What happens to equity in home on proposal?
November 28th, 2007 by Questions
Reading on Consumer proposals, we have a joint situation where myself, wife and mother in law purchased our home together. We have about $30,000 equity in the house. We have $88,000 debt together. We don`t have enough equity to consolidate, but also don`t want to go bankrupt and lose the house. Our combined annual is around $77,000. we have tried re financing but can not consolidate due to income level.
If a proposal is submitted over 5 years for 50% of debt, with monthly of $570 how would we deal with the equity? Does it get touched?