Sometimes bad things happen to good people. These situations, such as job loss, marital separation, illness or injury, can result in reduced household income, causing worry and stress on everyone involved. However, there are some things that you should do as soon as possible.
- Contact your mortgage lender to explain the situation. They may be able to help with;
- Extending the mortgage amortization to reduce payments
- Temporarily allow you to make partial payments
- Defer payments to the end of the mortgage term
- Allow you to make interest-only payments for a time
- Restructure your debt to improve your cash flow
- Contact your Mortgage Broker as they may be able to help with some additional advice or ideas.
- Carefully examine your situation to determine if selling your home might be the best solution to resolve the situation while maintaining your good credit.
- Develop a household budget to see if there are ways to reduce your monthly expenses
You can find additional information and help at the CMHC and Genworth websites.
