Your Debt Solutions Experts
BDO Sault Ste. Marie

747 Queen Street East
P.O. Box 1109
Sault Ste. Marie, Ontario
P6A 5N7
(705) 945-0990

Mortgage Debt

Your home matters. It’s where you’ve shared many memories and what you hope to own outright one day. We know how important it is to you. Unfortunately, when you have many other bills to pay, you might be getting worried about your ability to make your mortgage payments. But, there are solutions available to help you manage all of your payments.

Here we provide useful advice for you to take back control of your personal finances and ensure that you are able to make payments towards all your monthly expenses.


HOW MUCH DO YOU OWE?


$50,000

Will debt solutions eliminate my mortgage payment obligations?

No. Since mortgage debt is a secured debt, meaning it’s backed by an asset (your home), it must be paid or else you risk having it repossessed by the lender (your bank). The only way to eliminate it is by paying it off. It cannot be included in a consumer proposal or bankruptcy, as these deal only with unsecured debts, like credit cards for example. But, by reducing your other monthly bills and debt payments through court approved proceedings like a consumer proposal, many people can then afford to maintain their mortgage payments and keep their home.

How can I reduce my unsecured debt payments?

There are many methods to lowering your monthly unsecured debt payments, for example:

  • Getting a consolidation loan from your bank
  • A debt management plan (DMP) from a legitimate credit counselling agency
  • Filing a consumer proposal to repay only a portion of your debts, rather than the full amount

Our Debt Options page explains, in more detail, every one of the mentioned options above, along with the rest of the methods available to save you more money to put towards paying off your home.

Can I discuss my options in person?

Absolutely. You may contact our local debt professionals at any time for a free, no obligation assessment of your financial status, as well as a detailed explanation of how each available debt relief option can help you lower your monthly costs to be able to afford your home. We care about what matters to you and we’re here to help.

Book a Free Consultation