As we continue to navigate the fallout that the COVID-19 pandemic has inflicted on our day-to-day lives, we wanted to provide some information and resources as it relates to your mortgage and personal finance.
Industries are being brought to a stand still and others are trimming back their work force due to a decline in overall business. Many households will be seeing declining income which will cause a significant amount of pressure on current budgets. Not to mention the added troubles for hose having their health negatively affected by this virus- both directly and indirectly.
Federal and Provincial Governments have been announcing support measures that will be put in place to assist Canadians, should their employment income be negatively impacted as a result of the COVID-19 fall out. Within the last 48 hours, lenders have been coming out with their own statements addressing their commitment to help.
There is no specific remedy that all lenders are offering at this time and although their abilities to assist will differ, the level of assistance they will provide will be measured on a case by case basis.
Some of the remedies borrowers may be able to seek are, but not limited to, the following:
Most, if not all lenders will require you to call in direct (not visiting your local branch) and from there they will listen to your situation. Once you explain how you have been negatively affected, they will make their assessment on what types of remedies they can offer and for how long.
Here are some direct contact numbers for the various lenders:
Bank of Montreal
First Calgary Financial
Starting with 4
Starting with 6
Starting with 7, 8 or 9
For those who have questions about Employment Insurance and other benefits being made available for Canadians, I recommend you check out the Federal Government's site here as well as the Tri-City Chamber of Commerce site here. For those who don't know, I am currently sitting on the board of directors for the Tri City's Chamber of Commerce. In saying that, I would be remiss in asking for you to continue supporting your local businesses. Big box and medium sized business will likely have the capabilities to weather the storm, however, small businesses need your support. If you have the means, and I know not everyone does, please consider using local services in your area. Local butchers and grocery stores, restaurants offering take out, specialty stores, anyone still open for business while abiding by social distancing policies in place.
Kevin and I are both here for any clients or anyone reading this article who have questions, concerns, or just want someone to talk to about their current situation. Please, do not hesitate to reach out to us- there are no stupid questions, especially in unprecedented times like this.
Kevin can be reached at 604-816-6242 or email@example.com and I can be reached at 778-237-4876 or firstname.lastname@example.org
We hope everyone has had the chance to reduce their social interactions and continues to monitor their social distancing. Just because you do not have symptoms or aren't concerned about being infected by the virus, does not mean you can't pass it to someone else and act as a vehicle for the spread.
Thank you everyone who has reached out already and we hope those who have questions aren't too shy to either.
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778-237-4876 (Ryan) | 604-816-6242 (Kevin)