We are in unprecedented times. The Covid-19 outbreak is taking a toll on all everyone around the world. My hope is that all my clients stay healthy and safe. I can’t emphasize enough how important it is to follow the guidelines of the World Health Organization and Canada’s public health advisories. Stay indoors as much as possible, isolate yourself, wash your hands frequently, don’t touch your face and SOCIAL DISTANCE. We will get through this, there is just no other way!
I was going to come to you today via video but DLC (our parent company) has released the following discussion with Dr. Sherry Cooper, our resident economist, who gave an excellent overview of the situation from a health and economic perspective. Its long but definately worth the watch. https://vimeo.com/400390895
As I am writing this message, a new initiative has been announced by the Federal government to support laid off workers. They are combining two earlier announced initiatives, the Emergency Care Benefit and the Emergency Support Benefit into one program, the Canada Emergency Response Benefit. It will provide $2000 a month for four months for individuals who lost their jobs and are without an income as a result of Covid-19. It will help those who are full time contract workers, self employed, or even if you are still employed but not receiving an income. The funds will be available through an application process.
Here’s the link to further info on CTV News. https://1l.ink/JMKBB5T
Strategies on dealing with this crisis are evolving at a much faster pace than any government changes have done before. I will do my best to keep you updated on current mortgage information and policies relating to Covid-19.
Please understand that the lenders have been inundated with phone calls and emails from worried borrowers. You may contact me if you have any questions or concerns. Please check your mortgage companies website on how to best communicate with them and how to apply for a deferred payment, if needed. Keep in mind that there is an application process and dererred payment(s) will be added to your outstanding mortgage balance, so in essence you will will still make the missed payment(s) only later.
Your options may be –
Deferred payments, Capitalization of outstanding interest and costs, re-amortization of the loan, other special payment arrangements
You can check my website for further Covid-19 information. www.barriemortgagelocators.com
As always, I am here to help and please don’t hesitate to call if you have any questions. We will get through this together.
Stay healthy and safe