implemented by the Bank of Canada over the last few months, some Canadian homeowners may be concerned about whether they’ll be able to keep up with their mortgage payments.
“The first thing you should do is call your lender,” Zlatkin told CTVNews.ca in a telephone interview on Wednesday. “It’s easier to ask for permission than it is to ask for forgiveness in this case … Reach out to your lender and let them know [there’s] a problem.” Once the due date for a mortgage payment has passed, lenders will often contact homeowners via mail, phone or through their online portal to notify them of the missed payment. At that point, homeowners should call their lenders right away to discuss next steps, said Zlatkin. Different lenders have different programs that may be able to help clients manage their mortgage payments, Terrio said.
Another option to consider involves putting off other payments if it means being able to meet your monthly mortgage obligations, Terrio said. “There’s the potential to … consolidate all of your debt together into one payment every month rather than paying all these different payment amounts that are potentially going to be at higher interest rates,” Zlatkin said.
CBC says you should just ask for a raise or go find another job! Easy!
Scary thought, but unfortunately will become more common.
Packing your bags. 🥲
Make the next one. You can miss a payment. Just have to tell them.
Missing mortgage payments is usually a sign that an individual is unvaccinated.
Some financial institutions, if you talk to them ahead of time if possible if you know you’re going 2have trouble making a payment they may be able to pre-arrange a “” Deferred payment “” & anyone having problems financially should contact creditors to inquire 4 the same courtesy