The Kiss of Death - Missed Mortgage Payments

How to deal with your mortgage payments during the COVID 19 crisis

The economy in Calgary the last few years … it has been tough.. really tough..  And the impact of the COVID 19 Pandemic is without a doubt going to make things even harder for Calgarians (and everyone else in the world), over the next year. Many Canadians will have to use credit cards, lines of credit and possibly even miss some of their monthly payments to make it through this time.  Here is the thing , you can recover from this, you really can!  The credit agencies will understand a few missed payments, even on a vehicle and still allow you to obtain a mortgage down the road.

But there is one payment that you cannot miss without speaking to your lender in detail first, your mortgage payment.  There is no coming back from that.

In today’s lending environment, we are increasingly seeing lenders that will not tolerate a missed mortgage payment on your credit bureau.  They are actually more lenient with borrowers with bankruptcy and Consumer Proposal than they are with missed mortgage payments. It’s insane.

MANY lenders are making concessions during this time of need. If you need advice or help with how to approach your lender about missing a mortgage payment, please reach out! We’re here to help! What you CANNOT do is make the decision to skip your mortgage payment without first speaking to the lender and confirming the policy or procedure.

If you know someone that is struggling, make sure that you encourage them to reach out to us while solutions still exist! Often we’re able to help restructure the mortgage into a more manageable monthly payment, with draw equity to payout other debts or help advise on how to .