As part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic Canadian mortgage lenders will allow mortgage payment deferrals for up to six months.
With the release of this news earlier this week, these lenders have experienced higher than normal call volume and are doing their best to facilitate all calls and are reviewing all applications on a case-by-case basis.
If you are looking to see if a mortgage payment deferral is an option available to you, it’s important to remember that you are officially declaring ‘financial hardship’ to your lender. Some lenders may question how in just one week or so you are already in a position where you are unable to make your mortgage payment so be prepared to support your claim by having the following information/documentation available:
– Have your Mortgage Statement, or mortgage reference number, on hand
– Have your paystubs and T4’s ready
– Have your explanation to the representative ready with details as to how your job is affected by the Covid-19 crisis
We cannot process this claim for you as the lender wants to see how the Covid-19 crisis has impacted you directly.
If you need any help on how to apply for this, please let us know and we can help guide you.