July 16th, 2008 by Questions

I`m in the 2nd year of a consumer proposal. My home hasn`t any equity and to sell would put me in a deficit. I`m considering bankruptcy, which my trustee suggested. Is it beneficial to reamortorize my mortgage? Is it possible to put my partner on the mortgage to renogiate a more affordable payment? The situation locally is that of lay offs and businesses closing so I`m unsure about my future. Is it worth saving a house that was assessed at a higher value a few years ago and is worth considerably less now?

Posted from: Ontario

Posted from: Ontario


One Response to “Mortgage”

, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:

This is a question that is difficult to answer as it is all based on future projections. Of course if the house goes up in value then you are best to try and protect the value in it. However, if the markets continue to slide then there is an argument that says it may not be worth protecting. Irrespective I am not in a position to suggest which avenue would be recommended as I have as much information about the Ontario Housing markets future performance. My advice would take the market out of things. You must live somewhere, as such housing will always cost. If you can afford the home in which you live and are reasonable happy with it I would suggest you are typically better off in the long term to own as opposed to rent.

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