Fort McMurray has been devastated by a wildfire that hit the city on May 1, 2016 and continues to burn in the area today. With more than 88,000 people displaced, 1,600 homes lost and 850 firefighters working the blaze, the aftermath of this crisis will be felt for years to come.
For the thousands of families who have lost their homes, nothing can replace the childhood memories, family photos and heirlooms lost to the undistinguishing fire. Over the last few weeks, support from Alberta residents and donations from people around the world have brought some relief, in the hopes of replacing lost or irretrievable items.
For those still facing the financial burden of having to pay for their lost home, a number of banking institutions and lenders are hoping to provide some relief. The services these institutions are providing may include :
- Special payment arrangements
- Deferral of payments
- Re-amortization of loans, resulting in lower payments
- Capitalization of outstanding interest arrears and other eligible expenses
- A combination of all the above
Please contact your broker, lending institutions or bank to inquire about the programmes they have in place for Fort Mac families, and to better understand your financial options.