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Mortgage Complications

My husband and I are currently preparing to file a Consumer Proposal and we have a variable rate mortgage on our house. The bank which holds our mortgage also happens to be the bank which we owe the most debt to. Will filing this proposal effect my ability to fix my mortgage rate at a competative rate which I could afford. Or should I look at locking it in now, to prevent any problems (even if it could mean the difference between a proposal and a bankruptcy).

Posted from: Ontario

One Response to “Mortgage Complications”

A licensed trustee said...

Frankly, no one has asked this question before. There won’t be any problem renewing your mortgage due to a proposal so I doubt very mich that there will be any problems exercising your right to convert to a fixed rate. To be certain you’ll need to ask your mortgage company…