| Wednesday, 8 April 2009
Genworth Financial Canada and CMHC launched campaigns in late March to inform homeowners who are struggling with mortgage payments about their options for avoiding foreclosure.
"I think these are great initiatives and they are steps in the right direction for sure," said Andrew Moor, president and CEO of Equitable Trust. "A constructive approach can really help right now."
Genworth's Homeowner Assistance Program, which started in 1995, expanded its online presence with an evaluator tool that helps homeowners assess their financial situations and explore options like extending their mortgage amortization periods to lower payments. The tool encourages homeowners to be proactive about defaults, said Anita DiPaolo-Booth, strategic marketing leader at Genworth Financial Canada.
The CMHC campaign offers consumers advice on how to approach their lender if they're in financial difficulty. Possible options for lenders that can be passed onto consumers include offering them a temporary short-term payment deferral or adding their arrears to their mortgage balance.
"With early intervention, co-operation and a well-executed plan, you can work together with your lender to find a solution," said Mark McInnis, CMHC's vice president of insurance underwriting, servicing and policy.
Moor said he hopes to work with mortgage insurers in the near future to come up with more solutions and "to make sure we're doing the right thing all together."
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment