When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.
What can you do?
If you find yourself facing financial difficulties, as a result of job loss, family income reduction, natural disaster such as wildfire or flood, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these 3 simple steps, you can make a big difference in resolving your financial difficulties.
1) Talk to your mortgage professional
To increase the chance of successfully managing your financial situation through early intervention, call your mortgage professional at the first sign of financial difficulty and ask them about information on the options available for managing your financial situation.
It is important to and keep your mortgage professional informed as circumstances evolve.
2) Clarify the financial picture
In order to help your mortgage professional fully understand your financial situation, before meeting with them, prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.
3) Stay informed
The Government of Canada has a number of online resources available to help you manage your finances including Take Charge of Your Debts - an online tool designed to help you understand debt problems, and includes information on making a budget, budget counselling, collection agencies, credit, and credit repair.
Your mortgage professionals and CMHC can help
Your mortgage professional wants to establish and maintain a positive relationship with you over the long term, and is equipped with the knowledge and tools to help you deal with the temporary financial setbacks that you may be facing.
For mortgages insured by CMHC, we offer lenders flexibilities to help them as they work on a solution for your unique financial situation.