When you miss a payment with RBC you can schedule to complete the payment on the next withdrawal of mortgage payment. Just call the bank and speak to one of the account managers if you need more then a month extension.

It will show on your record as 30 days late on a mortgage payment. However with the lender it will not be a great impact but you have to call and arrange the missed payment. Usually you can get away with 4 month no payment and then cover the balance. You can explain that you had a financial situation which you took care off.

Hello Howard, depending on your lender you should be receiving a letter or a call when you are 30 days late. No legal action should be started until you are past 90 days however, I say should because lenders do have different internal guidelines regarding this. I would suggest however that you contact your lender immediately and preferably no later than the 60 day mark to let them know that you are experiencing financial hardship and see if they have any way to help you out. The lenders don`t really want to be the `bad guy` and foreclose on your home if there is something they can do to help out they will. In most cases where your mortgage was insured (If you placed less than 20%-25% down on the initial purchase of the property chances are the mortgage was insured) you can get help from the insurers. If your mortgage default insurance was done with Canadian Mortgage Housing Corporation (CMHC) you can call CMHC Claims Payment Centre 1-866-358-9999, they may be able to help you with regards to your situation. If Genworth was your mortgage insurer then Genworth`s Hardship Relief Program may be able to help, call 800 365.4322. Don`t let this get too far, once legal proceedings are started the costs involved are passed on to the homeowner, and a foreclosure is not something that is easy to deal with for all parties involved. I hope this helps. If you would like any further info please do not hesitate to contact me at: Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

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I have a condo in southern ontario but i want to sell it and then re-locate to bruce county. this would require me to quit my day job, but i can easily pay the bills doing freelance work. my question is, if i get the mortgage pre-approval based on the income from my day job, buy a house in bruce county, but then obviously have to leave my day job... will i mess up my mortgage? after i buy a house, as long as i make the payments, does it matter to the bank how i make the money? thanks!

Get that pre-approval while you still have the day job if you can get it, because it will be much harder to convince the bank that you can make the monthly payments, since you have no income HISTORY to PROVE you can do it just as easily with freelance wok. Banks generally require 2 years of tax returns as proof of self-employment income.

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I bought a home 3 years ago using the 0 down program that doesn't exist anymore...anyway, i've come to the end of my originally arranged 3 year term on a 25 yr amortization with a company called xceed here in ontario. three years ago xceed did their own mortgage insurance but now are no longer allowed so i need to refinance using genworth or cmhc or aig but none of them will approve me. so what's happened is my mortgage is currently on hold while the mortgage broker is frantically attempting to find me a mortgage somehow without killing me with a unrealistic interest rate...but it doesn't seem to be happening. my credit is good and i have never ever missed a mortgage payment...i'm just in limbo right now. has anyone else had this problem? what did you do? does anyone know of any other avenues i can take? this crunch is killing me and i do not want to lose my home! p.s i have 83% ltv right now.

Lisa: Try posting your question in the Mortgages forum below. Good Luck! Bob

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I have a friend, and due to some personal issues she is no longer to keep her home. it is a townhouse in brampton, ontario (canada). i have offered to step in and just take over the mortgage payments and just transfer the home ownership in my name. i have never owned a home before and am not sure what the correct protocol would be in this situation. how do i go about doing something like this, and is this even a legal/smart thing to do. any help would be greatly appreciated.

As stated above, this is perfectly legal. However, in contrast to other info stated above, it may or may not be a breach of contract on the part of your friend. If she got the loan representing that she would owner-occupy the property, then there is probably an "Alienation Clause" in the Trust Deed or Mortgage. Find the paperwork with one of those two titles on it, and just read the thing. Also be sure to read any addenda to the Trust Deed or Mortgage. However, if she got the loan as "non-owner occupied", then it's very likely that there is no "Alienation Clause" in the Trust Deed. And what does an Alienation Clause say? It says that if your friend gives away all, or any part, of the ownership of the property for which she got the loan, then the bank can call the note due and payable right now. Chances are she has an Alienation Clause, but that's hardly a foregone conclusion at this point in time. As for actual transfer of the ownership, consider some sort of quiet title action, such as a Quit Claim Deed, or its Canadian equivalent. Remember that if you do things as you have outlined, that you will be on title, while your friend will still be on the loan. Transfer of title does not mean you are officially assuming the loan. It's still hers on paper. And yes, you should ABSOLUTELY talk with a real estate attorney, at least for a few minutes, about what you are contemplating here. I see so much wrong advice given in this forum. Talk with an expert before you make a move. Good luck to you!

