ABOUT: Navigating mortgage payments during financial hardships is crucial, as outlined by the Financial Consumer Agency of Canada.
LINK: Paying Your Mortgage When Experiencing Financial Difficulties
Summary
The Financial Consumer Agency of Canada provides guidance for individuals struggling with mortgage payments due to exceptional circumstances. The agency sets expectations for banks to offer tailored support, including mortgage relief measures, to those at risk of defaulting on their mortgages. The article emphasizes the importance of proactive communication with banks and understanding the options available, such as mortgage relief measures, to mitigate the financial impact and avoid potential negative consequences like mortgage default and forced home sale.
Key Points and Ideas
FCAC expects banks to assist individuals struggling to pay mortgages due to exceptional circumstances.
Tailored support is available for those with residential mortgages on their principal residence and at ...
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