106 - What Happens If You Can’t Pay Your Mortgage or Car Loan

Many Canadians increased their debt levels during the pandemic due to low interest rates and now are finding themselves vulnerable to interest rate spikes. In challenging situations, most debtors will typically miss credit card payments, lines of credit or auto loans before mortgages. Whatever payments Canadians are struggling with - the higher interest rates will likely continue stressing household budgets. Experts are predicting a rise in insolvencies in the near future. 

How are you coping with skyrocketing inflation and higher interest rates? Are you wondering what might happen if you can’t make your mortgage payment or your next car payment? 

Derek Chase, Licensed Insolvency Trustee explains what happens and what you can do if the bank forecloses on your home or your vehicle gets  repossessed. Derek also explains:

Each province’s rules differ as to how repossession and foreclosures work When repossession of your vehicle would be advantagesThe rights of secured creditors to foreclose or repossessNotice required before foreclosure and repossessionReaching out to your lender when things are getting difficult

If you are struggling to make ends meet, reach out to a Licensed Insolvency Trustee sooner rather than later. They can help you take back control of your finances. They are considered some of the best debt advisors in the country and the only ones licensed by the federal government of Canada.   

About Derek Chase

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. 

Additional Resources Derek L Chase & Associates Ltd. Licensed Insolvency TrusteeSoaring Mortgage and Interest Rate Increases Are Making Housing In Canada UnaffordableMy Mortgage Is in Foreclosure – Now What?