Mortgage Relief Requests Ease Up, Homeowners ‘Catch Their Breath’
- People taking stock of finances after mortgage-deferral flurry
- Almost 600,000 payment requests have been handled by banks
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Canadian banks are seeing the pace of mortgage-deferral requests easing up a bit, three weeks into a program that gives homeowners a break from making payments amid the coronavirus pandemic.
Almost 600,000 requests for mortgage deferrals or skipped payments have been completed or are being processed since Canada’s banks announced the program on March 17, the Canadian Bankers Association said Monday. Some 213,000 were handled in the first nine days of the program, and total requests reached 500,000 by April 3.