Unexpected changes like job loss, divorce or illness can create significant financial difficulties. In some instances, they may even put a homeowner’s mortgage at risk. That’s why Genworth Canada’s Homeowner Assistance Program (HOAP) was created. Options such as deferred payments and an increased amortization period can help Canadians stay secure in their homes when times get tough. In some cases, however, selling a home may be the best option. We interviewed Samine Jean-Joseph, a Homeowner Assistance Analyst with Genworth Canada, to learn more about HOAP, a home sale resolution option.
Homeownership.ca: How does HOAP work?
Samine Jean-Joseph: Genworth’s Homeowner Assistance Program helps homeowners who are going through temporary financial difficulties. Different workout options are reviewed under our program, which can help homeowners keep their home.
GOOD TO KNOW Common HOAP solutions include the following:
- Capitalization of arrears (missed payments are rolled into the mortgage balance)
- Increased amortization period
- Partial or shared payment plan
- Deferred payments
- Restructured mortgage
Homeownership.ca: Most HOAP options are aimed at keeping homeowners in their home. Why is there an option focused on selling the house or condo?
SJJ: The main goal of the program is to help homeowners keep their property. Sometimes, however, homeowners are going through long-term financial difficulties and realize they can no longer afford their home. In those cases, a homeowner might feel that the best option would be to sell their property, and so that’s when we would offer assistance with the sale of their home.
Homeownership.ca: Who would qualify for this HOAP option? And how does it work?
SJJ: We work in partnership with mortgage lenders to find the best workout options for the homeowners. This option is offered to Genworth-insured mortgages and for homeowners who are willing to proceed with the sale of their property.
Homeownership.ca: What are the benefits of selling with assistance through HOAP?
SJJ: Genworth is there to add support through this difficult process and there is no cost to participate under the Homeowner Assistance Program. The homeowners do not have to do all the work by themselves. Genworth Canada can, for example, provide them with the market value, and if they need a REALTOR®, we may try to find one in their area.
Every file is reviewed on a case-by-case basis and offered assistance with the shortfall, when no other solution presents itself.
GOOD TO KNOW Need homeowner assistance? Reach out early, so you can access the widest variety of solutions. Get started by doing any of the following:
- Contact your mortgage lender.
- Call Genworth Canada at 1-800-511-8888 (toll-free).
- Email Genworth Canada at firstname.lastname@example.org.
For more information, visit Genworth Canada’s Homeowner Assistance Program website.