I read a statistic recently that said that 0.33 percent of Canadians are currently in mortgage arrears. Although that is a small number, we are in danger of having that number get much bigger.
If you are in that situation, or in danger of that happening, the first step to getting help is asking for it.
CMHC (Canada Mortgage and Housing Corp.) wants to help Canadians who may be facing a mortgage crunch. Genworth Financial, a private mortgage insurer, is also stepping up their Homeowner Assistance Program.
“CMHC has a long tradition of offering mortgage tools to lenders to help them assist homeowners whose financial circumstances have changed,” says CMHC vice-president of insurance underwriting Mark McInnis. “We want to remind people that the best course of action is to speak to their lenders a the first sign of financial difficulty. With early intervention, co-operation and a well-executed plan, you can work together with your lender to find a solution.”
Genworth offers the opportunity to capitalize the arrears, increase the amortization period, arrange a partial or shared payment plan, or even deferred payments. They have a Homeowner Assistance Evaluator online to help you assess your situation and look at the possible solutions.
Another online resource that can help is Industry Canada’s Take Charge of Your Debt. There are plenty of resources to help you discover the best solution for you.