7 Options if You Can’t Afford Your Mortgage Payments

Managing your mortgage payments is one of the most important financial responsibilities you'll face as a Canadian. However, sometimes life can throw curveballs that make it challenging to keep up with your mortgage payments. Whether it's a job loss, unexpected medical expenses, or other financial emergencies, it's essential to know your options if you're struggling to make your payments.

At FAIRCHOICE Mortgage Co., we understand that life can be unpredictable, and sometimes, you may need additional support to stay on top of your mortgage payments. Our goal is to help you find the best mortgage solution that suits your unique needs. Below are seven options to consider if you're struggling to make your mortgage payments.

1. Contact your lender

If you're having trouble making your mortgage payments, the first thing you should do is contact your lender. Your lender may be able to offer you a temporary solution, such as a forbearance or loan modification, to help you get back on track. It's important to be honest about your situation and work with your lender to find a solution that works for both parties.

2. Refinance your mortgage

Another option to consider is refinancing your mortgage. Refinancing allows you to replace your current mortgage with a new one at a lower interest rate. This can help you lower your monthly mortgage payments and make them more affordable.

3. Rent out a room

If you have a spare room in your home, consider renting it out to help supplement your income. This can help you generate extra cash to put towards your mortgage payments.

4. Explore government assistance programs

There are several government assistance programs available to help homeowners who are struggling to make their mortgage payments. For example, the Canada Mortgage and Housing Corporation (CMHC) offers the Mortgage Payment Assistance (MPA) program, which provides temporary financial assistance to eligible homeowners who have experienced an involuntary loss of income.

5. Sell your home

If you're unable to make your mortgage payments and don't see a way to get back on track, selling your home may be the best option. You can use the proceeds from the sale to pay off your mortgage and any other outstanding debts.

6. Rent out your home

If you're unable to sell your home, consider renting it out. Renting out your home can provide you with a steady stream of income to put towards your mortgage payments.

7. Consider debt consolidation

If you're struggling with multiple debts, including your mortgage, consider consolidating your debts into one monthly payment. This can help you manage your finances more effectively and make your mortgage payments more affordable.

There are several options available if you're struggling to make your mortgage payments in Canada. The key is to be proactive and seek help as soon as possible. At FAIRCHOICE Mortgage Co., we're here to support you every step of the way. Contact us today to learn more about our mortgage solutions and how we can help you achieve your financial goals. To get in touch with us, please click here or call us at (905) 625-2288.