I can't pay my mortgage, what are my options?

Alternative payment arrangements when facing financial difficulties.

Unforeseen financial circumstances happen. Sometimes, they affect your ability to make regular mortgage payments. The good thing is that you have options.

It’s important for you to take quick action quickly. If you can’t pay your mortgage, you need to get in touch with your mortgage professional at the first sign of trouble.

How mortgage professionals and CMHC can help

Your mortgage professional is there for the long haul. They want to establish and maintain a positive relationship with you. Your lender is trained, equipped and ready to help you deal with the temporary financial setbacks that you may be facing — including those related to the COVID-19 pandemic.

For CMHC-insured mortgages, we provide your lender with the tools and the flexibility they need to make timely decisions when helping you to find a solution for your unique financial situation.

The tools that may be available to you include:

Short-term mortgage payment deferral:
Your lender may agree to pause or suspend your mortgage payments for a certain amount of time.
Extending the original repayment period (amortization):
An extension to your original amortization period can lower your monthly mortgage payments.
Adding any missed payments (arrears) to the mortgage balance:
Your lender may be able to add missed payments to your mortgage balance and spread them over the remaining mortgage repayment period.
Moving from a variable to a fixed interest rate mortgage:
Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
Special payment arrangement:
There may be a special payment arrangement unique to your particular financial situation.

CMHC will consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.

CMHC is Canada’s national housing agency. For more than 70 years, CMHC has shared a wealth of knowledge and housing expertise to help create an informed and reassured homeownership experience for Canadians.