List of Top 5 Mortgage Problems and Difficulties and How To Over Come From Them

1. Mortgage Problems and Difficulties and The Top 5 Ways You Can Overcome Them

2. Household debt is at an all-time high in Canada and falling behind on your mortgage payments is one of the most common and the most difficult situations many Canadians are facing. Financial problems and challenges happen to anyone and it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. You may be able to eventually find a solution on your own or you may need to follow the advice of a professional that can make a big difference in resolving your financial difficulties. If you find yourself facing financial difficulties, as a result of job loss, family income reduction or for other reasons, you will most likely experience difficulties paying your mortgage. Many mortgage difficulties and Problems will arise when you can’t pay your mortgageand it’s important for you to take quick action.

3. Even if you are not actually in arrears, but are in pre-arrears, you should take immediate action. Delaying and allowing the mortgage arrears to build up will make your mortgage difficulties and problems worse. In most cases, with early intervention, cooperation on your part and a well-executed plan, you can work together with your mortgage professional to find a solution to your mortgage payment difficulties. 1. Call your mortgage lender at the first sign of financial difficulty and explain your situation. To increase the chance of successfully managing your financial situation through early intervention, Ask your mortgage lender about information on the options available for managing your financial situation. In order to help your mortgage professional fully understand your financial situation, before meeting with them, prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.

4. 2. Manage your finances. The more information you have at your disposal regarding managing your finances, the easier it will be to make the right decisions. Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers understand debt problems and includes information on making a budget, budget counselling, collection agencies, credit, and credit repair. To view this tool, log on to www.ic.gc.ca (Industry Canada) and search for “Take Charge of Your Debts”. 3. Your mortgage professional wants to establish and maintain a positive relationship with you over the long term and is fully trained and equipped with the tools to help you deal with the temporary financial setbacks that you may be facing. For mortgages insured by Canada Mortgage and Housing Corporation (CMHC) or Genworth, CMHC and Genworth provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation. These tools include:

5. • Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur. • Offering a temporary short-term payment deferral. Your mortgage professional may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule. • Extending the original repayment period (amortization) in order to lower your monthly mortgage payments. • Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period. • Offering a special payment arrangement unique to your particular financial situation. CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.

6. 4. Mortgage protection insurance. A mortgage is a long-term obligation to pay back the money you’ve borrowed and a lot of things can happen over the years. Whether you're single, married or living common law, and whether you’re with or without children, it's important to protect yourself and your loved one’s. it's good to know you also have choices when it comes to protecting your mortgage and your family's finances from the unexpected. If you know you’ll need insurance, it’s important to understand the different types of coverage and the different kinds of policies. Mortgage protection insurance helps cover your mortgage payments if you become seriously ill or die unexpectedly. It’s a smart way to secure your future. Choosing both term life insurance and critical illness insurance together gives you and your family the right protection when you need it most. With critical illness insurance , if you become seriously ill, you’ll receive a lump-sum payment to spend as you choose, on things like medical expenses and mortgage payments so you can focus on recovery. Term life insurance gives you affordable, flexible protection that your loved ones could use to pay off your mortgage or cover other expenses if you die unexpectedly. Mortgage insurance through a mortgage lender covers only the individual(s) listed on the mortgage. Term life insurance and critical illness insurance from an Insurer other than your mortgage lender covers you, your partner and your children. You can protect your whole family, even those who are not responsible for paying your mortgage.

7. 5. Contact a Real Estate Investment Company that can help relieve you of your financial stress if you can’t pay mortgage. GVCPS Inc. is a Real Estate Investment Company that helps many people who can’t pay their mortgage through their Mortgage Take over Program. Through their Mortgage Take over Program, GVCPS can take over your mortgage payments and the property associated with it. Contact GVCPS to discuss what solutions they can provide to your real estate situation. GVCPS provides free consultation to discuss the different options that are available to your individual situation. They are available 7 days per week including evenings until 9:00 pm. Call 604- 812-3718 or email: info@gvcps.ca You can also contact GVCPS 24 hours a day through their Confidential Form (click here).