Three years ago, I signed a co-signatory for a friend who needed a mortgage. This person has filed a consumer proposal: what will happen to me now? I can't afford to pay off their loan.
Check if the proposal includes provisions for continued mortgage payments. If so, as long as these payments continue, you shouldn't be worried.
If payments stop, you will receive a notice of default. Since you are unable to pay, the house will be sold by the lender, and you may be required to pay the outstanding loan balance after the sale, or file for bankruptcy yourself.
If payments stop, you will receive a notice of default. Since you are unable to pay, the house will be sold by the lender, and you may be required to pay the outstanding loan balance after the sale, or file for bankruptcy yourself.
Questions reliées
- A few months ago, I bought a new car, financed by the bank. My partner signed the loan agreement, and I was the co-buyer. If I sign a consumer proposal, what impact will it have on the loan? I don't want my partner to be disadvantaged.
- Can I consider the consumer proposal even if I am receiving unemployment insurance benefits (I have the maximum benefits)?
- Can my spouse and I submit a proposal at the same time? We have approximately $115,000 in debt. Can we also include our line of credit and credit facilities in this proposal? My mortgage renewal is due next year: could the financial institution refuse me?
- Does making a consumer proposal impact our job prospects? To work for the government, applicants are required to sign an authorization to check references, criminal record, and credit before being hired.
- For the past few years, the provincial government has been garnishing my wages. After all this time, I'm at my wit's end. However, I'm indebted to friends and family. I also owe Hydro-Québec, Mastercard, and now the federal government is demanding over $4,000, which will result in another wage garnishment. I'm in debt and I couldn't pay my rent this month. Can I include my unpaid rent in my consumer proposal since my landlord has gone to the Régie du logement (Quebec Rental Board) and the next month is coming up and I won't be able to pay it?