Nov 16, 2024
If you’re a homeowner in Canada, you can’t miss this
episode!
Canadian homeowners are increasingly facing the tough reality of
missed payments and rising financial pressures.
Licensed Insolvency Trustee Scott Terrio joins Debt Free in 30 to
unpack the potential warning signs of mortgage trouble,
troubleshoot possible solutions, and provides guidance on how to
handle worst-case scenarios.
Timestamps:
(1:25) – Canada is at the beginning of a mortgage crisis
(3:50) – Early warning signs of potential mortgage struggles
(8:30) – What to do if you think you might miss a payment
(11:00) – Mortgage deferral programs: How they work
(12:40) – Refinancing or modification of your mortgage
(15:00) – HELOCs (Home Equity Line of Credit)
(17:15) – Selling your house: An extreme or smart option?
(23:15) – If you miss one payment what exactly happens?
(25:45) – Consequences of missing multiple payments
(27:45) – Worst-case scenario: How it unfolds
(28:55) – Can you buy a home again if you lose your current one?
(32:30)
– Why an insolvency proceeding might be a good idea
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Disclaimer:
The
information provided in the Debt Free in 30 Podcast is for
entertainment and informational purposes only and is not intended
as personal financial advice. Individual financial situations vary
and may require personalized advice from a qualified financial
advisor. Always consult with a financial professional. The views
expressed in this episode do not necessarily reflect the opinions
of Hoyes, Michalos & Associates, or any other affiliated
organizations. We do not endorse or guarantee the effectiveness of
any specific financial institutions or strategies
discussed.