As a last resort in a situation of financial distress, or near-financial distress, it is often possible to obtain a 3rd mortgage on a home.  A 3rd mortgage is a loan against real estate which has already been pledged twice as collatoral for two other pre-existing mortgages.  The third mortgage contract's claim to your asset is subordinate to the other two mortgages, and as such it is a very risky proposition for the lender and the interest rates will be higher.

Regardless, a third mortgage may be a superior alternative to bankruptcy or a consumer proposal, if there is a realistic plan to pay off the old and new debts.  Needing to apply for a 3rd mortgage may in many circumstances be viewed as an alarm bell that something is financially going seriously wrong.

But, when things are going wrong, it is far better to have a professional mortgage broker than to walk straight into a bank and explain the troubles.  Call us to obtain the best rates and the most appropriate financing for your needs.