after bankrupt
April 15th, 2009 by Questions
can I still keep my house? very little equity in it…. What about when the mortgage is up for renewal – will the bankruptcy affect what rate I will get? Will I still be able to keep my mortgage?
Posted from: Ontario
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April 16, 2009 at 11:07 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
If you have very little equity in your house then you likely would be able to arrange it so that you wouldn’t loose that property. As for the renewal of the mortgage, the ability to do this could be impacted by the filing of a bankruptcy, especially if the bank wanted you to re-qualify for that mortgage. However, often the right to renewal is not based on new qualification it is based more on your history with the bank. So you may not run into any major difficulties, the problem is that because it is up to the bank all we can do is speculate.