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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

I have never declared bankruptcy before, but I have fallen way behind in credit card payments, and get very close to having my utilities cut off. I own my home, but my mortgage is due for renewal in February 2016. If I declare bankruptcy now, can my mortgage company refuse to renew my mortgage? I owe about $16,000 in credit card debt, I have 2 car payments, I'm a single mom with 3 kids and I have lien on my mortgage from a financial lender of $18,000. I need help please.


From:

 

Grant Thornton Limited

Date:

 

Aug 19, 2015

Answer:

 

Hi Donna, The Mortgage Company will assess your payment history and credit score when reviewing the renewal of your mortgage. Bankruptcy shouldn't affect your renewal if you have always made your mortgage payments as agreed. However, bankruptcy may prevent you from obtaining a more competitive mortgage rate. Hope that answers your concern regarding renewal of your mortgage. Perhaps you can contact me at (780)442-1984 to discuss the bankruptcy process and the lien of $18,000 on your property.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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