Here’s my advice for when you can’t afford your mortgage payment:
Let’s say you’ve been in your house for a while and you ran into some financial difficulty, and you’ve missed payments on your mortgage. What are the risks you’re running? Depending on how bad things got, or how bad your credit is at the time, a lender may not renew your mortgage. Which is a big problem because now you’re scrambling to either find a new lender or sell your house. There was an interesting story on one of the mortgage broker Facebook groups this past week about this client who got very aggressive with bank staff about his renewal, and apparently, the branch manager said, “Look, we’re not going to renew this guy’s mortgage.” They called his mortgage at renewal, so he is scrambling to find a solution. You know, kindness pays off. So be polite, pay your bills if you can—but if you are running into trouble, don’t play ostrich. Reach out to your lender and say, “Hey, you know, I’ve got some things going on.”
Lenders don’t want to take over your house. They will work with you to try to find solutions. And if you have any questions about this, reach out to me!
I have a great video on renewing your mortgage too.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.