As a mortgage agent with Neighbourhood Dominion Lending Centres in Barrie, I often see people who for whatever reason have gotten behind in their debts. Sometimes someone has been sick, a car accident left them unable to work for some time, lost job, or even money management issues. The important first thing to do is to contact the creditors that you are behind with and ask them if they can help you.
Often they will give you some time relief to get the debt payments up to date, work out a payment schedule or work with you on a plan. Many mortgage contracts have a clause where you can miss a mortgage payment, contact your mortgage lender or mortgage specialist for advise on this. Of course, the missed payment gets tacked on the end but it could be helpful at this time of uncertainty. Make sure you ask whoever the creditor is if the agreed to plan will be reported on your credit report. If it will be, think carefully to ensure that you don’t disrupt future plans.
Bankruptcy and consumer proposals are not always in your best interest. Consult a reputable credit consulting company for your options. If you have equity in your home, contact a mortgage broker for a free no obligation consultation.
Read the following blog by –
Dominion Lending Centres – Accredited Mortgage Professional
Shaun is part of DLC Canadian Mortgage Excellence based in Lethbridge, AB