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[LENDER UPDATE] Homeowners Affected by Severe Flooding

LENDER UPDATE
Homeowners Affected by Severe Flooding
(Download Update)


On behalf of Canada Guaranty, I would like to express our deepest concern for the families and communities affected by the severe flooding.

To support those impacted by these unforeseen challenges, Canada Guaranty is committed to working with our partners to find appropriate solutions to mitigate temporary financial hardship caused by damage to, or the loss of, property resulting from these specific floods.

Through our Homeownership Solutions Program, lenders currently have the ability to capitalize up to 4 monthly mortgage payments. However, to assist eligible homeowners as they navigate through this difficult situation, Canada Guaranty is prepared to extend this program option to allow the capitalization of up to a maximum of six (6) monthly payments, provided that the:

  1. Original insured loan amount is not exceeded;
  2. Request for capitalization is received before December 31, 2019; and
  3. Capitalization is being applied to mitigate the damage or loss of property resulting from the current severe floods, and not an unrelated event.

In the event that a homeowner requires additional assistance, exceeds the original loan amount, or the request comes after the program deadline of December 31, 2019, Canada Guaranty will review each request on an individual basis.

Our Loss Management Team is available to provide ongoing support and consultation to facilitate the implementation of a suitable workout. Should you have any questions or wish to discuss your client’s unique circumstances, please do not hesitate to contact a member of our team:

CANADA GUARANTY | LOSS MANAGEMENT TEAM
  • Toll Free: 1.866.414.9109 ext. 7001
  • E-mail: lossmanagement@canadaguaranty.ca




Mary Putnam
Vice President, Sales and Marketing
Canada Guaranty Mortgage Insurance Company

Telephone 416.640.8936 
Toll Free 866.414.9109 ext. 8936 
E-mail mary.putnam@canadaguaranty.ca

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