While the world is continuing to search for a way to contain COVID-19, everyone is uncertain as to how long it may take before things will return back to normal. However, the uncertainty is even scarier if we consider the fact that a very large sector of Canadians is left unable to earn an income in a nationwide lockdown.

So, what does one do when income is limited (or missing entirely in some cases) while the living expenses required to keep your household going continue to accrue at the same pace as before?

MORTGAGE PAYMENT DEFERRALS:
While some of your may have heard about this on the news, no one seems to have really explained how one can get a mortgage payment deferral with their bank/lender. The truth of the matter is that most (not all) Financial Institutions/Banks have been very understanding of the current economic conditions. In fact, some of these lenders had to create entire teams overnight just to keep up with the growing number of payment deferral requests every day. Don’t be surprised if you spend over an hour on hold just to get through, but don’t get discouraged by the wait times. Everyone is in the same boat and we have to be patient with one another. Depending on the FI/Bank and your unique circumstances, you could get a deferral of mortgage payments up-to 6 months. It is important to understand that this is a privilege, so be honest and decribe your hardship as it is. The bank doesn’t want you to miss your payments any more than you do. It is also important to understand that some lenders (namely privates) are in the business of leveraging debt and may not be in a position to defer your payments. If you are in a situation where your Private mortgage is falling behind, you would be wise to reach out to your Private Lender ahead of time and figure out an arrangement that works for both parties.

Here are customer service #’s for deferrals with some of the larger FI’s/Banks:

ATB 1-800-332-8383
B2B 1 800 263 8349
BMO 1-877-895-3278
Bridgewater 1-866-243-4301
CIBC 1-800-465-2422
CMLS 1-888-995-2657
Optimum 1-866-441-3775
Equitable 1-888-334-3313
Connect First 403-736-4000
Chinook Financial 403-934-3358
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Haventree 1-855-272-0051
Home Trust 1-855-270-3630
HSBC 1-888-310-4722
ICICI 1-888-424-2422
Manulife 1-877-765-2265
MCAP 1-800-265-2624
Merix 1-877-637-4911
Marathon 1-855-503-6060
RBC 1-866-809-5800
RFA 1-877-416-7873
RMG 1-866-809-5800
Scotia 1-800-472-6842
Servus 1-877-378-8728
Street Capital 1-866-683-8090
TD 1-866-222-3456

GOVERNMENT BENEFITS & INCENTIVES:

In addition to the mortgage payment deferrals described above, you should also be aware of the Federal Government providing a number of financial benefits and incentives to assist Canadians in this difficult time. These benefits and icentives vary depending on your circumstances, but are applicable to employed and self-employed individuals alike. Some programs (namely EI for employed workers) have already been introduced and can be applied for electronically. Others (namely EI for self-employed) will be open for submissions as of April 1st, 2020. We highly recommend that each and every one of you reviews the following link to find out which credits/benefits and incentives may apply to your unique scenario.

Link to the Government Incentives/Benefits

IN CONCLUSION:

Besides the two topics above, I can’t stress how important it is for us all to exercise empathy towards one another and try to help each other in anyway we can.

Please forward this email to those who you think could benefit from the information within it.

Also feel free to reach out to us if we can be of any assistance. We are here to help!