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


One Response to “after bankrupt”

, 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.

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