Blog Article

Thursday, 21 July 2022

By Leahs Mortgages

Leah Zlatkin quoted in CTV News: ‘Missed a Mortgage Payment? Here are Next Steps You Should Take’

Missed mortgage payments, otherwise known as mortgage delinquency, isn’t common in Canada, according to data compiled by the Canada Mortgage and Housing Corporation (CMHC). In the first quarter of 2022, the country’s mortgage delinquency rate was 0.18 per cent, down from 0.38 per cent in 2012.

Still, for those who may be likely to miss an upcoming mortgage payment, or are already past their due date, there are steps that can be taken to mitigate the situation, said Leah Zlatkin, a mortgage broker with Mortgage Outlet Inc., based in Toronto.

The first step involves being proactive and transparent by letting mortgage lenders know about the possibility of missing an upcoming payment, she said.

“The first thing you should do is call your lender,” Zlatkin told in a telephone interview on Wednesday. “It’s easier to ask for permission than it is to ask for forgiveness in this case … Reach out to your lender and let them know [there’s] a problem.”