Why Canadians are frustrated by the lender’s deferral programs?

Why Canadians are frustrated by the lender’s deferral programs?

It is fair to say both the public and the lenders were taken by complete surprise at the spread of the virus. And the effect it would have on the economy. The move to have all the major lenders defer or delay their payments up to six months was a very wise move. Nobody understood the impact it would have on the Canadian public [including myself].

In the last two weeks the big banks have processed 500,000 applications. Given the calls our office received this week, many requests still have to be taken care of. Many of our clients have sent those messages that it has been impossible to connect with these banks. Understandably they are frustrated and scared. One bank that we are aware of has 33,000 calls and emails to return. The lenders are putting out more Staff.

For our valuable clients, please keep trying calling the bank since deferring the mortgage payment will be vital in preserving cash and taking care of you most important asset: your family. Some of our clients actually went to their local branches and have had success.

Keep trying, you will eventually get through. Please do not assume this will solve itself. If you miss a payment, without the except a deferral program, it will affect your credit. Effort will create success and will alleviate mental and financial stress. Stay safe.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

If you would like to apply for a mortgage online, please follow this link.

If you would like to see our Google reviews or leave one yourself, you can do so here.