can i loose my house

September 19th, 2008 by Questions

Can i loose my house under a consumer proposal, if my bank that i have my mortgage thru is also owed money like a personal loan and line of credit. My house is apraised at 143 000 and i owe 142 500, so their is no equity in the house for the bank to take.

Posted from: Ontario


One Response to “can i loose my house”

, A licensed trustee said:

As long as your mortgage is current when you file your proposal and you keep it current throught out the term of your proposal then the bank has no right to cancel your mortgage (ie they are prohibited by law from doing so).

If you want to keep your home keep up the mortgage (and property taxes and utilities) and you should be fine regardless of whether or not you have filed a consumer proposal.

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