Your home is the single most important investment you may ever make. Unfortunately, many people encounter financial difficulties during their lives which affects their ability to make regular mortgage payments. This can be an extremely stressful situation.
Take action at the first signs of trouble. The problem isn’t likely to go away and may only get worse if not dealt with.
Contact your lender immediately - they can help find the best solution for you
Contact your mortgage broker or agent - they can provide you with sound advice
Define your financial situation - develop a budget and stick to it
Take charge of your finances - talk to a credit counselor about debt management
Be realistic about your financial situation - be prepared to change your spending habits
WHERE TO GO FOR HELP
Canada Guaranty, Canada Mortgage and Housing Corporation and Genworth Canada provide information to prepare and educate homeowners so that they may confidently approach their lender and discuss ways to address financial difficulties in the repayment of their mortgage loan.
Pulled Directly from https://mortgageproscan.ca/homebuyers/mortgage-101