Lisa Upshaw Mortgages

Lisas Mortgage Tip Deferral Principal

 

 

For anyone struggling to reach their lender, here's some initial info on this matter.  Deferral programs are in place for clients that have lost their job as a result of Covid 19, these are being executed by the lenders directly and are on a case by case basis. 
  • You'll defer the principal portion of your regular amortized mortgage payment and they ask you to continue making interest payments in the interim if possible.
  • If you can’t afford paying only the interest either, then a side loan is done essentially for the missed payments. 
  • Once you can then resume repayments regularly, 100% of your payment goes toward repaying the interest that was accrued of your mortgage until its repaid.
  • Then your payments resume being both principal and interest. 

Lisas Mortgage Tip PaymentRelief

 

Thank you Ryan Sims for the message.  It offers valid and necessary information if you need to consider payment relief during COVID-19.
When the banks announced payment relief options the other day for mortgage holders, the media did not report the entire story. THIS IS NOT A 6-MONTH PAYMENT HOLIDAY.
The program is designed to help people WHO NEED IT and offers options to defer some payments until things get better. Every bank and lender has different options, depending on your need.
  • If you are still working, and earning an income, you probably do not NEED this.
  • If you have 3 months of cash sitting in an emergency fund, you probably do not need this.
  • If you don't have a payment due for another 3 weeks, you probably don't need it now.
Please, please, please, if you are still working, or are not in dire need, please do not plug up the phone lines of the banks, as they are trying to assist everyone that NEEDS the help. I am asking, if your payment is due 7 days or later, please delay calling, as the immediate focus is on trying to assist people that have payments coming up right away.

Lisas Mortgage Tip defer
You have probably heard about potentially deferring your mortgage payments.  So I thought I would give you some information. 

Deferring - I would like to help and am open to discussing situations with you.  However, due to confidentiality reasons, you are required to call or email your lender to discuss if you qualify.  Each situation will be individually assessed and based on need.  Please keep in mind that this is NOT free money, you still owe the money.  Lenders will just defer the payments or add it back to your principal.  It is still unclear if clients can defer mortgage payments interest free so please be sure to ask your lender this question and get an answer that is clear to you.  My advice: If you do not need to defer, do not defer. Stay on track with your payments to save yourself money later on.

 

Payments - Many mortgage companies already had provisions in place to assist homeowners in times of financial crisis. Some other options you can ask about are skip-a-payment, and temporarily extending the mortgage amortization so that your mortgage payment is lower until you are back working your regular hours. 

Here is a list of contact numbers and email addresses as well as some links for Economic Response Plan, Emergency Support Benefit and how to apply for EI.
*  B2B Bank 1- 800-387-2087 /  This email address is being protected from spambots. You need JavaScript enabled to view it.
*  Bridgewater 1-866 -243- 4301 /  customer.experience@bridgewaterbank.ca  
*  CMLS/Aveo 1-888-995-2657  Selection 4  /  This email address is being protected from spambots. You need JavaScript enabled to view it.  
*  Equitable Bank  1-888-334-3313 / This email address is being protected from spambots. You need JavaScript enabled to view it.
*  First National/Excalibur 1- 866-557-5509  /  This email address is being protected from spambots. You need JavaScript enabled to view it.
*  First Ontario Credit Union 1-800-616-8878  /  This email address is being protected from spambots. You need JavaScript enabled to view it.  
*  Haventree 1-855-272-0051/  mortgageservicing@haventreebank.com  
*  Hometrust 1-855-270-3629  /  This email address is being protected from spambots. You need JavaScript enabled to view it.  
*  ICICI Bank 1-888-424-2422  /  This email address is being protected from spambots. You need JavaScript enabled to view it.

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