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General Information relating to Deferred Mortgage Payment Programs

This is not free money – it’s a postponement of your payments – You are still expected to ultimately pay all of the money you owe, with interest.

True Financial hardship must be demonstrated – These programs are for customers who are genuinely struggling to make their next mortgage payment. They may have lost their jobs and/or a portion of their income and they do not have the cash reserves necessary to draw on.

If you do not fall into this distressed category, please do not call your lender at this time – Lender phone lines are overloaded right now with many of the calls being from customers who are worried but are not in a situation as per #2 above.

Deferring mortgage payments won’t hurt your credit score – A lender-approved deferment is not a missed payment – and it will not appear on your credit bureau report as such.

Communication is the key – If you are going to miss your mortgage payment, contact your lender first! Be honest with them about your circumstances and have a plan for how you are going to get back on track.

A mortgage deferred payment program is for your mortgage payment only – Property tax installments and insurance premiums are entirely separate from these programs and must continue to be paid.

Rental property investors may also be eligible – Property investors with tenants who have stopped making their rent payments will also be considered, however they will be assessed by the same rigorous standards as noted in #2 above.

Feel free to contact us with any questions. (604) 313-3199/ karen@gibbardgroup.com