Would your service prevent me from receiving a mortgage?
There are a number of issues to consider when considering a bankruptcy or a consumer proposal, when a mortgage is in play:
- Are you applying for a new or increased mortgage, or switching to a new lender?
- Are you renewing an existing mortgage?
- Are your payments up to date? Are you behind on other loans with the same bank?
- Are you applying for a second mortgage?
- Are you under time pressure, either to renew, or to file a bankruptcy or a consumer proposal?
Clearly, there is no simple answer to your question, as you may be facing one of many different mortgage scenarios.
In our experience, renewing an existing mortgage while in bankruptcy or a consumer proposal usually does not present any difficulty. However, each situation is unique. If you are not under time pressure, use the opportunity to get the best information you can. Talk to your mortgage broker about your situation, or talk to a Trustee about your debt options.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.