Mortgage Blog
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Unprecedented Times - Should I Defer my Mortgage Payment?
March 26, 2020 | Posted by: Steve Bourne
Several of my clients have contacted me recently to ask if they can defer their current mortgage payment. Here are my thoughts:Everyone's situation is unique. If you are in financial distress it may be the right choice for you. I can help you assess this based on your specific scenario.
The banks will evaluate your request on a case by case basis. You must contact the bank directly to present your case.
Please be clear, this is a payment DEFERRAL. The banks are not FORGIVING the interest owed and the meter is still running. Your mortgage balance will continue to increase, interest continues to compound until such time as you are able to resume your payments.
As an essential service, I am here to help with all your mortgage-related needs. Please call or email at any time. Stay safe!