Here is another tip for individuals in current financial trouble and has had late payments on mortgages for 2-3 months arears. It is always the best that you contact the lender/bank first. Seek for settlement and prevent them from taking legal action. Propose to pay extra to get a settlement, instead of the banks foreclose on you.
This way, you can avoid having to claim bankruptcy and have a "bankruptcy" record on your credit bureau. A bankruptcy record stays on your credit history for 7 years, versus a consumer proposal will only show the creditor trustee's name and only stay on record for 3 years.
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