What power of sale actually is
In Ontario, a mortgage in default is most commonly handled through power of sale, not foreclosure. The lender doesn't automatically take ownership of the house — instead, once the required notice period has passed, the lender has the authority to sell the property to recover what's owed, with any amount left over after the mortgage and costs generally going back to the homeowner. That last point surprises a lot of people: power of sale isn't designed to let a lender profit beyond what's owed.
This is a formal legal process with specific notice requirements the lender has to follow. The exact notice period and every procedural detail should be confirmed directly with a real estate or default lawyer — they vary by circumstance and this page isn't a substitute for that conversation.
The right that matters most: redemption
Until the actual sale closes, a homeowner in power-of-sale proceedings generally keeps the right to redeem — meaning paying what's owed (plus applicable costs) to bring the mortgage current and stop the sale. That right doesn't disappear the moment notice is served; it's worth confirming exactly where things stand and how much time is realistically left with a lawyer as early as possible, because options tend to narrow the longer a homeowner waits to act.
What actually helps at this stage
Talking to the lender directly, even mid-process, sometimes opens options that aren't obvious from the notice letter alone. Talking to a lawyer who handles this specifically is worth doing early rather than after the situation has progressed further. And understanding what the house is actually worth as-is — separate from what's owed on it — is useful information going into either of those conversations, whether the outcome ends up being a sale, a workout with the lender, or something else entirely.