LOC Secured by Mortgage
February 9th, 2011 by Questions
I have a LOC tied into my mortgage. I owe 22k on it. My mortgage is 78k, my place is only worth about 90k. I have a large amount of credit card debt about 50k as well. What happens with the LOC if I file a proposal? ( I make a good wage, around 79k/yr, but have high commuting expenses for work and the car payment.)
Posted from: Ontario
One Response to “LOC Secured by Mortgage”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
February 10, 2011 at 11:01 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
A consumer proposal is essentially directed at your unsecured creditors. So consumer proposal likely won’t have any impact on this LOC. You will continue to pay both it and the mortgage assuming you want to stay in the property.