What Happens When You Miss A Mortgage Payment?

The best advice is to not miss your mortgage payment. But sometimes life just happens and you fall behind.

Don’t just ignore the fact. The first thing to do is call your Lender. Explain the situation, If they can help they will advise what to do next. This is not a situation that you should hide from. In a normal instance once 3 late payments have been made (in some cases sooner) the Lender must take legal action.

Your Lender has the right to recover any money that is not paid on time and multiple late payments can result in a Power of Sale procedure against you.

There are times when CMHC or Genworth may be able to assist, especially if there has been job loss or illness.  This is something you should discuss with you Lender or the person who helped you get the mortgage.

A qualified Mortgage Broker will usually be able to help you through the process. Don’t hesitate.  Call as soon as you know you can’t make a payment. It’s your best chance for help.

When a situation is not understood a solutions can’t be reached. “Your Durham Region Mortgage Doctor” understands how to deal with less than perfect credit.  Let us help you get a mortgage approval when others fail to help. We have the power of Mortgage Intelligence behind us! We also have the experience to use it! Contact us now!