533 – What Happens If You Can’t Pay Your Mortgage – Feat. Scott Terrio

Debt Free in 30

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.