Homeowner Assistance Program
A sudden job loss, illness, injury, marital breakdown or other life altering situation, can have a devastating impact on a homeowner’s financial well-being and threaten their ability to meet their mortgage payments. Genworth Canada’s Homeowner Assistance Program was designed to help families stay in their homes while they struggle to manage through temporary financial difficulties. By avoiding foreclosure, we not only help prevent a family from losing their home, but we also avoid a claim and help preserve the stability of our housing market. While a solution is not available in every case, we take great pride in helping those we can, mainly through increasing amortization periods, partial or shared payment plans, or deferred payments. We’ve helped over 41,000 families stay in their home since 1995 and in 2016 we helped 5,461 families.
Genworth Canada’s Wall of HOAP: thank you notes from homeowners we helped through our HomeOwner Assistance Program.
Here are just a few examples of what Genworth has done to help homeowners, across Canada, stay in their homes:
Taking time off to care for ourselves or a sick loved one can quickly drain our financial resources. The loss of income can threaten our ability to pay a mortgage and to hold onto a home.
A homeowner in Quebec took extended time off work to provide special medical care for her disabled child; ineligible for government assistance, she fell behind on her mortgage payments. To help keep this family in their home, Genworth Canada made an arrangement with her lender that gave her needed relief from her mortgage payments until after she was able to return to work.
Losing a loved one is a painful emotional experience; it can also leave loved ones with unaffordable funeral costs that can threaten their ability to pay their mortgage.
A homeowner in New Brunswick experienced the tragedies of losing both her husband and her mother within the span of a year. The financial burden of both funeral costs made it impossible for her to keep up with her mortgage payments. Genworth Canada worked with this homeowner and her lender to help convert her mother’s suite into an income-generating rental unit that gave her the ability to afford her mortgage, and enjoy a bit of extra breathing room.
Losing a job or suffering an unexpected loss of income is the single biggest threat to losing a home. For those with temporary struggles, Genworth is often able to help.
After many years of loyal service, a homeowner in Ontario lost his job when his employer closed its doors. Genworth worked with his lender to find a solution that gave the homeowner and his family some financial flexibility, allowing them to keep their home while he temporarily withdrew from the workforce to pursue training in a new trade.