclosure.
How Refinancing Can Help You Catch Up
Refinancing involves replacing your existing mortgage with a new one, ideally with better terms or a structure that fits your current situation. When you’re behind on payments, this process can:
- Pay off your arrears in full and bring your mortgage current
- Consolidate high-interest debts into one lower monthly payment
- Extend your amortization period to reduce monthly obligations
- Access equity to cover short-term expenses or emergencies
Signs You Should Consider Refinancing Now
- You’ve missed one or more mortgage payments
- You’re using credit cards or payday loans to cover essentials
- You’ve received legal notices from your lender
- You feel like you’re one paycheck away from default
The earlier you act, the more options you’ll have—especially before your lender starts a Power of Sale process.
Who Can Help When Traditional Lenders Won’t
If you’re already behind or your credit has taken a hit, big banks may decline your refinance request. In this case, private lenders or alternative mortgage solutions through a mortgage broker may be your lifeline. These options can be arranged quickly, often without the red tape of traditional underwriting.
Real Story: Rebuilding After Financial Setbacks
After a temporary layoff and bills piled up, Dave and Alisha from Oshawa fell three months behind on their mortgage payments. Their bank started the foreclosure process however with some guidance, they were able to refinance temporarily with a private lender to pay off their arrears, and reduce their overall monthly debt payments by $600. They’re now rebuilding their credit—and still in their home.
Final Word
Being behind on your mortgage can feel overwhelming—but you’re not out of options. The key is taking action before legal proceedings escalate. Refinancing may give you the financial reset you need to stay in your home and reclaim stability.
Reach out today for a confidential review of your options—before the bank calls.
📞 Let’s build a solution that fits your situation and gives you peace of mind.
