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

"*" indicates required fields

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

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?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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.

Select Trustee By Province

Mortgage Renewal and Consumer proposal

how would a consumer proposal affect renewal of mortgage after the current term ends? I have a 5 year closed mortgage up for renewal in 2012. Please respond

Posted from: Ontario

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Mortgage Renewal and Consumer proposal”

A licensed trustee said...

Unless you are in a high ratio mortgage (zero down) then you should not have any problems renewing your mortgage if you file a consumer proposal. In fact, the law prohibits anyone from terminating or ammending a contract simply becuase a person has filed a proposal.

If you are in a high ratio mortgage the answer is maybe, maybe not. A couple f the high mortgage companies in Canada have decided to get out of the business and are not renewing for ANYONE when mortgage terms come up. If you are in a high ratio mortgage you should contact your mortgage company and ask for some assurance from then before you file.