Most Canadians don’t know what to do if they can’t pay mortgage
According to a recent survey by LAWPRO®, 61 per cent of Canadians don’t know what options are available to them if they are unable to make their mortgage payments. For younger Canadians, 18 to 34-years old, this number is even higher at 74 per cent. Even more alarming, 79 per cent of those surveyed currently own a property or have considered purchasing one. This paints a pretty grim picture of the lack of mortgage literacy, but the good news is if you’re one of the majority — you’re not alone!
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.
If you are feeling stressed out about your ability to make your mortgage payments, please reach out to me!
