So my number 1 recommendation if a life event has happened in which you are contemplating how you will pay for food for you and your family versus making a mortgage payment is contact me right away. That is what I am here for. As a mortgage advisor, I am not only there for your happy moment of buying your new home but I am there for you if something out of the blue happens and you need advice as well.
Some of the life events that can make paying mortgage payments difficult include: job loss or reduced income, marital separation, and unexpected illness or disability.
The options I will explore will include looking at extending your mortgage out to the original amortization which would reduce the payment, looking at your lender’s option of skipping any payments, adding any missed payments to the mortgage amount and asking your lender for any other options. Trust me, they would much rather look at options for you rather than you having to sell your home. The key thing is to start working on this right away.
Are there any other options?
Answer is YES! With Genworth, the second largest mortgage insurer, they have a website here that describes how they can help their clients. For me, I try to align all of my clients that need mortgage default insurance (less than 20% down payment) with them. The cost is identical to CMHC but I have found they have much better customer service and options like this.
They are ultimately committed to keeping you in your home and will explore every option to do it. Examples include paying some of your mortgage to the lender to you and giving you additional time to pay them back with no interest, paying half payments some months if that will work, capital arrears, and even restricting mortgage.
So please know I am on your side and committed to working with you to help you when you are in a difficult situation.
Any other questions email me at nick@mortgageinottawa.com, text or call me at 613-294-4475.
