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If I am in a mortgage will it affect us in 4 yrs when our mortgage comes up can they decline our current mortgage as well vehicle loans are not included right and for a personal loan if they put a lean on one of our vehicle can they take it



Grant Thornton Limited



Jun 30, 2016



Hello, Typically, filing for bankruptcy or a proposal shouldn't affect your ability to have the mortgage renewed. However, if you have missed payments then the lender may re-evaluated and have to re-approve you. My understanding is that the lender will not be able to provide a more competitive interest rate but can renew at the same conditions and higher due to your credit rating. Vehicle loans do not have to be included in a bankruptcy or proposal if you continue with the current payment arrangement which will allow you to keep the vehicle. You are correct - if you have pledge an asset as collateral and payments were missed then the lender have the right to seize. If you have any other concerns please contact our office.

Susan Methuen
T 403-310-8888


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