FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Downsize while in proposal

I am one year into my proposal, but thinking about downsizing my house to save even more to pay it off quicker.

Would I be able to sell my current house, and buy a smaller one, porting my current mortgage over?

Posted from: Ontario

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “Downsize while in proposal”

A licensed trustee said...

There is no legal reason why you can’t do this, but before you get too far down this path go and speak to your mortgage company. Make sure they will allow you to port the mortgage and they approve of your plan. Due to the proposal, your mortgage company may not approve any changes to your current arrangemnbt (even though it might make financial sense to do so).