CONSUMER PROPOSAL AND A MORTGAGE
October 16th, 2008 by Questions
We are just starting the process of a consumer proposal and I am worried about our mortgage. We have an unsecured loan with the mortgage company for 10,000 and a first mortgage with them .Our renewal date is not up in March 2011.Will this unsecured loan have any effect on my current mortgage? I am having a difficult time keeping the mortgage payments up to date right now I am paying 1 month behind??
I am worried that the company will give me problems knowing that we are filing a consumer proposal and being a little late on my payments. I have been calling them and making payment arrangements to try get caught up but that may take a couple of months. I just want to keep my house.
Posted from: Ontario
One Response to “CONSUMER PROPOSAL AND A MORTGAGE”
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October 17, 2008 at 8:42 am, A licensed trustee said:
If you are just starting your proposal and you already have problems with your mortgages then you need to go back to your trustee and review your monthly budget. One of the worst things you can do is get 6 to 9 months into a proposal and then realize you can’t make your mortgage payments… if that happens you’ll either default on the proposal and/or lose the house.
Please go and see your trustee and review your plans with them.