Consumer Proposal – What are the Advantages?

Re-Financing a Mortgage In Consumer Proposal:

Re-finance of Consumer Proposal

You might be in the midst of a Consumer Proposal, but there may be a way to shorten the time required to pay it out and begin building your credit again. TDFS is a division of Toronto Dominion Bank. They have recently launched a mortgage option for those who are in a Consumer Proposal and have paid as agreed for a 1 year term.

The Mortgage will allow clients to refinance their home (provided they have equity) and pay out the remaining Consumer Proposal. The greater benefit is that the new mortgage would report to the credit bureau and aide in the restoration of a clean Beacon Score. TDFS (Toronto Dominion Financial Services) will consider the 1 year of repayment of the Consumer Proposal as re-established credit for the purposes of obtaining the refinance.

Instead of taking 3 or 5 years to pay a Consumer Proposal in full, the time could be reduced to just 1 year. While the interest rate is higher than a traditional mortgage, the rebuilding of credit and completion of the Consumer Proposal is off set by leaving the Proposal behind and having a fresh start. At the end of this TDFS mortgage, a client should have clean credit and be able to apply for a competitive mortgage through a national lender without higher rates or the possibility of being declined for financing.

If you are in this situation, please contact us today and find out if we can assist you!

Every Canadian deserves a home they can call their own. Let “Your Durham Region Mortgage Solutions Team” at Mortgage Intelligence help you with a low rate solution! Apply today & save!

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Consumer Proposal

Consumer Proposal – What are the Advantages?

What are the Advantages of Debt Negotiation and Settlement through a Proposal?

The repayment period for a proposal is a maximum of 5 years;
If the majority of your creditor (50% +1) accepts the proposal then it is deemed to be accepted by ALL of your creditors;

On the date you file for the proposal all your interest rates are frozen;
You are able to negotiate and pay all or only a portion of the debt you owe;
Your creditors are restricted from taking any legal action against you while you are in proposal;
Any wage garnishments (except for support and alimony) are immediately stopped
Once you have filed for proposal, at no time can any unsecured creditors garnish your wages or take you to court until the proposal has been dealt with.

Consumer Proposals were created as an alternative to bankruptcy. If you find yourself in financial trouble but you have the ability to repay a portion of your debt, then a consumer proposal may be the right solution for you instead of bankruptcy.

If you’re discharged from a Bankruptcy or Consumer Proposal, you’ve paid your dues, it’s time to let “Your Durham Region Mortgage Doctor” help you get approved for a mortgage and get the home you deserve! We’re here to help! Contact us now.