There are options to covering your mortgage payments if your financial situation is affected by one of B.C.'s forest fires. First, it's important to take quick action and contact your lender at the first sign of any financial difficulty.
Ask your lender about the options available to you and keep them informed of your situation.
For Canada Mortgage and Housing Corp-insured mortgages, CMHC provides lenders with options such as:
- Temporary short-term payment deferral. Your lender may be prepared to offer greater payment flexibilities by allowing you to defer up to four monthly mortgage payments.
- Extending your repayment period (amortization) to lower your monthly payments up to the maximum allowable period.
- Adding any missed payments to your outstanding balance and spreading them out over the lifetime of your mortgage.
"Prepare a list of your income, financial obligations, savings and investments before meeting with your lender. This will help paint a more detailed picture of your financial situation, and make it easier to find a viable solution," CMHC explains. CMHC also offers information on what to do to after a flood or a fire. Visit cmhc.ca or call CMHC at 1-800-668-2642.
