Today’s Second Mortgage Rates updated as of October 14, 2025 12:04 am
Second Mortgage Rates Start From*
*Second mortgage rates range from 4.99-16.99 with the average rate being 10.99%. Second mortgages carry lender and brokerage fees that range from 2-10% with the average being 6%. Other conditions apply. Rate in effect as of today.
A power of sale is a legal process that allows a lender to sell your home if you default on your mortgage payments. Unlike foreclosure, the lender doesn’t take ownership of the property but instead sells it to recover the owed amount. This process can leave homeowners with significant financial and emotional challenges.
At Citadel Mortgages, we specialize in helping Canadians stop the power of sale process by providing fast and tailored mortgage solutions to stabilize your finances and protect your home.
Ontario Mortgage Act (Power of Sale): Learn more
The power of sale process typically follows these steps:
Notice of Default
Demand Letter
Issuance of a Statement of Claim
Property Sale
When facing a powe of sale it is crucial to compare rates and terms from various private mortgage lenders. Citadel Mortgages helps you make an informed decision that best suits your financial needs.
Protect Your Home
Avoid Credit Damage
Stabilize Your Finances
Save Your Equity
To qualify for assistance, you’ll typically need:
Sufficient Home Equity
Proof of Income
Up-to-Date Property Taxes
Willingness to Act Quickly
Financial Consumer Agency of Canada (Mortgage Default): Learn More
Power of Sale
A power of sale is a commonly used method in Ontario, which allows the mortgage lender to sell your property when you fall behind on your monthly mortgage payments. Our mortgage agents and mortgage brokers can stop the power of sale process and keep you in your home today!
Foreclosure
A foreclosure is less common in Ontario. Like a power of sale, foreclosure allows the mortgage lender to sell your property, as well as get ownership and keep the money from the sale of your home. Our mortgage agents and mortgage brokers can stop the foreclosure process and keep you today!
These Documents will be required to stop the power of sale and close your mortgage needs:
Yes, the power of sale process can be halted during the redemption period by paying the overdue amount or refinancing your mortgage.
While late payments may already impact your credit, halting the process prevents further damage and additional financial consequences.
If your home is sold, you’ll receive any remaining equity after the lender recovers their costs, but this amount is often reduced due to legal and administrative fees.
With Citadel Mortgages, you can secure fast approval in as little as 48-72 hours, depending on your situation.
Facing a power of sale can be stressful, but with Citadel Mortgages by your side, you’re not alone. We provide fast, reliable, and tailored solutions to help you stop the process and protect your home equity. Contact us today to explore your options and take control of your financial future.