Canada's Mortgage Payment Relief Resources During COVID-19 Outbreak
If you're looking for more information in these uncertain and difficult times, we reached out to our mortgage partner to gather whatever details we could regarding mortgage payment relief for home owners in Calgary during the COVID-19 outbreak. Below is a quick summary.
Insurers (CMHC, Genworth, and CG) already had programs in place with the banks/lenders that allowed them to capitalize up to 4 monthly payments. Today they announced that they will consider extending the program to allow up to 6 months of capitalization provided that:
1. Original insured loan amount is not exceeded
2. Request to cap payments is received prior to Sept 13, 2020
3. Bank/lender confirms the capitalization is being applied reasonably to help mitigate short-term financial difficulty resulting from COVID-19.
The insurers have several other default management tools available which include: payment deferral, loan re-amortization, and other special payment arrangements. All assistance options will be considered on a case by case basis.
The programs are facilitated through the banks/lenders and therefore you should be directing your clients to contact their lender directly for further assistance.
Some banks/lenders have their own assistance options as well.
Here is a list of customer service numbers:
B2B 1 800 263 8349
Connect First 403-736-4000
Chinook Financial 403-934-3358
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Home Trust 1-855-270-3630
National Bank 1-888-835-6281
Street Capital 1-866-683-8090