North Bay Mortgage Default

Defaulting on Mortgage Payments

There are several reasons why a client may default or fall behind on their mortgage payments. More often than not these are reasons or circumstances that were unexpected or unavoidable. Various reasons as to why this happens will be discussed later.

What Happens When You Fall Behind

When you default in payment the first course of action by the lender is normally to notify you via a formal letter of your default in payment and asking you to contact them as soon as you can. The lender usually wants to avoid foreclosure or power of sale as much as possible because it is bad business; it is time-consuming, expensive, and an inconvenience. Besides, the lender are not in the business of taking peoples’ houses. It is in their interest to make sure that the loan is performing.

If a home owner does not respond then usually a second notice is issued. These notices tell the home owner that a continued default in payment may result in power of sale action being initiated.

Reasons Why People Default in Mortgage Payments

  • Divorce

Divorce is cause for falling behind on mortgage payments. This can happen when there was a joint effort by both spouses to service mortgage payments. After a divorce, only one of the spouses become the sole bearer of the mortgage burden. This is bound to put a financial strain on them causing them to default on payments.

  • Unexpected Bills

Unexpected bills such as heavy medical bills can put a financial strain on a person. When a family member suddenly falls ill or becomes a victim to an accident, their well being becomes a priority, and thus mortgage payments tend to take a back seat. North Bay mortgage default have found that this is a major contributing factor to defaulting on mortgage payments.

  • Loss of Job

Perhaps the most common reason why people fall behind on payments of their mortgage and fall into arrears is job loss. When someone loses their job they lose their primary source of income, part of which they were using to service the mortgage loan. Loss of job, can really inconvenience a person, and before they get back on their feet, they may find that they have defaulted on their mortgage payments.

What to Do If You’re Falling Behind on Mortgage Payments

It is important for North Bay Mortgage default residents consider these tips to help them get back on track with their mortgage payments.

  • Contact Your Mortgage Loan Provider

Contact your lender as soon as possible and explain your current situation. Let them know that you are ready and willing to get back on track. What most people do not know is that many lender will work with you and provide you with several options on how to do this. Some of these options include a repayment plan or a refinance.

  • Acquire Services of an Expert

Say you cannot manage to keep up the payments anymore, it is important that you act very fast by contacting experts in such matters, and they will advise you accordingly.  Certain options will be presented to you depending on your situation. Some of these may include Refinancing, Selling the home, and Mortgage modifications.


  • “We would like to thank Mathew and his team at Expert Mortgage. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!”

    C.T., Hamilton
  • “Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds. ”

    S.S. - Mississauga, ON
  • “I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off or back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.”

  • “I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Expert Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.”

    M.D, Mississauga, ON
  • “The bank would not lend money on our farm unless we showed them financial statements. Since my husband passed away, my son and I were struggling to keep the farm afloat. We just needed more time. The third mortgage you got us was the miracle we needed. You believed in us and we are so grateful. Thank you.”

    S.E. Orono, ON
  • “My pig farm always made good profit but last year was brutal for the whole industry. I fell behind on my mortgage. I showed FCC that my loss was just a temporary blip and asked them to give me some leeway but they started a foreclosure anyway. Thanks for getting me that private loan to buy me some time until I’m profitable again.”

    K.O., Hawkesbury, ON
  • “My ex-wife’s lawyer gave me 30 days to buy out her half of our house or have it put up for sale. I had no job and I was in bankruptcy. My bank manager laughed at me. I thought it was hopeless until I saw your flyer. I don’t know how you qualified me for the mortgage. You’re a miracle worker. Thank you!”

    J.R. Burlington, ON
  • “We were 6 months behind on our mortgage and the Sheriff was coming in 5 days to lock us out of our home. Every other mortgage broker said NO! I can’t believe you were able to get us a second mortgage that fast. You saved our home and I will refer everyone I know to you.”

    C.C., Oshawa, ON
  • “The bank refused to value my property based on all 211 acres. They said that their ‘rules’ limited it to 5 acres. Personally, I think that’s biased against farmers. I didn’t know that you had lenders who would value my property on all the acres. I finally got a large enough loan to tie all my debt into one payment. Thanks!”

    C.R., New Dundee, ON
  • “Every time I’d walk into a bank and say the word ‘farm’ the suit on the other side of the desk would look at me like I was from another planet! They had one agricultural ‘specialist’ for the area that was not much better. Then I went to 4 mortgage brokers before I stumbled on your company. Your rates were lower than the bank.”

    M.D., Bradford, ON
  • “Our credit was destroyed after we had a bad year. We needed to expand our facility. I explained to the bank that the expansion would make us profitable. I proved it on paper. They still declined us. I never heard of your ‘no questions asked’ private loans but you gave me $500,000 with no paperwork. That was a Godsend. My wife and I appreciate it from the bottom of our hearts and we won’t let you down.”

    R.Q., Woodville, ON
  • “Once again, a big thank you for arranging our new mortgage and being able to arrange for additional funds on closing. Matthew has worked hard for me over the last few years… I have a very high level of trust in Matthew and Expert Mortgage, and will surely recommend you to anyone I know who is in need. Thank You.”

    M.Z. Brantford, ON