FORMS & WORKSHEETS
TOOLS & RESOURCES
FIRST-TIME HOME BUYERS
Most Canadians cannot imagine losing their homes, but unexpected financial difficulties can leave homeowners in a challenging situation. Knowing what options are available and understanding the alternatives to foreclosure will often mean the difference between keeping and losing a home.
A successful outcome not only depends on the individual circumstances of the borrower, but more importantly on the early involvement of the lender and borrower at the first sign of financial distress. The sooner all parties work together, the greater the workout options available and the more likely homeownership can be preserved.
As an advocate for sustainable homeownership, Canada Guaranty is a committed partner throughout the home-buying and home-owning process.
The most common causes of mortgage default include:
The Homeownership Solutions Program offers lenders more choice and flexibility as they work to keep borrowers with Canada Guaranty-insured mortgages in their homes.
Once a problem has been identified, lenders are encouraged to take the following steps:
Step 1: Contact the Borrower
In order to ensure more options are available, the lender must work closely with the borrower as soon as financial difficulties occur. To understand the cause and extent of the problem, the lender should obtain the following information from the borrower:
Step 2: Contact the Canada Guaranty Loss Management Team
Canada Guaranty’s Loss Management experts work with the lender and the borrower to identify the best solution available for their unique circumstance.
Step 3: Review and Identify Workout Opportunities Offered by Canada Guaranty
Some of the possible workout options include:
To ensure borrowers are given the best opportunity for successful homeownership, it is essential for Canada Guaranty to work closely with its lending partners at the earliest sign of mortgage delinquency and throughout the recovery process.
Canada Guaranty is committed to providing the support lenders need to find the right solutions for their borrowers. We are dedicated to working with our lending partners to ensure their borrowers can keep their homes and fulfill their dreams of homeownership – today and well into the future.
To learn more about the Homeownership Solutions Program, please contact a Canada Guaranty Loss Management expert: