Mortgage Renewal while in Consumer Proposal
My mortgage is up for renewal in 13months and i have been paying my cp for 1 year now. I`m wondering if my bank will chose not to renew my mortgage now that i am in cp. Most of the money i owed was to the same place that i have my mortgage, will this make them not want to renew? I have never missed a mortgage or cp payment. i`ve will have been paying my mortgage for 5 years when it comes up for renewal.
Posted from: Manitoba
Typically as long as you are renewing your mortgage with the same institution it has been with for the last few years then this is a fairly simple thing to do. The institution then relies more on your payment history with them than anything else and often doesn’t even delve deeper into your current financial position.