We were invited to speak at the presentation by David Gyurits from the Mortgage Allicance and Interglobe. David's Interglobe Financial Services company helps people to build financial security and independence. The Interglobe website has many interesting articles ranging from topics from dealing with debt, tax and investment advice along with on products such as RRSP's and Life Insurance. Visit the website at totalqualityfinancial.

Some of the mortgage brokers we met from the area such as Karen Monteiro, Madelia Almeida and Dale Dyer were telling us that have noticed an increase in the number of people calling them concerned about the falling house prices in the Cambridge area and people asking for advice on re-financing their homes.

With mortgage lenders and banks tightening the requirements people need to meet in order to be able to borrow money against property they own, its important that you understand all your options when considering a financial strategy for you and your family.

If you're looking to re-finance your mortgage and you have debts you need to bring under control, it's important to look into all your options before making a decision on how to deal with the debts.

Here at Hoyes, Michalos & Associates, we're firmly of this belief and we'll often suggest to help clear up your debts with honest impartial advice. For example, even in light of today's falling house prices, if you have some equity in your home that has built up over the years and you want to look at borrowing money against the property you own, to put towards credit card/credit lines, maybe contacting a mortgage broker is the right step for you to take first.

If a mortgage broker is unable to help you secure the financing you need, you still have options that we provide here at Hoyes, Michalos & Associates, here in Cambridge such as a Consumer Proposal or even personal bankruptcy. A Consumer Proposal would be a logical option to consider if you have equity in your home and are afraid you'd lose it if you filed for Bankruptcy. A Consumer Proposal would allow you to keep the equity in your home, whilst at the same time paying down you unsecured debts at a rate that is more manageable for you to handle.

Please contact us for more information, and to determine if a proposal is the correct option for you.