Mortgage Broker Store garners media attention for stopping Power of Sale actions in Toronto


(This story is sponsored by Mortgage Broker Store.)

Keeping up with mortgage payments and living expenses is tough, especially in the midst of a pandemic. Many Canadians have lost their jobs, resulting in loss of income, making it near impossible to afford any outstanding mortgage payments.

Family-owned brokerage and direct private lending company, Mortgage Broker Store, specializes in time sensitive mortgage requests that don’t meet traditional bank requirements.

The business has also received recognition and media attention for its ability to stop power of sales actions in Ontario. These actions can take place if one is delinquent with their mortgage payments.

According to an article posted on, Toronto and Vancouver are experiencing the highest mortgage delinquency rate since 2016. This is likely a result of COVID-19’s burdensome impacts on employment and the economy.

Through providing private loans, the Mortgage Broker Store is able to lend its customers up to 75 per cent of the total value of their property. Each loan is secured against the customer’s house, which is why the company is able to offer a larger sum of cash compared to unsecured lenders.

“We’re able to give you the cash to spend on whatever your needs might be,” says Jonathan Alphonso, licensed mortgage agent and the first point of contact for customers at the Mortgage Broker Store. “Some people have car loans that they have to pay, some have lost their jobs and can’t afford their asthma medication and others were delinquent with their payments and are now facing eviction charges.”

Mortgage Broker Store’s team is exceptionally proficient when it comes to handling power of sale situations. They are one of the most experienced mortgage default teams in Ontario. Since they deal with these situations on a daily basis, customers are able to receive detailed information through a free phone consultation.

“Because of the pandemic, we’ve been seeing more condo evictions since many owners relied on Airbnb or long-term renting to pay their condo or mortgage fees,” says Alphonso. This upsetting situation often leads to eviction or the lender selling the condo on the open market.

“We will give the owner a private mortgage loan so that they can pay their missed payments plus any penalties or interest,” he says. “They can move back into their property if they’ve already been evicted and can resume making payments on a regular basis but they’ll have an additional mortgage to pay back to us or another other private lender.”

In terms of interest rates on loans through the Mortgage Broker Store, customers can expect to pay seven to 12 per cent, depending on the amount borrowed. Higher interest rates may also be applicable if the customer is dealing with legal complications or multiple mortgages from other brokerages.

When it comes to mortgage trends in the Greater Toronto Area (GTA), Alphonso notes that mortgages with arrears are up by approximately 30 per cent.

“If someone neglects to pay their mortgage, the missed payments are called mortgage arrears,” he says. “It’s becoming an increasingly urgent issue for many homeowners. When people have mortgage arrears, one way to get out of it is to get a new mortgage, which can be used to pay off the arrears and will stop any pending evictions and legal actions.”

Feelings of stress and anxiety go hand-in-hand with the possibility of getting evicted from the place you call home. If you find yourself in this situation, Alphonso has some reassuring advice:

“If you’ve missed a payment on anything related to your property, the very first step is to understand your options. You don’t want to sell if you don’t have to but you also don’t want to get into a bad mortgage situation with a shark lender so remain calm, understand the process and look at your options first.”

The expert team at Mortgage Broker Store can help home or condo owners understand these options through a complimentary phone call with Alphonso or an email. But please note that the company does not advise callers on financial or legal situations occurring between landlord and tenant.

For more information, visit or call 416-499-2122 for a free quote.



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