Mortgage Renewal after Bankruptcy
Will I be able to get a mortgage renewal after bankruptcy?
First, you must find out if your mortgage contains a clause giving the lender the right to foreclose. If the answer is yes, I suggest you talk to a trustee to consider your options.
However, if you have income, it is in the best interest of the lender to continue receiving interest payments. Therefore, in most cases you will be able to renew your mortgage even after you go bankrupt. The lender normally only looks at your payment history to make sure there that there are no NSF cheques or problems with your payments. The lender will be able to increase the mortgage and renew the existing mortgage.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.
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