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Contact your mortgage lender before you miss a payment. Explain when the problem began, when the next payment is due, what you can realistically pay, and whether the hardship is temporary or ongoing. Ask for every available relief option and a written comparison of the new payment, balance, amortization and total cost.
Do not assume a deferral solves the debt. It usually shifts payments and interest into the future. If the home is no longer affordable, discuss a lender-approved sale plan early. For wider debt problems, a credit counsellor or Licensed Insolvency Trustee can help with the rest of your finances, but neither automatically pauses a secured mortgage or guarantees that you can keep the home.
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Act before the next payment is missed
Financial Consumer Agency of Canada (FCAC) guidance says borrowers experiencing financial difficulty should contact their financial institution as soon as possible. Use the phone number on your mortgage statement or the lender’s official website and ask for the mortgage-assistance or hardship team.
Have these facts ready:
- Your next payment date and amount
- The mortgage balance, interest rate and remaining amortization
- Any arrears, returned-payment fees or lender notices
- Household income, essential expenses and a realistic amount available for housing
- The status of property taxes, condo fees, utilities and required repairs
- Whether the income shock is temporary, uncertain or likely to continue
Be precise rather than promising an amount you cannot sustain. Tell the lender what changed, what you can pay now, and what you expect to be able to pay later. Request written confirmation of every proposal and keep a dated log of calls, names, notices and documents.
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National guidance does not set one enforcement timeline for every Canadian borrower. Mortgage terms and provincial or territorial law determine what happens after default, so do not ignore letters, calls or legal documents.
Relief options to ask the lender about
These measures require lender agreement and may not be available in every mortgage. Ask the lender to assess your circumstances rather than asking only for a payment holiday.
Renegotiating the mortgage
The lender may discuss a different rate type or other contract terms. Approval depends on the mortgage agreement, underwriting and your financial situation. Ask whether changing terms triggers fees, a new term, a prepayment charge or a different renewal date.
Extending the amortization
Spreading repayment over more years can lower the scheduled payment. It also means interest accrues for longer and can materially increase the lifetime cost. Ask for the shortest extension that makes the payment workable and for a written plan to restore the original amortization.
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Special payment arrangement
A lender may temporarily reduce payments or set a schedule to deal with arrears. The agreement should state the amount due, the dates, how missed amounts will be recovered and what happens if a payment is missed again.
Capitalizing arrears and eligible costs
The lender may add eligible missed payments, interest, taxes, utilities, repairs or other charges to the principal. Eligibility varies. A larger principal generally produces higher future interest or payments, so obtain an itemized list of every cost being added and the resulting balance.
Interest-only payments
Where offered, an interest-only period can reduce the temporary payment because principal is not being repaid. Confirm the exact duration, rate, payment amount and the date principal repayment resumes. A later payment can rise when the arrangement ends.
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A deferral delays payments under an agreed plan; it is not debt cancellation. Deferred principal and interest must be repaid, and the balance or later payments may increase. FCAC describes potential conditions such as the mortgage being current and in good standing, the property being a principal residence, exceptional financial difficulty and a risk of default. The usual period described by FCAC is up to four months, but that is not a universal entitlement or guarantee.
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Ask whether interest continues to accrue, whether it is capitalized, how the balance changes, when normal payments restart and whether the lender will require a catch-up payment, a longer amortization or another modification.
Compare each proposal by cost, timing and sustainability
Before accepting, request a dollar comparison with your current mortgage. For federally regulated providers, FCAC expects clear, non-misleading information and express borrower consent for a tailored solution.
| Option | Immediate effect | Important cost or condition |
|---|---|---|
| Renegotiation | May change the rate type or other terms | Subject to lender approval and the mortgage contract |
| Amortization extension | Lowers scheduled payments by spreading repayment over more time | Usually increases total interest; request a restoration plan |
| Special payment arrangement | May reduce payments temporarily or address arrears | Recovery schedule and terms are lender-specific |
| Capitalized arrears or costs | Adds eligible amounts to principal | Higher principal can increase later payments and interest |
| Interest-only period | Reduces payment while principal repayment stops | Duration, rate and restart payment are lender-specific |
| Payment deferral | Temporarily delays scheduled payments | Deferred principal and interest remain payable; FCAC describes usual periods of up to four months |
| Sale by borrower | Provides time to market the home while remaining in it | FCAC describes a typical period of 90 days or less; payments and maintenance may continue |
For every option, ask for:
- The mortgage balance immediately before and after the change
- The total additional mortgage cost in dollars
- The new payment amount, frequency and due dates
- The interest rate, whether it is fixed or variable, and how interest is calculated
- The revised amortization and maturity date
- Any fees, penalties or charges being waived or added
- How the arrangement affects credit reporting, if applicable
- The end date, exit conditions and a practical route back to the original amortization
Compare the payment after the temporary measure ends, not just the first reduced payment. Relief is useful only if the home remains affordable under the later schedule.
