mortgage renewal of rental property after consumer proposal
March 24th, 2009 by Questions
I have a rental property in quebec ( we now live & own a house in toronto), last dec. my new tenant that supposed to start a year contract , changed his mind because he said, he was laid off from work and gave us a day noticed and couldnt be reach anymore. To make a story short, my rental property was vacant for 3 month and we were paying 2 mortgages for those months. We were late for bill payments only a month, but we are now living using chequing overdraft. our credit cards & credit lines are all maxed because we used more of it when we moved to a new purchase house 8 months ago. our budget will be normal again eventually since we now have a new renter but we now have a lot of debt than before.
My question is: If i or we do a consumer proposal , what will happen to my rental property which will be due for renewal 5 months from now?
Posted from: Ontario