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23 Mar

COVID – 19

General

Posted by: Alan J. Nicholas

COVID -19

I wanted to follow up on my previous email regarding COVID-19 and what banks and lenders are really offering. The media seems to just blanket headlines as “Banks deferring up to 6 months mortgage payments”. This is only partially true.

How things will work at this point, is banks and lenders alike are providing assistance ONLY to those who are financially impacted by the current COVID-19 state of emergency.
Please click my link to Learn more!

What does this mean? It means that this assistance is case by case to those who contact the bank for payment relief due to income loss. Also please keep in mind, this is not free or waived payments, this is strictly deferred payments to a later time.

The banks and lenders have asked us to clarify these details to our customers because they are receiving a large amount of calls from many people who are and are not impacted financially from this. If total calls and inquiries reduce to only those affected, it will allow for faster response time to those in need. If you are still working, and/or still receiving your full salary, you will not qualify for any sort of mortgage payment relief from any bank or lender at this time.

If you are working and had you hours reduced with reduced income, or have been taken off work and have lost income, you are eligible for having your mortgage payments deferred to a later date and should contact your bank or lender hotline (or email) to arrange assistance.
You can also keep up to date on all the changes and information going on at our national webpage https://dominionlending.ca/covid-19/

I will forward updated information to you as it is received.

I know this is a challenging time and we are all in this together. I am always available for any questions or concerns you may have and am happy to provide any information or assistance I can to help. Please reach out to me anytime.

Alan Nicholas
(519-694-9046)
Nicholas Financial