Note- this was a small random survey of 1,335 Canadians taken April 16th by The Forum Poll™ – but the indicators are large enough to warrant this blog post.
Don’t let this be you!
- Always find a way to make your mortgage payment. Always.
- Miss a payment on any other debt or debts before you miss a mortgage payment.
Some Alternative Options:
- Call the lender and ask for a deferral, or even just to invoke the skip-a-payment privilege that most mortgages allow for.
- Borrow from family.
- Ask for an advance on wages.
- Make the payment with your credit card, or personal credit line, or bank account overdraft.
Why is this so Important?
- Because it will be very difficult to get your next mortgage, or at least your next mortgage will carry a very high interest rate.
- In worst cases you won’t get one at all until enough time has passed with good credit management that a lender will be willing to lend to you on a mortgage.
- Speak with your Mortgage Lender about what options they offer.
- If you feel you need some coaching on how to handle that conversation talk to your Mortgage Broker first.
From the April 16th The Forum Poll™
“While Canadian lenders stepped forward with unprecedented measures to assist those affected by the COVID-19 pandemic, there were still some homeowners unable to make their mortgage payments over the past month.
One in 20 homeowners (6%) said that due in part, or in full, to the COVID-19 pandemic, they had missed a mortgage payment recently, while a similar proportion preferred not to say (5%).
Amongst those homeowners that said they had already missed a mortgage payment, a high proportion (caution small sample) (76%) said they will miss another mortgage payment before the pandemic ends. One-quarter (23%) said they would not, and few (1%) preferred not to say.
Nine in 10 home owners said they had not (89%) missed a mortgage payment, but of those who said they had not yet missed a payment, about one in twenty (5%) said they think they will miss their next mortgage payment, with a similar proportion preferring not to say (5%).
Nine in 10 (90%) said they wouldn’t.”
Read more at: http://staging-poll.forumresearch.com/post/3057/covid-19-housing-and-employment/
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