Behind your Mortgage payments
What to do, when you miss or fall behind your mortgage payments? It happens to lot of Canadians. 61% of Canadians do not know what options are available to them if they miss or are behind on a mortgage payment in a situation that could leave them in the bad books with their bank, and at the mercy of creditors. If you fall behind your mortgage payments, the very first thing you should do is call the mortgage lender or bank who loaned you the money in the first place (your mortgage lender). Even if you know the cash-crunch is coming down the road — say, you lost your job but have enough saved up to get you through the next three months — call them now and disclose your circumstances fully.
Few Canadian lenders have a skip a payment plan but it also has a provision to allow you to take a leave from your mortgage because of a change in circumstances. Continue reading Behind your Mortgage payments