Wednesday, March 4, 2009

Mortgage Deferment Options, Local Information

To the employees of Tembec and anyone effected by the current market conditions in our community...

Make an appointment with your financial institution and arrange for what you need before you miss a payment. All the banks are more than willing to talk to anyone that needs help – just call. Each scenario will be handled on a case by base basis.

East Kootenay Community Credit Union 250 426-6666
Contact: Mindy Atti 250 417-4518 or Diane Baher 250 417-4513
- Possible interest only payments on a mortgage (case by case decision)
- Possible 1 payment deferment for car loans
- will be sending information letter (copies at Union Office.)

TD Canada Trust Financial
Contact: Joan Draper 250 417-3025 (option 3 at the prompt)
- Possible recapitalization of your mortgage – option to skip 4 months payments and add them on the back end of your mortgage depending on how much equity.
- If problems are more serious they have a special team which will look after clients when referred. Each case will be on an individual basis.

Contact: Account Manager 250 426-7221
- Each client has their own account manager and is advised to contact them on their direct lines to set up an appointment.
- Will work with their clients to make certain anyone that needs help getting organized will get it. (Main Cranbrook office number is 250 426-7221)

Scotia Bank
Contact: Diane @ 250 417-3091 to make an appointment
- Ryan Upton, Manager Personal Banking 250 417-3075 – see letter...copies at Union Office.

RBC Royal Bank
Contact: Account Manager 250 426-7291
- Best scenario is to call your personal account manager to make an appointment to discuss.
- Possible 2 payment deferment on a mortgage, loan or line of credit.
- Possible additional 2 months by application – all depending on current credit standing.

BMO Bank of Montreal
Contact: Your Relationship Manager 250 426-6621 (or call 250 426-1189 for who to contact)
- Line of Credit – interest only
- Possible option to defer up to 2 months payments on a personal load
- Possible option to defer up to 4 monthly payments on a conventional mortgage
(this does not include high ratio mortgages ie CMHC)
- Contact them and they will work something out with you

Contact: Your Financial Service Representative 250 426-8300 (if unknown then dial 0
at the prompt for the receptionist and she will look up the name for you).
- mortgage information on a case by case basis
- check with your Visa card company to see if you have payment protector
- check for overdraft protection
- possible interest only payment for one month on loans
- possible to skip one payment on a loan if you qualify.

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