Honesty is the best policy when you’re behind
It’s no secret that Calgary’s economy isn’t at its best right now, and CMHC reported yesterday that Calgary’s housing market is sitting “imbalanced”. While the downturn has been beneficial for some, like those wanting to purchase real estate this year, a lack of income can be hard for others to cope with.
“Low oil prices are impacting Alberta and Saskatchewan, weakening demographic and economic fundamentals such as migration, employment and income, which are in turn affecting housing markets,” CMHC said. [Financial Post]
Financial difficulty, whether short-term or long-term, can happen to anyone at any time. Your home is one of the biggest financial investments you’ll make, so while life happens and things can come up, you want to ensure you protect your investment. If you’re behind on mortgage payments and living in fear or losing your home, it’s best to face the situation head on and take corrective measures early. Here are some steps to help you ease the stress and get back on balanced financial ground:
- Contact your mortgage lender right away: being honest with your lender in the early phases will help you avoid penalties, get you on a payment plan and on your way to the best solution.
- Contact your mortgage broker: they can provide you with the right advice, especially because they’ve helped others in similar situations
- Develop a budget, and be honest with yourself about it. Once you’ve defined a budget, stick to it.
- Consult a professional: If you feel like you can’t manage your finances on your own, consult a debt management or credit counseling company.
- Be ready to change! Nothing you do will make any difference unless you get real with yourself about the situation you’re in, and commit to change.
The best reminder for yourself in tough times is that honesty really is the best policy. Looking for more information on how to find help? The CAAMP has some great resources on their website. And of course, you can always contact me with any questions.