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I am a single mother of 2 children who recently became sick and unable to work at my current job. i've 'never' been without a job, so this is all new to me. since my employer does not have short term disabilty, i had to go on unemployment insurance sickness benefits. the amount i get from them is less than 1/2 of what my regular salary was. i have a mortgage payment, property taxes, hydro, gas, telephone, and other expenses that my now very limited income doesn't cover. i've had to ask 'family' for assistance but that can't go on forever. i need to know what resources there are out there to assist me temporarily through this time. the sickness i have does not enable me to work as i encounter blackouts etc. i no longer am allowed to drive and am at the mercy of others to get me and my family the places we need. if anyone knows of any assistance i may be entitled to i would appreciate it. i live in a small town in southwestern ontario.. i've checked into ontario works and the ontario disability program but apparently i make too much money and dont' qualify. any advice will help! thank you! :)

I would contact your local public aid department. They have several programs that you can go on to help pay for certain bills such as high electric bills, food, cash assistance until you can get back on your feet. SOmetimes if you contact your mortgage company maybe you can refinance your loan to have cheaper payments. Is there some kind of work that you can do at home. I know some companies such as westathome.com allows you to work from home and you can pick and choose your hours.

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Here's the situation: my husband and i currently have a primary residence in north dakota which we have a mortgage on (monthly payment is $823). we plan to retire in 15 years. for the past year we have been looking at property for sale with or without a residence on it to have set up as our primary residence in retirement. this last week we found it. its perfect, everything we want for our family, upstate new york, 5 acres, stream, surrounded by apple & peach orchards, 1/4 from lake ontario, across the street from a state park, 15 minutes from amish country, huge barn, etc. currently there are renters in the property and it is for sale by owner. the property is selling for $155k and the current owners bought it for $145k 3 years ago. we believe it is reasonably priced. our credit score is between 760-770 and have a low debt ratio (no car payments, no credit debt, one small 3 year loan under 7k that we got for our parents to consolidate their loans and they pay on time.) i think we have formed a good repore with the sellers. this is their second home as well, they live out of state. i have talked to a handful of banks and we are definitely preapproved. the down fall is that they are considering this an investment property because there are currently renters in the home whom we have agreed that they will stay for no longer than a year, then becoming our vacation home until we can retire there. is there anyway around this "investment" classification that the lenders are calling it. for 14 out of the 15 years it will be a vacation home until we can make it our primary residence. with the lenders classification the lending falls under more strict rules. for example we will have to have 20% down, plus closing costs, totaling about 42k due at closing. that's a lot of money! but we want to get in now because i know as we speak mortgage lending practices are tightening and new rules are being put into place. with this and inflation we want to get in now before it will cost us even more money. our plan would be to have it paid off by the time we retire. please anyone with any ideas/advice would be helpful. we are open to non-traditional ideas like "assuming a loan" or the like. here is what we have been given by the banks thus far: 30 year fixed pay 2 points 6.625 interest rate 20 % down payment around $1070 a month thanks in advance. i would like to add a few more details and thank you to all who have helped in answering my question thus far. the current owners own the house in full, so there is no mortgage. also, i know they want to sell this house so they can use the money from equity for their new house. we haven't put in an offer yet but they have already told us they are firm on the price, 155k and that they have already reduced it by 15k. i do believe it is a great deal at 155k. hope these minor details help. keep coming with the good advice.

There is absolutely no way. You can not rent out a "second home", it has to be vacant when you are not there. You can buy it now as an investment, and refinance it later when you no have tenants.

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About one year ago i jointly purchased a property in ontario for 370,000, i made 10% down payment at the time of purchase and obtained fixed loan of 3.5 for three years. after 3 months of purchase i had an accident leaving me with a fractured leg; jobless. i am unable to pay 50% of my monthly mortgage. my friend too is not in a financially sound position. the mortgage is now taken care by the rents from letting out rooms to tenants, but occupancy is not always full therefore we end up paying from our own pockets at the end of the month. when i tried to sell the property by listing it i learned for the first time that i purchased a property which was listed for 5 months at a asking price of 310,000/- and i was lured into buying the property much higher then the market price so now it is hard to sell even at the purchase price. i do not have the finances to improve the condition of the house to get an attractive offer. my friend tells me to take off the property from listing as it tends to devalue the price if it is on the listing for a long time. according to him such properties are only purchased by investors we need to search search buyer without listing it. i feel ripped off by my property agent who happened to have sold the property of his boss's first cousin doing him a favor. i am planning to further my studies by taking admission in the university and looking forward to take osap government loan to finance my studies. i want to ask how can i get out of this situation? and continue with my studies and find a job to support my family. to what extent the mortgage co. go after me for recovery if i fail to pay the mortgage? will they get after my joint locker which i maintain with my partner? will i be jailed for default? now what are my options? how do i get out of this mess .. clean?

I would go talk to a lawyer. It sounds like your agent held back important information from you when you purchased the property. If the agent double-ended the sale, represented both the buyer and the seller, it think you might have a strong case of constructive fraud against the agent.