Canada Guaranty Mortgage Insurance Benefits

Mortgage Insurance Insights Newsletter

The Homeownership Solutions Program

Homeowners facing temporary financial difficulty do have options.


As an advocate for sustainable homeownership, Canada Guaranty is committed to working with our partners to find the right solutions for their clients, throughout the home-buying process. Unfortunately, unforeseen financial hardship can sometimes threaten the dream of homeownership and the inability to make the next mortgage payment quickly becomes a reality. Thankfully, as many homeowners have come to appreciate, options are available that can help them stay in their homes during these challenging times.

As a homeowner, it is important to know your options. If you are experiencing financial difficulty, don’t delay; contact your lender as soon as you know there is a problem. Early intervention can make all the difference!

WHO IS THE HOMEOWNERSHIP SOLUTIONS PROGRAM FOR?

Specifically designed to help borrowers who are experiencing short-term financial difficulty, the Homeownership Solutions Program provides lenders with greater flexibility to offer their borrowers options that can help satisfy both the lending institution’s requirements and the borrower’s temporary challenges.

A PROGRAM DESIGNED TO SUPPORT EARLY INTERVENTION

  • The Homeownership Solutions Program is unique in that it allows lenders to take advantage of commonly implemented, pre-approved workout solutions.
  • These pre-approved options permit the lender to act immediately and independently without the unnecessary involvement of Canada Guaranty. This ensures potential resolution is identified and implemented earlier, and borrowers can have peace of mind, even sooner.
  • While the lender’s internal guidelines always supersede those offered by Canada Guaranty, from realization to resolution, our Loss Management team is available to offer ongoing support, consultation and customized solutions to facilitate the successful implementation of a workout.

IMPLEMENTING A SUCCESSFUL WORKOUT SOLUTION

Once a borrower has expressed concerns about their temporary financial difficulty and the inability to satisfy their mortgage payments, detailed information should be gathered to ensure a comprehensive understanding of their circumstances is captured.

For Lenders

  • As a Canada Guaranty partner, you should already be familiar with the Lender-Approved programs supported by your lending institution and, if applicable, can implement a suitable workout solution for your borrower, right away.
  • The Canada Guaranty Loss Management team is always available to provide support, advice or direction, whenever you need it. Whether a solution is approved or not, we are only a call or e-mail away!

For Brokers

  • To assist your client, it is important that you or the borrower contact their lender to advise of the situation as soon as possible. Alternatively, should you contact Canada Guaranty, a member of our Loss Management Team would be happy to connect you with the appropriate Lender contact(s).

Remember: Early intervention can make all the difference! Contact the lender as soon as you are aware of an issue.

CANADA GUARANTY CAN HELP

Canada Guaranty is dedicated to working with our partners to ensure borrowers can keep their homes. Please contact a member of our Loss Management team with any questions or to learn more about the Homeownership Solutions Program.

Loss Management Team

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