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CONSUMER PROPOSAL AND MORTGAGES

Will I have a problem renewing my mortgage while I am in my consumer proposal? I just started my cp and my first mortgage renewal is not up for 3 more years and my second is up for renewal in 2 years.
Also because I had an unsecured loan with my mortgage company , will I have any problems with my mortgage because of the loan?

Posted from: Ontario

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One Response to “CONSUMER PROPOSAL AND MORTGAGES”

A licensed trustee said...

I have to tell you that these are questions you should have asked BEFORE you filed your proposal.

Regardless, if you maintain your payments you won’t have any problem renewing – it is illiegal to refuse to renew your contracts simply because you filed a proposal. Just keep everything current and you should be fine…