A Consumer Proposal and your Mortgage Renewal
A common concern when you are considering a consumer proposal is, what will happen to my house, and will it affect my mortgage renewal. When facing financial difficulties, you do not want to potentially lose your home, as you have invested much time and money into it.
There is hope!
If your mortgage payments are current and paid on time, and you are able to prove that you can make your mortgage payments for the agreed upon terms and time, you should be able to qualify for a mortgage renewal. You will need to discuss these details with your financial lending institution.
A consumer proposal deals with your unsecured creditors, so you will be able to keep your assets (mortgage/auto loans, your secured loans) as long as you are making payments.
So generally, with your mortgage company, as long as you are making payments on time at the time of the proposal, you should be allowed to keep your property. Again, however, this is something that can only be finalized by your lending institution.
The majority of the mortgage institutions usually renew your mortgage, pending that you have been making your payments on time. If you are behind on your mortgage payments, this could cause possible problems with your mortgage company.
