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 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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Our mortgage company, which is self insured, went bankrupt a month after we got our mortgage. all of our paperwork shows we are cmhc insured - but our mc did not actually complete the paperwork and our home has dropped over 100k since we built/purchased 2 years ago. quite obviously, cmhc will not insure us as we owe more on the home than it is worth. i lost my job and we are now on one income. we can get a mortgage through any company that deals with genworth, however only for what the home is worth now. our tds will not allow a second mortgage. our mc is refusing all of our ideas - we have been working with them for months now to get this figured out. they have made 60k off of us free and clear, and they refuse to write off the remaining balance and accept a lower mortgage buyout. it is their fault we are in this situation by misleading us (and our lawyer never caught the lie about being cmhc insured when he went over the paperwork originally so it was very well done - sneaky) and not budging at all. we are facing foreclosure and/or bankruptcy. we have a couple of expert mortgage brokers dealing with them on our behalf, but have been advised to seek a lawyers advise. if they foreclose on us, are we able to purchase another home right away? what happens? we need to have a home to live in and actually found a place that is well within the mortgage we can afford and get (our one income does support the almost 8% payments we are making now) but would we be able to buy it? we have enough to make our payments currently, but with our expenses we have little left over to pay for a lawyer or court fees to fight the mc for an honorable discharge or whatever the case would be. are there any lawyers (or someone who has been in this situation) here that can give me some advise? thanks, but i don't need links sending me to junk sites about work from home to make cash. i don't know how that even answers my question anyways? good, that fool deleted his stupid post. thank you bsherman - we've tried the refinancing but our mortgage company has gone bankrupt, we can get mortgages from numerous other companies but our mc won't accept them as our home (and therefore the new mortgages without cmhc) is worth much less than it was. we may look into a short sale. thank you again.

The circumstances leading up to foreclosure are irrelevant from the perspective of the credit reporting agencies. Once foreclosure happens, then the defaulting homeowner's credit score takes a large negative hit. It can take years to rebuild a credit score after a foreclosure. This may not be fair, but it is how personal finance works. Therefore, you need to plan accordingly. Try your best to avoid foreclosure through a short sale or refinancing. If you do enter foreclosure, then do not plan on being able to secure another mortgage anytime soon. Hope everything works out for you.