How will my mortgate be affected if I make a consumer propsal…. Husband had a serious accident and is not able to return to work. The debts are piling up

Posted from: Ontario

One Response to “BJ”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A consumer proposal is directed to your unsecured creditors, so your mortgage really isn’t affected at all. The only way a mortgage is affected is if you choose to give the property back to the bank before the proposal is filed (and this is only really done if you can’t afford the mortgage payment and if your house is worth less than the balance of the mortgage). But otherwise you simply continue to make your mortgage payments as originally contracted.