Home equity
July 14th, 2013 by Questions
Considering trying to do a consumer proposal, I am wondering how you calculate equity in your home. Do you use a quick sale price, and if so what is considered a quick sale? Also do you take off relator fees and mortgage penalty before you get your equity amont?
Also wondering if MBNA and PC Financial are to deal with in a consumer proposal. I have mastercards from both.
Thanks
Posted from: Nova Scotia
One Response to “Home equity”
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.
July 14, 2013 at 3:58 pm, A licensed trustee said:
Whatever trustee you decide to use will know what the equity calculation assumptions are in your area – it varies by region of the country a little bit so you may as well get the information directly from a local trustee.
MBNA and PC Financial are not particularly troublesome – they will expect you to offer to repay the greater of: (1) what they may receive if you filed for bankruptcy; and (2) about 1/3 of your debt.