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Home equity

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

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One Response to “Home equity”

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.