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Need help managing your mortgage stress?

Mortgage stress can affect anyone, regardless of where you live or how much your property is worth. Although interest rates do play a part in creating mortgage stress, more often than not the real cause lies with an unexpected life event; unemployment, illness, injury and relationship breakdown are some of the most common causes of mortgage stress.

It’s important for you to take quick action to avoid extra costs and any potential damage to your credit rating. The best solution for managing mortgage stress is to understand your options and what help is available for you to resolve your financial difficulties.   Note: depending on your financial situation, some options may not be available to you.

Contact your lender at the first sign of trouble

If you find yourself about to fall behind on your mortgage payment, the most important thing you can do is to talk to your lender, when there's still time to turn things around. Your mortgage lender has as much interest as you do in finding an early solution because a troubled loan can represent additional regulatory and financial hurdles.

Your lender may offer one of several solutions to support a payment recovery plan. They may include: temporarily reducing your monthly payments to cover only interest; deferring payments altogether and adding the unpaid amounts to the loan balance or increasing the length of the loan to lower the amount of the monthly payment.

The earlier you make contact, the more options there are available to resolve the problem.

Talk to your mortgage professional

Finding a solution to your financial difficulties requires early intervention and a well-organized plan.  Ask your mortgage professional about information on the options available to you for managing your financial situation.  Your mortgage professional may be able to assist you arranging more flexible payment options, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.   Sometimes a debt consolidation loan is advisable and your mortgage professional can arrange a loan that meets your needs.  You may also want to discuss your situation with other related financial professionals, such as your financial planner or accountant.

Assess your financial picture

In order to help yourself, you need to first understand your financial situation. Sit down and create a good budget based on your current financial situation and goals.  It should include a detailed list of financial obligations including credit card, loans, household bills and due dates.  Be sure to include information about your current income, savings accounts, investments, and any other assets.

A budget will help you take control of your money and make sensible decisions on how you spend it. It will also give you a financial roadmap to follow, allow you to cut back your spending and focus the money on areas that are of greater importance.

CMHC and Genworth Financial Insured mortgages

Is your mortgage insured with either CMHC or Genworth?  Both Insurers offer home owner assistance programs designed to help customers experiencing temporary financial difficulties.  Working in partnership with lenders and mortgage professionals, these programs are available to homeowners at no cost.  CMHC and Genworth Financial offer a variety of temporary alternative options designed to assist home owners meet their mortgage obligations and keep their homes.  For more information on these programs please visit:



Selling your home

Perhaps you’ve come to the realization that selling your home is the correct option given your financial situation.  It may be worth putting your house on the market, even if you won't get the ideal price for it. You may be able to preserve some of the equity you've built up and won't have to deal with the repercussions of a foreclosure, including damage to your credit rating.

Short Sale

A short sale is not an option given to every borrower and is only agreed to by the Lender after all other options have failed to resolve the issue.  This occurs when the house sale proceeds are lower than what is owed on the mortgage and the lender forgives some or all of the difference. Short sales can be time consuming, as it may take several months to conduct negotiations and they also have an impact on your credit rating, but they may be preferable to foreclosure.

What you should NOT do

•          Don’t ignore letters or telephone calls from your lender; if you are not sure what they mean ask your lender or Mortgage Professional.

•          Don’t stop paying altogether if you can’t afford the full repayment: talk to your lender and pay what you can each month.

•          You may be thinking about abandoning your property or sending the keys to your lender. You should not do this without talking to your lender first and understanding the consequences.

•          Don’t do anything to the property that will adversely affect the value. I.e. destruction of premises. The repair costs will be deducted from any equity that you may still have.




Verico CML Canadian Mortgage Lender Inc.

o/a CML Canadian Mortgage Lender

2316 6 Street NE,

Calgary AB T2E 3Z1

Verico CML Canadian Mortgage Lender Inc.

o/a CML Canadian Mortgage Lender

Moose Jaw, SK

Saskatchewan Licence Number 315840


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