As the cost of living rises, some homeowners are skipping meals or putting off paying bills in a struggle to keep up with mortgage payments and hold on to their houses.
If you’re in that situation, experts say the sooner you act, the better — and you may not even realize how many options you still have.
It’s also important to understand that lenders like banks and credit unions don’t actually want to take your house away, said Adrian Schulz, a mortgage broker at Centum Financial Services in Winnipeg.
“Nobody is in the loan-to-own business,” Schulz said, adding the first thing you should do if you’re worried about making your mortgage payments is talk to your lender about your situation.
“I think that borrowers would be surprised to see the number of options that will be presented.”
And just because you’re behind on payments doesn’t mean you’ll be kicked out of your house…
