All Things COVID-19

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CBC Radio was discussing the mortgage issue this morning. Apparently the Fed Gov is "asking" the "big banks" to follow some part of something from the Canadian Housing and Mortgage Corp (CHMC) that allows up to 6mo of "relief" (it was vague on the radio). But, apparently the banks are reviewing on a case-by-case basis and typically only granting 2-3mo relief at this stage, which seems consistent with what's reported here.

Also, I wonder if alternate lenders are handling this any differently? My mortgage is with First National Financial. We haven't inquired about relief, yet.

Edit: Just called First Nat. Line is busy. Not even answered with a recording or anything else
 
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Rain City said:
I went for it either way. Could free up some cash if some kind of opportunity arises out of all this. Worst case Ontario if at the end of 6 months it wasn't needed I can just throw it all back on with no fees. Alledgedly.
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My Dad grew up during the depression with an abject hatred for banks. He liked to invest in real estate and did alright for himself into retirement. What I remember most from an early age is no matter what is going on in your life, make all the moves you can to get out from under the bank's thumb. If there's a shot to take that can get you closer to retiring mortgage debt you gotta take it. Its times like this we all come to realize the downside and pain of leverage.

All those ******** politicians promising to get debt relief from the banks have zero actual pull in my opinion. Just read up on the US tarp program circa 2008. Or review the current bill being debated in congress, history repeats itself yet again.

In my opinion, we desperately need a new generation of politicians. No more pseudo celebrities or gmme show hosts but smart and education folks from all walks of life. I'd run but that checked past thing...come on, RC, do it and I'll vote for ya.
 
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Besides deferrals you can remortgage for 25 years and you can also is some cases only elect to pay the interest.

****** options but could help people short term.
 
ab1752 said:
My Dad grew up during the depression with an abject hatred for banks. He liked to invest in real estate and did alright for himself into retirement. What I remember most from an early age is no matter what is going on in your life, make all the moves you can to get out from under the bank's thumb. If there's a shot to take that can get you closer to retiring mortgage debt you gotta take it. Its times like this we all come to realize the downside and pain of leverage.

All those ******** politicians promising to get debt relief from the banks have zero actual pull in my opinion. Just read up on the US trap program circa 2008. Or review the current bill being debated in congress, history repeats itself yet again.

In my opinion, we desperately need a new generation of politicians. No more pseudo celebrities or gmme show hosts but smart and education folks from all walks of life. I'd run but that checked past thing...come on, RC, do it and I'll vote for ya.
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I'm too short. Otherwise over qualified.
 
tubber said:
Ontario's list of businesses still allowed to operate
https://globalnews.ca/news/6717022/ontario-doug-ford-coronavirus-covid-19-march-23/

Agriculture and food production
21. Businesses that farm, harvest, process, manufacture, produce or distribute food, including beverages, crops, animal products and by-products, aquaculture, hunting and fishing;
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Pretty big list. Probably easier and more concise to list non essential services and businesses. Schools will be stopping all in class instruction but have been told to look after the children of essential service workers. If our list in BC is as long as the one from Ontario, might as well just open the schools for regular instruction as they’ll be lots of students showing up.
 
Big Green Machine said:
Pretty big list. Probably easier and more concise to list non essential services and businesses. Schools will be stopping all in class instruction but have been told to look after the children of essential service workers. If our list in BC is as long as the one from Ontario, might as well just open the schools for regular instruction as they’ll be lots of students showing up.
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I think this is why BC doesn't want to use this type of language. It takes more to explain it all and the list of exemptions goes on and on and on. Dr. Bonnie already eluded to that last week.
 
Rain City said:
I'm with RBC. It was one email and I was already approved. Problem is it's not like they're not still charging me interest. They're just tacking it on the end of the mortgage. So unless you're at risk of defaulting and losing your home there's no point. So now it's not like I can stop charging my out of work renters rent. I could give them a loan and hope they pay me back later but for 4 restaurant kids living cheque to cheque paying $3800 a month plus utilities and cable I have no clue how they'd ever save enough to pay it back.
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deferred 6 months, RBC as well, one quick phone call. Have to pay accrued interest at end of 6 months in one shot though
 
pretty funny/sad to read this thread from the beginning to the end and see how this has developed.
 
The schools should be open as recovery centers,food safe instuction centers.cridical care centers,displaced adults and youth centers for the ones that canot live at home because they can't self isolate with elderly vonerable loveones, instruction centers for the ones that wish to work and be social.
Big Green Machine said:
Pretty big list. Probably easier and more concise to list non essential services and businesses. Schools will be stopping all in class instruction but have been told to look after the children of essential service workers. If our list in BC is as long as the one from Ontario, might as well just open the schools for regular instruction as they’ll be lots of students showing up.
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Fish Camp said:
The schools should be open as recovery centers,food safe instuction centers.cridical care centers,displaced adults and youth centers for the ones that canot live at home because they can't self isolate with elderly vonerable loveones, instruction centers for the ones that wish to work and be social.
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Schools and all places where many people congregate are incubators for the virus. The idea is to keep people apart so Covid 19 has less opportunity to spread and amplify. This is critically important in suppressing the virus. It worked in S.Korea and Singapore and will work here too, if people get on board and cooperate. Otherwise we are in for a lot of misery. Believe in the science and cooperate.
 
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