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If I do a consumer proposal and during the payback period I need to renew my morgage, it is up for renewal in Aug. of 2014, can I be refused renewal because of my credit rating?

Posted from: Quebec

One Response to “Janet”

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

Currently there is no requirement on a mortgage renewal for a bank to do a credit check. As a result most every renewal mortgage is simply a rubber stamp and the filing of a consumer proposal shouldn’t have any impact on your ability to renew. The only time we find that people have difficulty is if they are trying to shop the mortgage around as opposed to renewing with your existing institution. Then the new institution would do a credit check and it would cause problems.