August 21st, 2012 by Questions
A homeowner with a 300000 mortgage has 17000 in credit card debt and wants to clear it…what would be the best way to proceed? The house is currently valued at approx…375000.
Posted from: Ontario
One Response to “Debt consolidation”
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August 21, 2012 at 5:21 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Any time you are looking for a consolidation loan you are best to talk to your local bank or a mortgage broker. Ideally both. They will be the parties who are most aware of the rules surrounding equity take outs like you propose. Based on the new mortgage rules you are allowed to finance up to 85% of the value of the property, so you should be just able to get enough to cover your debts.