Not being able to pay your mortgage payments doesn’t automatically make you financially irresponsible. A person may lose his job or be confronted with some unforeseen situation that may prevent them from meeting their mortgage obligations. It’s just one of those things in life that we have no control over. But what we can be in command of is how we react to these circumstances.

It is important to take action swiftly if you feel like you won’t be able to make the mortgage payments. Find a mortgage professional that can help pacify this situation with a quick intervention and well-executed arrangements.

Let Your Mortgage Broker Know

This should be done the second you begin suspecting financial difficulties in the future. Ask them about the options available to you and keep them informed throughout the situation. But beware that anyone who asks you for upfront payments of any nature for anything may as well be a fraud. Keep your eyes and ears open for any fraudulent activities.

Figure out Where you Went Wrong

When you sit down with your mortgage professional to find out a solution for your problem, make sure to bring all the relevant papers so they may figure a way out for you. This includes credit card information, loan papers, house bills etc. Also bring proof of income, investments if any and a list of any other assets you may have.

Stay On Top of It

Remember that ultimately this is your problem and not the broker’s. So try your best to stay informed on the latest happenings of your case. It will be easier to manage the situation if you know what really is going on with your finances. Many online tools from various websites as well as the government can help you understand how lenders deal with situations like yours. Similarly, you can also learn prioritizing your expenses and budgeting to get you back in the game.

It is important to learn the essentials of Canadian mortgage if you are going to be paying it for a long time.

Learn How CMHC Can Help You

The Canada Mortgage and Housing Corporation (CMHC) provides Canadians with mortgage tools to help them make timely decisions about their financial situations. On their website you can find tools to help you find out a fixed interest rate mortgage of you fall victim to a sudden rate increase. You can also find tools that offer temporary short-term payment deferral as well as calculate the extended repayment or amortization period.