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PostPosted: Thu Mar 16, 2017 4:50 am 

Joined: Wed Mar 29, 2006 5:04 pm
Posts: 3787
What happens if you can't pay for the mortgage payments in Ontario

Not being able to meet your mortgage payments in full and on time can have serious consequences including penalty fees, default and even foreclosure. It is important to be aware of these consequences before taking on a mortgage.

If you cannot make your mortgage payments:

You may have to pay late charges

You will damage your credit rating. Having a poor credit rating will make it difficult for you to obtain loans and make certain purchases in the

Your mortgage may go into default and your mortgage lender may sell your home through Power of Sale to cover your debt, or become the owner through foreclosure.

If through Power of Sale the lender has the right to sell the property to recover the money still owed on the mortgage. Depending on the circumstances, you may never get the home back. If the lender sells the home for a price that is more than what is left on the mortgage, extra money is given back to the homeowner. In the case of a shortfall, the owner will have to pay the difference. Also, it will be harder in the future to find a lender that will offer you another mortgage.

If through foreclosure the lender gets a court order to take over the property. If this happens, all of the previous mortgage payments you have already made, all the money you have invested into the home and any equity (value beyond what is owed on the mortgage) in the home is lost.

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