Would Services of a Trustee Prevent Me From Getting a Mortgage?Posted on: July 21, 2017
In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about “Would Services of a Trustee Prevent Me From Getting a Mortgage”.
One of the big ambitions of most people, especially for the family is to ultimately buy a house. People who have debt problems come to see a Trustee and end up do a bankruptcy or perhaps a consumer proposal, are going to be concerned whether this bankruptcy or consumer proposal is going to somehow prevent them from being able to obtain a mortgage at a later date. The only way that we can really answer this is, nobody can really predict the future, there is a lot of factors that go into why a person can get a mortgage, and why they cannot. Bankruptcy and proposals on your record are just one factor, and also time. The bottom line is, it is impossible to really predict it, but generally speaking, after you have done a bankruptcy or proposal, and have solved all your credit problems, and some time has gone on, most people can and have the other ingredients properly arranged, they can get the mortgage. An interesting aspect of it though is the mortgage renewal, people are highly concerned that they may lose their house when the renewal time comes. And what we found, I’m not an expert on this practice, but what we found is that renewals, I guess they are automatic, generally they are almost computer generated, and so very few people have this kind of problem renewing their mortgage.
If you are uneasy about mortgage you should definitely visit a licensed insolvency trustee so that you will be given an advice about your mortgage problems.
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