The economic impact of COVID-19 has understandably raised affordability concerns for our borrowers. At RESCO, we are committed to supporting borrowers and offering them the flexibility they need during this difficult situation.

SUPPORT FOR BORROWERS

If any borrower is in any financial distress caused by layoff or loss of income, or is worried how to keep up with payments, our team is here to help. We have solutions to help our borrowers achieve financial stability during these challenging times. RESCO will review all inquiries on a case-by-case and offer one of the following options based on each borrower’s eligibility:

• Flexible Payment Plans
• Extending Existing Mortgage Term
• Quick Refinance Program (see below)

It should be clarified that RESCO is an alternative lender and we are not part of any mortgage payment deferral or relief program that has been announced by the traditional “Big 6” banks. In any event, debt assistance – from any mortgage lender – should not be mistaken for debt forgiveness.

Please be reminded that unless alternative arrangements have been agreed to in writing by RESCO, Borrowers are still responsible to meet their mortgage obligations.

RESCO’S QUICK REFINANCE PROGRAM

We have a Quick Refinance Program available for eligible existing RESCO borrowers who are seeking additional funds. Because this program is formulated specifically for our existing borrowers, we have the ability to complete them cost-effectively with quick turnaround.

• RESCO can increase the existing mortgage principal of the existing loan provided that the loan-to-value ratio remains within our underwriting guidelines and there are no subsequent mortgages or liens.
• The terms of the existing mortgage will be amended by an Amending Agreement to be executed by the borrower.
• The Amending Agreement will be registered by our solicitors who have offered reduced legal fees for these transactions.
• Funds can be used to pay any mortgage arrears, prepay the borrower’s upcoming mortgage payments, or to help with living expenses.
• RESCO can work with borrowers directly in order to minimize costs.

Please note that each application is subject to underwriting review and approval.

SUPPORT TEAM CONTACT INFORMATION

In order to avoid negative impact to your credit rating, we encourage borrowers who anticipate the inability to make an upcoming mortgage payment to contact us now instead of after the delinquency has occurred. Every borrower has a unique financial situation and we will work with each one to create an assistance plan that fits their needs. So please speak to a RESCO Support Team member for more information.

We have established a dedicated phone line for COVID-19-related mortgage inquiries to assist impacted homeowners: 365-597-4886. Please note that callers may experience higher than normal waiting times. Alternatively, borrowers send an email to info@rescomic.ca with their contact information, property address and their request. A member of our Support Team will respond at their earliest opportunity.