FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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Mortgage

My husband and i filed for a consumer proposal a few years ago. We were discharged in October of 08. The only debt we have is our home and a secured credit card for 1000 dollars. We have remortgaged twice and now our mortgage is up for renewal . Our mortgage is with a private lender and they will not renew. No one else will take our mortgage because of the proposal and low credit scores. Is there any way we can hang on to our house or are we forced to sell. Is filing for bankruptcy a possibility. What happens to our mortgage then?

Posted from: Saskatchewan

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One Response to “Mortgage”

A licensed trustee said...

I suggest you have a lawyer review the terms of your private mortgage just to make certain they can refuse to renew – usually there is a fairly significant notice period required.

If the lender has the right not to renew and you can’t find a new lender then I suspect you will have to sell. Bankruptcy law won’t save your hosue from your mortgage company – if you can’t pay them off then they will have the right to seize and sell your home.