If you are in a consumer proposal or on the verge of filing you must watch this video.
Matrix Mortgage Global
Your Alternative Lending Specialist!
Meet Patrick and Sue,
Together the filed a consumer proposal for $26k and have 2 ½ years left to repay. Their proposal payments are $930 per month.
They own a home in Barrie worth $450k with a current mortgage balance of $320k.
Both Patrick and Sue have great jobs but poor credit due to the proposal, their problem is the current mortgage is up for renewal in 2 years and if they do nothing they run the risk of having a higher mortgage rate when it’s time to renew. Also if they wait the 2 ½ years to pay out the proposal they still need at least 2 years to re-establish their credit.
An advisor from Matrix Mortgage informs him that he can take equity from his home to pay off the proposal without touching the first mortgage.
This is called a second mortgage.
It’s an OPEN loan with flexible payment options
Justin has the option to pay it off in full at any time.
Now Justin is happy
And so is the government
Approved on equity not credit
More reasons why you may want a 2nd Mortgage
Pay out Consumer Proposals, Mortgage/Tax Arrears, Collections, Credit Cards
No Income or Credit Check Required