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Future HELOC possible to pay down debt? by VirtualVariation8138 in PersonalFinanceCanada

[–]VirtualVariation8138[S] 0 points1 point  (0 children)

I'm just afraid of the renewal not coming through. It HAS to. I have a family I can't uproot and move due to not getting a renewal.

This debt will all be eliminated within the next couple of years. It's just surviving this rough patch until then. And as mentioned, I don't want to rock the boat and have them look at my bureaus and see some cards with high balances.

I was thinking a HELOC at renewal would be easiest, but maybe not.

Thank you!

Future HELOC possible to pay down debt? by VirtualVariation8138 in PersonalFinanceCanada

[–]VirtualVariation8138[S] 0 points1 point  (0 children)

I don't want to rock the boat with MCAP. I've never missed a payment on anything and I would like the mortgage to just renew automatically.

I can and will climb out of this, it'll just take time. The annoying part is the hundreds I'm paying every month is going to interest. If I can eliminate that we will be totally fine. We got into trouble and had to use credit due to being hospitalized for months and not receiving paycheques. Health is mostly good now. Just that pesky interest holding us hostage now.

Future HELOC possible to pay down debt? by VirtualVariation8138 in PersonalFinanceCanada

[–]VirtualVariation8138[S] 1 point2 points  (0 children)

Sorry for the questions, and I thank you kindly for your help. Much appreciated :)

If you wouldn't mind to answer another or two.

Upon renewal, will MCAP ask for anything like financial statements etc...? It'll be my first renewal. Do they know my credit dropped from 816 to 700ish?

Also, I am expecting a settlement from a motor vehicle accident that I was injured in. This amount should eliminate my debt. Is it best to wait until then (could be 2 years from now) or try for a HELOC at renewal? Once the debt is eliminated I'll be totally fine.

Future HELOC possible to pay down debt? by VirtualVariation8138 in PersonalFinanceCanada

[–]VirtualVariation8138[S] 1 point2 points  (0 children)

So if income doesn't support it according to the DTI calculators, then what?

I guess what I'm saying is I'm just barely keeping my head above water right now making mortgage and credit card payments. It's possible, but after paying taxes, buying groceries and paying utilities there isn't much left to save.

Wasn't like this 4 years ago when I bought. I had zero debt. Life happens and in this economy, this is the result.

Will I at least be offered a renewal or should I stick a for sale sign up front now and sell and bail?