This is a good question that highlights asset concerns when filing a consumer proposal.
The renewal of your mortgage is typically an automatic process, and unaffected by filing a consumer proposal.
Renewing your mortage with your existing lender does not usually require a credit application. However, the one issue that may arise is if you do not want to accept the automatic renewal offered by your existing mortgage lender.
If you try to get financing from another mortgage company, you will be required to complete a new credit application and the bad mark that resulted from your consumer proposal will likely affect your ability to get approved.
We’re often asked the same question with regards to filing personal bankruptcy. Find the answer here.
Not too long ago, I met with a couple who were buried under a mountain of debt and owned their home. See how we helped them.
The bottom line is that as long as you stick with your existing mortgage lender you shouldn’t have any problems.
In the 13 years that I have worked in the insolvency industry I have never seen or heard of case where someone who was in a consumer proposal was unable to renew their mortgage.
When you meet with us – you will always meet with a licensed trustee in bankruptcy at NO charge.
We have offices across South Western Ontario plus flexible hours to meet your needs so you don’t have to miss work.
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