Purchase a Home
Designed to keep the homeowner secure in their home during an unexpected life event, such as Job Loss, Reduced Income, Sever Illness, Marital Separation etc
The cost is based on a percentage of the mortgage amount. For instance a buyer with 20% down may be as low as 1.25%. This amount is then added into the mortgage and paid monthly, it is generally not an upfront cost. It may be 10-30$ a month, as an example.
As soon as you realize there is trouble ahead, you should contact your Mortgage Broker, Lender, or Mortgage Default Insurance provider. Don't wait till it's too late! Unsure if you should contact them? Here is a tool to help you decide CLICK HERE
Your mortgage default insurance provider will assess the situation, and try to find a resolution, such as capitalizing arrears (adding them to the mortgage balance), increasing the amortization, working together on a shared payment plan, deferring payments, or restructuring the mortgage.
Young family who found black mould in their home, and were able to have the cost of removal added into the mortgage
A homeowner who went through family and health problems
Homeowners who had an accident
Homeowner who went through divorce
Copyright 2015 - Chris Friesen