Mortgage Renewal after a Consumer Proposal
July 15th, 2010 by Questions
My husband lost his job last May (automotive industry) while I was on maternity leave. we`ve fallen behind on our credit card payments and 5 of them were sent to collections. We`ve since paid 2 off and our credit rating is poor. Banks are not willing to give us any loans due to the bad credit and we don`t have enough equity to get a 2nd mortgage on our home. A few people have suggested that we do consumer proposal. Our total unsecured debt is $43000.00
What would happen if we decide to do consumer proposal in terms of credit rating? Will we have a hard time when the time comes to re-new our mortgage in 4 years time?
Posted from: Ontario