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When selling the home may be the safer plan
If your income or essential expenses make the mortgage unaffordable on an ongoing basis, ask whether the lender will approve a sale-by-borrower plan. FCAC describes this as a possible arrangement, typically lasting 90 days or less, in which you occupy and maintain the property while marketing it. You may still have to make full or partial payments during the sale period.
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Estimate the likely sale price, mortgage payout, real-estate commission, legal costs, taxes, repairs and other selling expenses. The proceeds must cover the secured debt and sale costs or you need to understand how any shortfall would be handled. Do not list the property assuming the lender has agreed: obtain the plan, deadlines, payment duties and approval requirements in writing.
A sale can reduce future housing costs or release equity, but it may not do so if the mortgage balance and transaction costs exceed the property’s value. Get independent legal or financial advice before signing a listing, refinancing, private loan or settlement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happens if you simply stop paying?
A missed payment can place you in contractual default. FCAC says default may give the bank legal rights to recover the amount owing and may eventually lead to a forced sale. The national guidance cited here does not provide province-by-province court steps or deadlines; those depend on the property’s location, mortgage terms and the lender’s actions.
Contact the lender even after a payment is missed. Ask for the exact arrears, interest, fees and deadline shown on the account. Open every notice and respond in writing. If you receive a demand letter, statement of claim or other court document, obtain advice from a qualified lawyer or local legal clinic promptly rather than relying on a national summary.
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A practical script for the lender call
You can organize the conversation around this wording:
“My next mortgage payment is due on [date]. Because of [brief reason], I can afford approximately [amount] per month now. I expect the problem to be [temporary/ongoing]. Please assess all available relief options, including a payment arrangement, amortization change, capitalization, interest-only period, deferral and a sale-by-borrower plan if keeping the home is not sustainable. Please send me the balance, payment schedule, interest treatment, total dollar cost and end-of-arrangement plan for each option in writing.”
Then ask:
- Which documents are required and when will a decision be made?
- What payment is due next while the request is being reviewed?
- Will interest accrue or be added to principal?
- Are any internal fees or prepayment charges being waived?
- What happens if the temporary arrangement ends before my income recovers?
- If I sell, what payments, insurance, taxes, utilities and maintenance must continue?
Get help with the rest of your debts
Credit counselling
A credit counsellor can help build a budget and may arrange an informal debt-management plan. FCAC says these plans commonly address unsecured credit cards, personal lines of credit and unsecured loans, and usually do not include secured debts such as mortgages or car loans. Before enrolling, ask about fees, the debts covered, creditor participation and what happens to excluded accounts.
Licensed Insolvency Trustee
For serious overall debt problems, a Licensed Insolvency Trustee (LIT) can explain formal options under federal insolvency law. Bring mortgage records, bank statements, income information, property details and every debt document. A consumer proposal or bankruptcy is not an automatic mortgage-payment pause and does not guarantee that you will keep the home; secured-creditor rights and the facts of your mortgage matter.
The Office of the Superintendent of Bankruptcy’s consumer information describes a $250,000 debt threshold for a consumer proposal calculation that excludes a mortgage secured by the principal residence. The current rule and your eligibility should be verified with an LIT, because the effect on a particular home depends on the full circumstances.
Questions to answer before choosing
- Can I afford the payment after the relief period, including taxes, insurance, condo fees and maintenance?
- What is the total added cost in dollars, not merely the temporary reduction?
- Will the new principal, amortization or maturity make refinancing harder later?
- Is the hardship likely to end soon enough for a temporary measure to work?
- Would selling now leave net proceeds after the mortgage and selling expenses?
- Which debts remain outside a credit-counselling plan?
- Do I need province-specific legal advice about enforcement, title, a sale or insolvency?
Use the lender’s written figures and your realistic budget to decide. If no option leaves a sustainable housing cost, delaying a sale or professional advice can increase the balance and reduce your choices.
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