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Mortgage is due to be renewed

I think a CP is the way to go for me but am concerned about the timing. I will be insolvent in a little over a month and am concerned that I have to renew my mortgage within the next month. Should I wait until I renew and keep my payments on my unsecured dept or should I just get this overwith and stop paying the interest? How will this affect my mortgage renewal. Gotta tell you, I feel like I am misleading the bank.

Posted from: Nova Scotia

One Response to “Mortgage is due to be renewed”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Realistically it may not make much of a difference. If they look at your current cash flow or debt to income ratios they may be just as concerned as if you have filed a proposal.

As for what is better, I am always of the opinion that full disclosure is better, even if it makes things a little more difficult the risks of not explaining you plan to the bank far out way the benefits.