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one mortgage problem you should not have any problems and you should contact your lender and arrange the payment to be withdrawn on the next month payment.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.

Do the banks report the Credit Bureau that I missed one mortgage payment? I missed a payment twice and nothing really happens if you let the bank know that you will be delaying a mortgage and when will you pay the missing month. Basically if you follow up with the bank and let them know of the situation and rearrange the payment nothing will happen.

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.

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I've had to use my downpayment money in an emergency, but need to move out of my rental because landlord has sold. my credit scores indicate that i will be just short of "a" lending for a year. so i am wondering what "b" or sub-prime options i would qualify for with good full time employment last 10 years; only one auto loan and no late payments on credit cards or the loan over 3 years. are any of these programs in the equation? 107% financing mortgages, cash back mortgages, no doc mortgages, self employed mortgages, bad credit mortgages, stated income mortgages. help, the deadline to move is fast approaching!

Most Canadian banks will offer a no down payment mortgage in conjunction with CMHC or Genworth Financial. You do not have to be an A score to get these mortgages however you usually need to prove that you have 1.5% of the purchase price from your own funds to cover closing costs. This is likely going to be the best product to look at in your current situation, unless you have an immediate family member who is willing to gift you your down payment. Go and talk to your bank and see what you could be pre approved for under this program. The worst that can happen is they tell you it can't be done right now in which case they should give you a plan to make it happen within a certain time frame.

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Score 620 tu and 640 eq .. score pulled while cc were maxed. now paid off in full and waiting for report to update to see new score salary 44000 2 credit card 1 $200 limit 1 $500 limit. 1 loan 4500/5000 payment 220 1 loan 7700/10000 payment 330 all negative credit items have been paid off years ago but are still on there which is why the scores are low. no lates in the past year 1 30 day the year before that...nothing i can do now aside from wait for the negatives to fall off. the worst is 1 student loan default (now paid) but still showing all the 120 day late history. many loans paid with no lates. car/consolidation etc.. my rent currently is $740, lease is up in march ..rent will go up at that time, which is why i am looking now. i also have a person to move into new house. my family is willing to help with the purchase of the home (which i want to keep as little as possible) i'm guessing will be between 10-20 thousand for downpayment/closing costs etc... hopefully less. option 1) consolidate those 2 loans into 1 for a combined payment of 340ish but what will that do to my score since it will be a new loan when i apply for mortgage?? option 2) pay off one or both of those loans prior to purchasing and have less money for a deposit. that will show only $700? available credit on report - how badly will this hurt score? i'm not sure what kind of a deposit i'll have to put down so i'm leary about changing anything on my report and making things worse ...any ideas??

Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender. http://www.worldbestloans.com/ A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

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Hi all, i have a 5 yrs term mortgage that i got 2 years ago for a 4-plex i purchased. last month i contacted an appraiser who appraised the property. based on the appraisal the property is worth around 100k more than purchased. this means i can apply for refinancing and potentially take out some equity from the house. here is my dilemma: the mortgage is with excellent conditions - good interest. i got it through a mortgage broker with a big bank in canada. i have 2 options for the purpose of refinancing: either contact the bank who provided the mortgage directly or apply through a mortgage broker who can decide to work with different banks. the problem with going with a mortgage broker is that he already told me the new conditions will be worse than current conditions i have. if the current bank approved my refinancing application it would be with the same or better conditions! on the other hand, if i go with the current bank am i not taking a risk that if they do not agree to refinance the property because i do not meet their criterias (i am self employed now), then they will also not automatically renew my mortgage in 3 years when term is over!? note: if i do not contact them now, then my understanding is that the bank will automatically renew my mortgage since that is the law in canada: as long as you pay all your mortgage payments on time, the mortgage is renewed automatically without the need to re-apply/go through the application process again! i'm just not sure if i contact them now for refinancing and fail, that they will not keep record of my new 'bad' information (i.e. self employed, less stable, etc. whatever caused them not to approve me) and not automatically renew my mortgage when the term is over! bottom line i do not want to lose twice - once not being approved by the good/big bank now, and second damage my chance to be automatically renewed in 3 years. thanks & regards.

Unless things are really, really different in Canada as the USA then your mortgage will not automatically be renewed when it comes up in 5 years. Rather you will have to re-apply for a loan and if they don't like that you are no self-employed they won't renew. So, assuming this is the case there is nothing lost by going with your current bank. However, if you are worried just go with a different bank (or the mortgage broker, though I've never had any luck with them). I doubt the new loan your current bank would give you would be much better than a new loan from a new bank, so it doesn't matter so much which bank you use.

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My wife owned our home prior to our marriage. just recently we have been talking about moving to a larger home so i started looking at our financial status. i started with trying to figure out the amount left on the current mortgage but ran into a little problem. it appears that the mortgage company created our mortgage by taking a 25 year amortization based on monthly payments, then halving the monthly payments to make the biweekly payments we have been paying. i know that it thus creates an incorrect calculation for a payment monthly of 840 is equal to 10080 and the actual payment of 420 biweekly equals 10920 a year! the payments calculated do not fit the information laid out in the loan papers. my questions, keeping in mind that we are in ontario, canada is: 1 - what recourse do we have against the lender for making such an error? 2 - what options legally do we have against the lender for making calculation errors like this on official documents.

They haven't necessarily made an error. Many financial institutions recommend doing exactly that so that you end up making 1 full month's payment extra each year in order to pay down the mortgage faster. The extra $840 goes all to the principle. Usually, in the discussions with the lender as to whether to make monthly or bi-weekly payments, this scenario is discussed. And there is usually something in the "fine print" that outlines how the bi-weekly payments work. You basically have no recourse - unless the extra payment did not go to the principle. Assuming it did, you have no loss to make a claim for.

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I have original principal : 390,000,00 from td and they gave me two choices to make 1.fixed rate 3.90 5 years term total pyment 1761 and 2. variable rate 2.150 5 years term monthly payment 1322 i am in edmonton canada and i want to know which is the best option to chose right know i really think variable is best choice now. please give me your suggestion and your opinion thanks

If the loan term for each rate is only 5 years you must also have a balloon payment at the end of term. It would make more sense to get a longer term fixed rate as rates will certainly be considerably higher in 5 years. I suggest you sit back down with your mortgage broker and look for a third option.

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I lived with a woman for the past three years, and last week she asked me to leave and will not give me any financial assistance. what are my options? please bare in mind, i contributed a significant amount to living expenses and mortgage payments my entire time there. ps: i live in ontario, canada

unless you are on paper anywhere..you are sunk

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I know this is weird, but i have tried several loan companies and for several reasons, this is not an option for me. i get paid well, but will not get paid until mid - april because of some problems with the real estate agent i work for. i will be getting $3,000. i am considered self-employed, paid on commission, so a pay day loan will not work. i looked into loans from banks, but i have really bad credit, and it's a big hassle for a loan that i will be paying off in a couple weeks. i have never missed a mortgage payment or insurance payment, due april 1st, and i don't want to do it now. i am desperate at this point. i know of people who are pretty rich who lend money, but they are in my business, and there's no way i can approach them. so, as stupid as this sounds, i am looking for someone who could borrow me $1,000 asap, to be paid back in full as soon as i get paid. family is not an option either. serious answers only please. please note, i am in manitoba, canada. yarcofin: thank you, that is a good site. unfortunately, it is only for those in the us and i am in canada.

http://www.ioucentral.ca/ is Canada's peer-to-peer lending company. I lend on prosper and to family, but I wouldn't lend that much money to someone I don't know well -- especially without a formal setup (like prosper).