Hello Cleveland, the lenders hands are often tied regarding delaying a payment, there is an amortization period that was registered with the city when your mortgage was activated. It must be honored. That being said if you are paying on a biweekly accelerated schedule or you have made some pre-payments there may be a skip a payment option available to you. If you have been on an accelerated payment plan the lender may also be able to lower your payments by adjusting your current amortization back to the original amortization schedule. If you just miss a payment without contacting the lender, 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. If you are having problems I would suggest that you contact your lender immediately and preferably no later than the 60 days late 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.

ON Canada - most lenders provide a one time skip a payment especially when your payments are in time. Speak with a TD representative to avail of this program. They may even offer you other services to help you on your current issues as a stop gap solution.

If you miss one mortgage problem you should not have any problems and you should contact your lender and arrange the payment to be withdrawn on the next month payment. If however you feel that you are going to miss the other payment or a few payments due to the fact that you have a financial problem you should try to sell the property as soon as possible and to get out of the debt before you get yourself into a bigger problem. If you miss a mortgage payment mortgage insurance is not going to help you and cover your missed payment.