Property Retention in a Consumer Proposal

May 18th, 2010 by Questions

I have 2 properties, one being my principle residence and the other my cottage. I have the cottage listed for sale but the mortgage lender is in the process of forclosure. I would like to be able to keep the cottage until I can sell it as I do have considerable equity in the property. I would then use this money for payments in a Consumer Proposal or possibly to pay down debt. Can the foreclosure process be stopped by doing a Consumer Proposal?

Posted from: Ontario


One Response to “Property Retention in a Consumer Proposal”

, A licensed trustee said:

If the lender has already taken possession for the purposes of selling then it is likely too late to stop them. If you are still in the notice period then perhaps they can be.

Use the links to find a trustee in your area and give them a call. They’ll help you review your options regarding the cottage and your other debts – then you can decide what to do.

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