Author:		JS
Date:		November 25, 2009
Question:		Hello, My question is about our mortgage. Currently we have a negative equity in our property. We bought it at the price peak in 2007. Can we file a Proposal to reduce our interest without penalty, so we can make the payments and avoid the foreclosure? We have already missed one payment. Thank you J.S.
From:		Karen, Alger & Associates Inc.
Date:		November 25, 2009
Answer:		A proposal under the Bankruptcy Act does affect secured creditors so it would have no bearing on your mortgage. The mortgage company will still have all available methods of realization such as foreclosure. If you wanted to deal with other "unsecured" creditors which could free up funds to deal with your mortgage then a proposal would work for you. Karen Rideout phone: (780) 296-2973   If you wish to talk to one of the Edmonton bankruptcy professionals at Alger & Associates Inc., you can call us TOLL FREE from anywhere in Alberta at 310-8888. After hour appointments at our Edmonton bankruptcy offices are available. This site provides free information about personal bankruptcy in Edmonton and personal bankruptcy alternatives in Edmonton , including answers to common personal bankruptcy questions. This site is sponsored by Grant Thornton Alger Inc. - Calgary Bankruptcy, Edmonton Bankruptcy, Alberta Bankruptcy, Canada Bankruptcy