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Law.Hut, Lawyer
Category: Canada Law
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-fell into financial hardship in 2010 -house is being forclosed -Im

Customer Question

-fell into financial hardship in 2010
-house is being forclosed
-Im 63 and on CDP
-I have a large disability Insur. payout when I turn 65. (nov22, 2014)
-found a lender to cover mortgage until payout comes through.

-a yr ago went to crt for Td visa
-judgement: I pay Td visa 14,743 inclusive of costs with post judgement interest in accordance with the Courts of Justice Act, as amended
-I have not received any invoices or statements to date on this matter.

-Td Bank will not accept money to pay off mortgage because Td visa put a Lein on the house.

- no judgement was made for visa to do that. Can you secure an unsecured debt without a judgement.
I don't want to loose my house. What can I do???
Submitted: 3 years ago.
Category: Canada Law
Expert:  Law.Hut replied 3 years ago.

TD Visa is referred to in this situation as a judgment creditor. They have a judgment against you that can be enforced by various means. One of the legal remedies they have to enforce the judgment is by placing a lien against any real property that you own. They do not need to get a judgment that specifically allows this, as any judgment can be enforced in such a manner without it's needing to be specified in the judgment. So yes, it is possible to have a debt lien enforced from a previously unsecured debt against property that you own. And once the lien is registered against title to your property, it will have priority over any subsequent creditors that register against title.

So your remaining option here would be to find some way to pay the lien amount, or to at least negotiate some structured payment to the satisfaction of the judgment creditor.

I'm sorry I cannot provide you with more positive information.

I hope this is helpful though. If you have no further questions, please rate the answer positively, as otherwise the site does not credit me, even if you have paid a deposit. You can still ask follow up questions after rating though, if you wish.

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