Donna Carson, senior v-p with MNP Debt. (Contributed photo).

Local mortgage and insolvency experts are seeing more struggling people

Growing property tax arrears is just one sign of financial troubles in Red Deer area

A longer list of Red Deer properties whose owners have fallen into arrears with tax payments is just one sign of harder economic times.

Local mortgage and insolvency experts also report seeing more Central Albertans who are feeling the financial pinch, and wanting to re-work household budgets and repayments.

“It’s been a good three years where insolvency has been busier in Alberta,” said Donna Carson, senior v-p and licensed insolvency trustee with MNP Debt.

She’s notice a sizable increase of people coming in since early January to ask for help managing their debts and cash flow.

“In the New Year, it’s as if all the people who had been holding off to see what would happen in the oilfield decided its not going to turn around for them, and so they’d better come in,” Carson added.

Pam Pikkert, mortgage broker/partner with Regional Mortgage Group in Red Deer, has also been helping more people refinance their mortgages to pay off debts in the last few months.

40 property owner have two months to pay up before city’s tax sale

The problem for many homeowners are new banking rules that only allow refinancing for up to 80 per cent of a property’s value. “When property values have fallen, this often doesn’t allow room for refinancing,” she added.

At a recent a seminar held by a mortgage default insurer, she learned that cases of people defaulting on their mortgages is on the rise, but is still a very small portion of all mortgages — only some .05 per cent of property payments are outstanding by 90 days or more.

And people are still moving to Alberta, meaning that our provincial economy, as slow as it is, is providing more jobs than in other regions of the country, said Pikkert. ”We’re still above the national average, as far as economies go.”

With a decent sized I.T.-industry, Alberta is more diversified than parts of Saskatchewan, she said, “so we shouldn’t be just focused on gloom and doom.”

Carson and Pikkert agree that people struggling with finances should seek help sooner rather than later as there are various debt restructuring/credit counselling solutions.

Homeowners who fear defaulting on their mortgage should discuss options with their mortgage provider, or even their mortgage default insurer, said Pikkert. “They don’t want to foreclose because it’s expensive… they have programs on the consumer’s behalf.”



lmichelin@reddeeradvocate.com

Like us on Facebook and follow us on Twitter

 

Pam Pikkert, mortgage broker/partner with Regional Mortgage Group. (Contributed photo).

Just Posted

Pro-pipeline protest convoy reaches Ottawa after rolling across country

OTTAWA — A convoy of angry Albertans and other westerners rolled up… Continue reading

Amazon aims to cut its carbon footprint

NEW YORK — Amazon, which ships millions of packages a year to… Continue reading

For sake of pupils’ pupils, China to ban homework on apps

BEIJING — An eastern Chinese province plans to ban teachers from assigning… Continue reading

Pro-pipeline protest convoy approaches Ottawa after rolling across country

OTTAWA — A convoy of angry Albertans and other westerners rolls into… Continue reading

Parole hearing for Calgary man who strangled wife, buried body in basement

BOWDEN, Alta. — A man who strangled his wife and concealed her… Continue reading

Historic win for Team Nunavut at Canada Winter Games

Four years in the making boiled down to a collection of firsts… Continue reading

Vancouver duo faced health scare while making Oscar-nominated ‘Animal Behaviour’

TORONTO — Husband-and-wife filmmakers Alison Snowden and David Fine had almost finished… Continue reading

Canadian Eugenie Bouchard drops second-round match against Simona Halep

DUBAI, United Arab Emirates — Canada’s Eugenie Bouchard is out of the… Continue reading

Chanel: Iconic couturier Karl Lagerfeld dies in Paris

PARIS — Karl Lagerfeld, Chanel’s iconic couturier whose designs had an unprecedented… Continue reading

Canadian women beat US 2-0 to win inaugural Rivalry Series

DETROIT — The inaugural Rivalry Series was created to give Canada and… Continue reading

Don Cherry blasts Hurricanes as ‘jerks’; team responds with his words on T-shirt

TORONTO — Don Cherry’s latest rant about the Carolina Hurricanes and their… Continue reading

Country star Miranda Lambert reveals secret marriage

NASHVILLE — Country star Miranda Lambert celebrated Valentine’s Day weekend with the… Continue reading

‘Black Panther’ costume designer blazes trail to inspire

LOS ANGELES — Ruth E. Carter is a black woman blazing a… Continue reading

Chicago police: Jussie Smollett assault case has ‘shifted’

Chicago police said Saturday the investigation into the assault reported by Jussie… Continue reading

Most Read