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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #1  
Old 03-24-2020, 09:43 AM
Abba435 Abba435 is offline
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Default Corona virus - Mortgages and rent

CMHC has announced mortgage payment deferrals for all insured loans on March 22, 2020 effective now.
All banks are being told to follow suit for uninsured loans.
Just call your bank and tell them you need a deferral.
Deal with it after this pandemic is over and payments resume.
Noone is foreclosing. No penalties. No strict policy. Just call the bank.
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Old 03-24-2020, 09:49 AM
dad2bandm dad2bandm is offline
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For anyone considering this (and the banks have to approve you), really do your homework first, and use it as a last resort (like, you've lost your job, and have no choice).


The mortgage deferral costs you more in the end, and you may be surprised by higher payment amounts when you start paying again.
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Old 03-24-2020, 09:57 AM
Abba435 Abba435 is offline
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Quote:
Originally Posted by dad2bandm View Post
For anyone considering this (and the banks have to approve you), really do your homework first, and use it as a last resort (like, you've lost your job, and have no choice).


The mortgage deferral costs you more in the end, and you may be surprised by higher payment amounts when you start paying again.
Yes this is not carte blanche.
Only should be used if truly needed.
I should have made that more clear
Thanks for pointing that out.
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Old 03-24-2020, 09:59 AM
Abba435 Abba435 is offline
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Quote:
Originally Posted by dad2bandm View Post
For anyone considering this (and the banks have to approve you), really do your homework first, and use it as a last resort (like, you've lost your job, and have no choice).


The mortgage deferral costs you more in the end, and you may be surprised by higher payment amounts when you start paying again.
Mortgage rates are expected to fall so might be a good time to look at renewing, maybe even early renewal (fold the penalty into principal) or blend and extend. Consider getting pre-approved if your lender allows this.

Last edited by Abba435; 03-24-2020 at 10:16 AM.
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Old 03-24-2020, 01:27 PM
velas velas is offline
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And this is only for insured mortgages I believe. Mine is uninsured, so I guess my only option would be to skip a payment. Iím hoping to not have to do that.
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Old 03-24-2020, 02:34 PM
Abba435 Abba435 is offline
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Quote:
Originally Posted by velas View Post
And this is only for insured mortgages I believe. Mine is uninsured, so I guess my only option would be to skip a payment. Iím hoping to not have to do that.
CMHC's CEO was interviewed saying all loans are to be included insured or not. Devil is in the details. Check with your lender.
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Old 03-26-2020, 09:00 AM
velas velas is offline
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Dang, I wish I was up for renewal this year!
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