Comments on: Will A Second Mortgage Clean Up All Your Debts? https://www.hoyes.com/blog/will-a-second-mortgage-clean-up-all-your-debts/ Hoyes, Michalos & Associates Inc. | Ontario Licensed Insolvency Trustees Wed, 24 Nov 2021 18:40:24 +0000 hourly 1 https://wordpress.org/?v=6.5.3 By: Ross Taylor https://www.hoyes.com/blog/will-a-second-mortgage-clean-up-all-your-debts/#comment-273 Fri, 07 Mar 2014 12:48:20 +0000 https://www.hoyes.com/?p=2820#comment-273 Very good post. A couple of additional thoughts. (1) Often a second mortgage lender will not be worried about a low credit score if the covenant is otherwise good. (2) Second mortgages can be an excellent way to pay off a consumer proposal and accelerate the recovery process by several years.

As an example, suppose a debtor still owes $15,000 in her Hoyes Michalos consumer proposal, and is paying $300 per month towards it. A second mortgage could be arranged to pay off the whole amount and the new monthly payment would be comfortably under $200.

Couple this repayment with a proper credit score rebuild, and in a few short years her credit report will be singing like an angel.

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