It is an unfortunate reality that many Canadians are struggling to make their mortgage payments due to the financial hardships caused by the pandemic. With limited job opportunities and a weakened economy, many Canadians are facing challenges when it comes to affording their monthly mortgage payments.

If you have been affected by the pandemic and struggling to make your mortgage payments, there are some steps you can take to ensure you are able to stay in your home.

The first step is to contact your lender. Many lenders are offering relief programs and are willing to work with borrowers who have been affected by the pandemic. You may be eligible for a mortgage deferral, reduced payments, or even a temporary interest-only payment plan. It is important to speak with your lender and discuss your options to determine what is best for your situation.

The second step is to seek out government assistance. The Canadian government has implemented a variety of relief measures to help those who are struggling financially due to the pandemic, including mortgage assistance programs. If you are eligible for one of these programs, you may be able to receive financial assistance to help cover your mortgage payments.

The third step is to look into refinancing or restructuring your mortgage. Refinancing or restructuring your mortgage can help you lower your payments, pay down your debt faster, and reduce your overall interest expense. However, it is important to speak with a qualified mortgage professional to ensure that refinancing or restructuring your mortgage is the right option for your situation.

Finally, if all else fails, you may need to consider selling your home. This is a difficult decision, but it may be necessary if you are unable to keep up with your mortgage payments. If this is the case, it is important to speak with a qualified real estate professional to discuss your options and ensure that you receive the best possible outcome.

No matter what your situation is, it is important to remember that you are not alone. There are resources available to help you if you are struggling to make your mortgage payments due to the pandemic. Be sure to contact your lender, seek out government assistance, look into refinancing or restructuring your mortgage, and speak with a qualified real estate professional to determine what option is best for you.