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Canada’s COVID-19 Economic Support for Mortgages

March 20, 2020

Mortgage Payment Support

 

On March 18 the Government of Canada announced Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses. We have provided a link to the Response Plan at the end of this email.

 

The government plan includes Mortgage Default Management Tools that lenders can use to provide financial relief to mortgage holders on a “case by case basis.” As is always the case, if you have any questions at all about your mortgage, if your mortgage is up for renewal, you want to explore refinancing options that can help you and your family navigate the current environment, or if you simply have questions about your mortgage, please don’t hesitate to contact us directly.

 

To learn if you qualify for support your lender has requested that you contact them directly so that they can assess all situations on a case by case basis. MonsterMortgage.ca has been advised that phone wait times will be long due to the number of Canadians impacted and limits to staffing due to the current crisis. If you plan to contact your lender, we encourage you to record your conversation and get an email confirming the details.

 

MonsterMortgage.ca will continue to provide you with updates to mortgage programs, policies and more as they arise. In the interim, if you have any questions please don’t hesitate to contact us and from all of us at MonsterMortgage.ca, please stay healthy and safe.

 

Sincerely,

Don Bayer

President, MonsterMortgage.ca

 

P.S.  Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

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