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Thread: COVID-19 Mortgage Payment Relief: What’s Available to You

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    Default COVID-19 Mortgage Payment Relief: What’s Available to You

    🔷 BIG update from mortgage lenders industry wide! 🔷

    In light of the financial pressures imposed on Canadian families by Covid-19, many lenders are offering up to 6 months of either skipped or deferred mortgage payments.

    It is important to note that this is will be evaluated on a case by case basis and it can take up to 1-3 business days for a response.

    ❓For more information and list of lenders contact information, click here: https://timlacroix.com/covid-19-mort...ilable-to-you/

    📧 For more information, feel free to reach out to me and stay tuned for future updates.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

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    Does the interest on these payments or postponements continue to accrue?

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    Quote Originally Posted by Chandler_Racing View Post
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    Does the interest on these payments or postponements continue to accrue?
    Unfortunately, I do not have the full details as to the impact of the deferral payments.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

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    Heard a lot of people got screwed by this during the fort mcmurray fires when they were offered the same thing.

    Looking at mcap which I am with it just says they will waive applicable fees, doesn’t say anything about the interest.
    Last edited by nzwasp; 03-19-2020 at 08:29 AM.

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    Quote Originally Posted by nzwasp View Post
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    Heard a lot of people got screwed by this during the fort mcmurray fires when they were offered the same thing.
    Ouch, but when you run out of options...

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    I fear a lot of borrowers will take advantage of this “just because” without knowing the true consequences.
    ...

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    Aside from the additional interest, how would people get "screwed over" by this?
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    theyve announced this deferral like its going to help a lot of people but then it seems theres not much info out there. When I read the small print saying banks are doing this on a case by case basis I realized the banks most likely arent going to defer or help that many people.

    One of the things I read is the deferral is not supposed to negatively effect your credit. If that's the case why not defer your mortgage? I've got a rental property that renews in june. If I deferred that for 6 months I could give my renters help on the rent while pocketing more money over that period of time. Seems like a no brainer in this instance.

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    Quote Originally Posted by gwill View Post
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    theyve announced this deferral like its going to help a lot of people but then it seems theres not much info out there. When I read the small print saying banks are doing this on a case by case basis I realized the banks most likely arent going to defer or help that many people.

    One of the things I read is the deferral is not supposed to negatively effect your credit. If that's the case why not defer your mortgage? I've got a rental property that renews in june. If I deferred that for 6 months I could give my renters help on the rent while pocketing more money over that period of time. Seems like a no brainer in this instance.
    If interest continues, you pay more and usually, you have to pay what you missed in full when you start it again to avoid interest.


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    The benefit of masks is not known at this time. But we do know it is some non-trivial amount more than zero.

    We also know that the cost of mask use is, essentially, zero.

    So the cost:benefit of mask use is approaching infinity. I'll take that every time. And every time I see someone without a mask, I think they are stupid.

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    This is exactly what happened in fort Mac. From what I understand the people who used it had to just pay a bulk payment of everything they missed during the deferral.

    If it truly was just pausing your mortgage with no interest and no penalty for six months then I could see that being beneficial for landlords to pause and then also stop charging rent for 6 months. Apparently scotiabanks terms for example is that you can’t take advantage of it unless you are already behind on your mortgage payments.
    Last edited by nzwasp; 03-19-2020 at 09:06 AM.

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    So basically save your money that your normally would use for your mortgage payment and save it because you'll need it at the end of the deferral period anyways? That seems like a completely pointless offer...
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    Quote Originally Posted by msommers View Post
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    So basically save your money that your normally would use for your mortgage payment and save it because you'll need it at the end of the deferral period anyways? That seems like a completely pointless offer...
    Agreed, skipped payments would be better, readjust the terms of the mortgage and add an additional x amount of months with no penalties.

    Deferring the payments for 6 months? Is someone who hasn't worked 6 months going to go back to work and miraculously make 6 months of salary in one month?

    This is silliness

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    Quote Originally Posted by msommers View Post
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    So basically save your money that your normally would use for your mortgage payment and save it because you'll need it at the end of the deferral period anyways? That seems like a completely pointless offer...
    hah yeah. I dont know anything on the deferrals so at the announcement they made it seem like a big deal that could help a lot of people. Wheres the advantage in the deferral? If your going bankrupt is 6 months going to change that?

    Are there any good scenarios to defer? I sort of assumed you'd just add 6 months back to your term with a small fee.

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    Personally I’d rather avoid delaying my mortgage at all if possible, but I could see it helping people struggling, losing jobs, too much debt etc.

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    Quote Originally Posted by gwill View Post
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    Are there any good scenarios to defer? I sort of assumed you'd just add 6 months back to your term with a small fee.
    This seems the most reasonable to me. Hopefully the terms are very clearly stated when they do come out as I'm sure a lot of families may leverage this if it's genuinely advantageous.
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    Skip vs defer is a major difference... depending on the deferral is setup you will either have to come up with a balloon payment at some point, extend the term... or capitalize those payments... depending on the amount that capitalization could be considered a refinance which will mean you no longer have an insurable mortgage, so if your equity isn’t greater than 35% after this rates will be higher... if you have less than 20% equity, well... you could very well be fucked

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    Right now we're all obviously all just speculating on what this means. Has anyone been able to get through to find out any actual details yet?
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    Quote Originally Posted by schurchill39 View Post
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    Right now we're all obviously all just speculating on what this means. Has anyone been able to get through to find out any actual details yet?
    GF tried with RBC on the rental for 2.5hrs on hold before she gave up... saw something on FB (for how accurate that is) that another bank just added the interest portion in equal amounts to the remainder of the term

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    In most situations it will be interest still adding up and they add to the end of the term or they take the 6 months payments and split them and add it onto your monthly payments. It's on a case by case basis with your bank so if you want to do this call them and ask the options. I'm considering doing this and putting 6 months of mortgage payments into the market and it's costing me 2.05% in interest.

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    My money is on them deferring the payment but accruing interest the entire time. This will likely only be worth it if it means the difference between carrying a balance on your credit card or not. But if you can make the payment you probably should.

    I heard some people talking about why wouldn't you skip a payment if you can. So lots may do this even if it isn't a good idea.

    Again I am still speculating that the bank will never forgive the interest. Shareholders first

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