Transferring Mortgage during a Consumer Proposal
I was wondering if it was possible to `transfer` my current mortgage to a new home while under a consumer proposal. Actually, I would be able to pay off the consumer proposal from the sale of the house and was wondering if I bought a cheaper house. I`m just afraid to contact my mortgage company and ask, because I don`t want to `stir the pot` and let them see my credit bureau report. I am up for renewal next spring. Thanks.
Posted from: Ontario
Unfortunately, you need to speak to the mortgage company about this – there are no prohibitions or rstrictions imposed by the proposal that will stop you from doing this, BUT at the end of the day the mortgage company will have to agree.
I will tell you that we’ve seen it done in the past. It will depend on how stable your income has been and the new home you want to purchase.