renewing mortgage with consumer proposal
July 29th, 2010 by Questions
my husband and i are considering a consumer proposal. we have never missed a mortgage payment and our mortgage will be up for renewal march 2013.. we are with a major bak (rbc) is it common for a bank to not renew a mortgage because of a consumer proposal? what are the chances of them not renewing it?
As well – some of the debt we owe is to the same bank as our mortgage.
thanks so very much,
Posted from: Alberta
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August 02, 2010 at 5:17 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
With most major banks a mortgage renewal is all but automatic. They normally don’t require any additional credit checks as they have enough history internally to be able to gauge whether or not you are a risk. This same principle tends to hold true regardless of whether you have filed a bankruptcy or a consumer proposal.