…that if your mortgage is insured with CMHC

 

I do not wish this on anyone, but homeowners can sometimes run into problems that can affect their ability to make their mortgage payments. This could be for reasons such as loss of employment or health issues, for example. Canadian Mortgage Housing Corporation (CMHC) can help you come up with a plan and create a solution that works for everyone. For example, they can suspend your mortgage payments until further notice, but the most important catch is that you MUST notify your lending institution before defaulting. Otherwise, you lost your opportunity.

Having been married to a banker for many years, the one thing he always said is that ‘banks are not interested in reclaiming your house’; that is not their goal’. They most definitely want to work out an arrangement with you. So don’t ignore it hoping it will go away because it won’t, it will only get worse. Call your lending institution if you feel you are ‘drowning’ and make an agreement with them.

Approved Lenders can find the best way to deal with almost any default situation with CMHC’s Default Management Tool Selector.

This includes tools like:

  • -Converting a variable rate mortgage to a fixed rate
  • -Offering a short-term mortgage payment deferral
  • -Extending the amortization period
  • -Spreading out missed payments over the total repayment period
  • -Creating special payment arrangements

To learn more about it, click Dealing with Mortgage Payment Difficulties.

For complex accounts, their Default and Claims Management Team can help with everything from early delinquency to filing a claim. They can also work with you to manage defaults on multi-unit properties.
For general inquiries, call the Claims Payment Centre at 1-866-358-9999. The Centre is open Monday to Friday from 6:30 a.m. to 11 p.m. EST. They are also available on Saturdays from 8:30 a.m. to 7 p.m. EST.
For complex or specific inquiries, you can reach a Default and Claims Officer through the Payment Centre number. Claims Officers are available Mondays to Fridays from 8 a.m. to 6 p.m. EST.

If after much reflexion, the best decision is to change your living arrangements, then this is where I come in. Let me know your concerns and we can find a solution. I’ve done this before for other clients – and they were able to get back on their feet. Contact me.

 

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