mortgage payments, it's important for you to take quick action. With early
intervention, cooperation, and a well executed plan, you can work together
with your mortgage professional to find a solution to your financial
difficulties.
What Can I Do to Help?
If you find yourself facing financial difficulties, as a result of job
loss, family income reductions, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties.
1. Talk to your mortgage professional
To increase the chance of successfully managing your financial situation
through early intervention, call your mortgage professional at the first
sign of financial difficulty ask the mortgage professional about information on the options available for managing your financial situation and keep the mortgage professional informed as circumstances evolve.
2. Clarify the financial picture
To help your mortgage professional fully understand your financial
situation, before meeting with them, prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.
3. Stay informed
The more information you have at your disposal on managing your finances,
the easier it will be to make the right decisions. Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers like you understand debt problems, and includes information on making a budget, budget counselling, credit repair, etc. Log onto (www.igc.ca) (Industry Canada) and search for "Take Charge of Your Debts".
How Can Mortgage Professionals Help?
Your mortgage professional wants to establish and maintain a positive
relationship with you over long term, and is fully trained and equipped with
the tools to help you deal with the temporary financial setbacks you may be
facing.
http://www.okanaganmortgages.com
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