Late payments & deferral options

Act early, know your options, and protect your equity and your credit.

If you are behind on your mortgage, or worried you soon will be, you are not alone and you have more options than you think, as long as you act early.

Options to discuss

Talk to your lender first. Payment arrangements, deferrals and adding arrears to the balance are all easier before you fall far behind.
Extend your amortization to lower payments, where your lender allows it.
Refinance or switch lenders to consolidate higher-interest debt. Peter can check what you qualify for, including alternative lenders.
Sell on your terms. A planned sale protects your equity and your credit far better than a forced one.
Get independent advice. A lawyer, or a licensed insolvency trustee if debts are overwhelming, can explain your rights.

General information only, not legal or financial advice. Every lender's policies differ.

Confidential help

Call or text Sean at 778-363-0542, or Peter at 250-309-4920. Everything stays between us.

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Mortgage Problems Canada – Late PaymentsAlberta, Vernon and other BC areas
Late Payments – British Columbia and AlbertaAlberta, Vernon and other BC areas
Mortgage Deferral Options CanadaBritish Columbia

Questions

What should I do if I miss a mortgage payment?

Call your lender right away and ask what options they have: a payment arrangement, a deferral, adding arrears to the balance, or extending your amortization. Lenders usually have more options early. A broker can also review whether a refinance or a different lender could help.

Can I get a mortgage deferral in Canada?

Some lenders offer payment deferrals or skip-a-payment options in hardship situations, but interest usually keeps building and the deferred amount is added back. Ask your lender for the terms in writing and compare them with other options before you agree.

Is selling my home an option before things get worse?

Yes. A planned sale on your timeline usually protects far more of your equity than a forced sale. Sean can give you a free, confidential valuation so you know where you stand.