What are my options if I can’t Pay my Mortgage?


What are my options if I can’t Pay my Mortgage?


May 15, 2020

Global Korean Post


Due to unforeseen financial circumstances, if you can’t pay your mortgage, you need to get in touch with your mortgage professional at the first sign of trouble.

Your mortgage professional is there for the long haul. They want to establish and maintain a positive relationship with you.


For CMHC-insured mortgages, they provide your lender with the tools and the flexibility they need to make timely decisions when helping you to find a solution for your unique financial situation.

The tools that may be available to you include:

  • Short-term mortgage payment deferral:
    Your lender may agree to pause or suspend your mortgage payments for a certain amount of time.
  • Extending the original repayment period (amortization):
    An extension to your original amortization period can lower your monthly mortgage payments.
  • Adding any missed payments (arrears) to the mortgage balance:
    Your lender may be able to add missed payments to your mortgage balance and spread them over the remaining mortgage repayment period.
  • Moving from a variable to a fixed interest rate mortgage:
    Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
  • Special payment arrangement:
    There may be a special payment arrangement unique to your particular financial situation.

CMHC will consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.