Homeowner Assistance Programs

Hope everyone’s had a good week. In this week’s blog, I’dlike to talk a little about mortgage assistance programs. Mortgage assistanceprograms are aimed to help Canadian homeowners who are having temporary trouble making their mortgage payments. Common situations like job loss,reduced income, marital separation, or unexpected illness and disabilityclearly contribute to one’s ability to their mortgage. In order to qualify forsuch programs you first need to have had bought or refinanced your home witheither the Canadian Mortgage and HousingCorporation (CMHC) or GenworthFinancial which are the two major mortgage insurers in Canada. In otherwords, you needed to have picked up some mortgage or aka default insurance inthe past.  

If you find yourself having trouble paying your mortgage dueto one of the reasons listed above then its best you speak to your bank aboutyour options. I suggest this be done before you becomes late on payments and itbecomes a problem. Together your bank and your insurer will discuss yoursituation and if possible create a plan that helps you out. The mortgage insurershave specialists that deal with such matters. Some options permit you toincrease your amortization, defer payments or even create a shared paymentplan.

I don’t think enough homeowners are aware that such programsexist.  If you feel you need assistancewith your mortgage I would be more than happy to guide you to the best of myabilities regardless if you become a client or not. I am more interested inhelping you get back on track. After all there are bigger things to worry aboutin life.

If you have any specific questions or good and badexperiences you’d like to share please feel free to contact me. I welcometopics for next week’s blog.