As we previously stated there will be help if you are having financial difficulty. CMHC has launched an awareness campaign today to help those that have hit some financial stress in their lives. Be it through loss of job or loss of net worth due to the slumping economy. CMHC has been working with lenders to give as many flexible options to their clients to ensure that Canadians can keep their homes. However, it is up to you to contact your lender as soon as you feel you may fall behind in your mortgage payments. Here are four options available by most lenders that can assist you in keeping your mortgage payments up-to-date.
1. Skip a payment - Most mortgages will already offer this privilege. It allows you to skip a payment once a year
2. Extend amortization – Extending the length of repayment term can reduce your mortgage payment
3. Current missed payment – Any currently missed payments could be added to the mortgage balance and which will allow you to pay them off over the life of the mortgage and get you back on track
4. Special mortgage arrangement –If you speak to your lender they may be able to reduce your current mortgage payment on a temporary basis. In a situation where you have been recently laid-off your lender may allow you to make partial payments until you find a new employment
The important information to remember is that as soon as you think that you are hitting some financial trouble that you contact your lender immediately. They will do what they can to work with you and help you get back on track.
If you wonder why they would be willing to do help you – for them it’s good business – nobody wants people to lose their homes.
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