While foreclosure is more common than many people think, facing one can be a frightening and stressful time. Lenders have the option to exercise a judicial foreclosure that will, if you choose not to respond, mean that you will lose your home.
While the intent of bankruptcy is to clear away much of your debt, you will likely incur a degree of stress while undergoing the process. While, in many instances, you may be able to keep your home, your ability to refinance your mortgage may become somewhat restricted.
When your current mortgage reaches maturity, you will need to renew your mortgage to cover the existing balance. However, if you have recently entered a consumer proposal, your renewal may be affected.
From the moment your bankruptcy is official, you should be making every effort to improve your credit standing and beacon score while disciplining yourself to manage your finances.
For a variety of reasons, debts can pile up that may challenge your ability to make your regular mortgage payments on time. You eventually may begin to receive warnings from your bank or mortgage company that, unless payments are brought current, a foreclosure will be imminent.
Mortgage refinancing after bankruptcy can seem like an unachievable feat. Refinancing after bankruptcy isn't going to be as tough as you thought. If you are one of the fortunate people that were able to keep their home through the bankruptcy process, then you have a decent shot at refinancing once you are discharged.
Mortgage renewals after consumer proposals are pretty straight forward. Usually, your bank will just go along with an automatic renewal as long as your mortgage payments, and consumer proposal payments are up to date. Sometimes banks will deny mortgage renewals if your credit is bad, you are not keeping up with payments.
Foreclosure is not a word that people like to think about. When peoples homes are foreclosed on, it usually means that the owners are experiencing hardship in their lives. Often the case is that one or more people responsible for paying the mortgage became ill or lost their job(s).
Bankruptcy while owning a home can be a tricky matter. Of course, bankruptcy doesn't necessarily mean that you are going to lose your home, but you may have to work out a special situation depending on where you are with paying off the mortgage and the total amount of your debts.
Filing a consumer proposal can be a scary time.A consumer proposal is seen similarly to bankruptcy in the eyes of the banks, however it is much easier to turn your credit around after a consumer proposal is paid off.