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How A Debt Consolidation Program Impacts Your Mortgage Or Home

Debt consolidation is a great option when dealing with huge debt to protect yourself from creditors’ legal actions and collection activities. However, is there an impact on your mortgage or home? We will find out, read on this article to learn more.

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

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Debt Consolidation Program

Is a legally binding process between debtor and creditors that help Canadians pay off debt. Administered by a debt relief agency, a debt consolidation program can be negotiated between you and your creditors to reduce your debt by up to 75%.

Through Debt Consolidation, you will get creditor protection at the start of your program. This means that they can no longer collect money from you or pursue any legal action against you.

What Happens to My Home During a Debt Consolidation Program?

One of the great benefits of a debt consolidation program compared to other debt relief options is that your home is secured and any other equity you have in your home.

During your filing for the debt consolidation program, we will help you negotiate with your creditors. That means that we will put your assets into consideration while creating an efficient debt relief and consolidation program to eliminate your debt without risking your home or mortgage.

What Happens to My Home During a Debt Consolidation Program?

A debt consolidation program won’t prevent you nor impact your plans in buying a home. However, you should know that debt consolidation will reflect on your credit report during the program and for at least 3 more years after completing it.

Unlike other debt relief options, with debt consolidation, you’ll have earlier time to rebuild your credit. Enough savings for a down payment can also help in getting higher chances of your home mortgage application approved. This is possible with debt consolidation as you will have better cash flow due to reduced debt repayments.

Also, no mortgage lender can change the terms of your mortgage simply because of taking a debt consolidation program. However, be careful in adhering to your payment schedules to avoid your debt consolidation from getting annulled.

Debt Consolidation, a Great Option to Qualify for a Mortgage

Our debt consolidation program can help you qualify for a mortgage in so many ways.

  • During the duration of the program, you’ll have lower monthly debt payments which will help you save money for mortgage down payment.
  • With a better cash flow, you can focus on paying your bills on time and in full to improve your credit.
  • It will also serve as your protection from creditors, which means you’ll have no bad record in court due to unpaid debts.

Our Clients 5-Star Reviews

Amber Howlett
Amber Howlett
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Fanoula Filtsos is fantastic!!! She makes the process smooth, quick and promising. She's very quick at responding to emails, calls, texts and doesn't leave you hanging or waiting for days. She also makes sure everything is clear and easy for you to understand. All over all She does a wonderful job. I highly recommend her. 🙂
Dan Liknes
Dan Liknes
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Alicia helped me through this with so much respect and care for my situation. I started talking to her while I was still suffering from injuries I received in a fall. She helped me with such a caring heart. It surely was a challenge for her. My memory at the time was not very good. She went over and above to help me and now my finances will be on the road to recovery...just like me. Thankyou Alicia for everything. Thankyou National Debt Relief. I made some poor financial decisions in the past. But I have learned a valuable lesson. You guys have helped me in so many ways. I can actually sleep better at night now.
Matthew Williams
Matthew Williams
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Brittany is great, highly recommend If you have questions or concern or just want to better yourself with your money
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

No contact details required to find out if you qualify

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Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

SEE IF YOU QUALIFY TO:

No contact details required to find out if you qualify

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
Verified
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
18/09/2020
Verified
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
18/09/2020
Verified
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
18/09/2020
Verified
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
18/09/2020
Verified
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
18/09/2020
Verified
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
18/09/2020
Verified
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
17/09/2020
Verified
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
17/09/2020
Verified
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
17/09/2020
Verified
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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