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Bankruptcy Canada Online Support Group

During Bankruptcy
Welcome to the During Bankruptcy category of the Support Group. You just filed for bankruptcy, what happens now? This is the place for discussions about During Bankruptcy.
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Discussion: Mortgage Renewal During Bankruptcy?  (Read 694 times)
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« on: July 04, 2011, 10:55:22 PM »
trap69
Newbie

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Posts: 1
Hi

We are considering bankruptcy, have allready spoken with 4pillars, we would keep our house (payments uptodate and no equity). The only thing is that our mortgage renewal is up in 6 months.

Anyone have troubles getting their mortgage renewed during bankruptcy? 

Our mortgage is with RBC, they have been aweful to us for the past 15yrs (we were young and naive), but are stuck with them now.

 I have looked and cant find any info on if banks cannot renew your mortgage while you are in bankruptcy.

Any help would be appreciated.
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« Reply #1 on: July 05, 2011, 06:18:23 AM »
struggling
Newbie

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Posts: 16
Hi...

We also met with 4pillars - but then we went immediately to a bankrupcy trustee. 4pillars have fees that you must pay, and they have a different approach than an actual bancrupcy trustee who won't charge you any % fees, and has taken special courses to give you the best advise. You can meet with several trustees until you find one you like.

Good luck!

Judie
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« Reply #2 on: July 05, 2011, 07:43:50 PM »
TreeFrog
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Posts: 197
Hello,

I agree about going directly to see a trustee rather than dealing with 4pillars.

As far as your mortgage goes, although your bank is not obliged to renew your mortgage (or anyone else's, in or out of bankruptcy), they are certainly allowed to do so, and usually do as long as your payments have been regular.

Best wishes,
~Wendy
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