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Consumer proposal

Can you remorgage after a consumer propsal?

Posted from: Ontario
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One Response to “Consumer proposal”

A licensed trustee said...

You may certainly renew your mortgage after you have filed a consumer proposal, but if you try to change mortgage companies during your proposal or in the first 2 years after you have completed your proposal you are not likely to be successful.

The law prohibits your existing mortgage company from refusing to renew your mortgage becuase you filed a consumer proposal, but it doesn’t stop any new lenders from denying you a mortgage for the same reason.