- Help Center
- Consumer Proposals
- Mortgages
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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
Will I qualify for a mortgage in the future if I file a Consumer Proposal?
It is very possible to qualify for a mortgage in the future if you file a Consumer Proposal!
You may need a larger down payment and may experience a higher interest rate, but as long as you have worked towards rebuilding your credit, you should not be refused simply due to prior insolvency.
There are mortgage brokers who are familiar with the insolvency industry and may be able to assist you with these applications.