August 26th, 2008 by Questions
my mortgage is due in about 4 years will a consumer proposal affect my renewal at that time? staying with the same mortgage lender.(assuming the proposal is approx. 4 years.)
Posted from: Ontario
August 27, 2008 at 9:20 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
This is a question you are better off asking of the mortgage lender as each lender has different internal checks and balances. As a result of the proposal you will definately have a blemish on your credit, but at the same time a proposal will have cleared up a great deal of unsecured debt so any of the financial ratios the banks rely on will look very positive (i.e. debt to income etc.).
As a general rule I find if you are staying with the same bank your credit rating is less of an issue, but again each bank is slightly different
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