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Legal Ease
Legal Ease, Lawyer
Category: Canada Law
Satisfied Customers: 86438
Experience:  Lawyer
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I currently have a judgement against me due to my matrimonial

Resolved Question:

I currently have a judgement against me due to my matrimonial home being repoed and sold. (Long story short my ex-husband pocketed the tenants rent, did not pay the mortgage and I'm on the hook for the debt as my name was on the mortgage.)

The house sold at a loss and there is a judgement of the difference approx $30,000.

The credit agency dealing on behalf of CMHC said that they'll sell my current home (that I own) to recoop the $30,000.

I have offered to make monthly payments of $200 for 5 yrs as a settlement. I have already made these payments as 'good faith' payments for the past 6 months.

I am a single mother of 3, retired veteran on a military disability. With no other income outside of $1200 mothly child support.

Can they take my current home from us or is he merely using threatening scare tactics?
If so, what are my options to save this house?
Submitted: 10 months ago.
Category: Canada Law
Expert:  Legal Ease replied 10 months ago.
Thank you for your question. My name is XXXXX XXXXX my goal is to provide you with the best possible answer.

To achieve that goal it may be that I will find that I need to gather further information from you. As well, it's quite possible that you may feel the need to ask me additional questions for further clarification.

But, please understand that as a careful lawyer I will always give you an honest answer even if the answer is sometimes not what you were hoping for.

How much equity is in your home?
Customer: replied 10 months ago.

$42,000 I jsut had it appraised in Oct 13

Expert:  Legal Ease replied 10 months ago.
It is possible that they have your house seized and sold.

It's not likely that they will do this though.

It costs quit a bit in terms of legal and other fees to seize and sell the house and they would get less for it when they auction it off.

But legally they can do this unfortunately.

It may be that you will have to try and offer them a better payment schedule unfortunately.

Have you provide them with your financial situation? I suggest you do that at once if you haven't to let them know what is going on.
Customer: replied 10 months ago.

Yes, I have provided them with all of my financial information. My house has fallen into serious disrepair due to a leaking roof this summer. (My daughter's bedroom ceiling collapsed just as one example.) I also sent them the quotes of the cost to make all of the necessary repairs.


How likely is it that a collection agency would want to seize a house? That means they would be selling this house at a loss to pay off a debt for another house that was sold for a loss. (Meanwhile my ex declaired bancruptsy leaving me holding the bag.)


Are there any agencies that can help me retain my house or am I on my own with dealing with this collectors? Or any other avenues I can explore to remedy this situation?


 

Expert:  Legal Ease replied 10 months ago.
They don't care about your loss or how unfair this all is. It's a nightmare situation for you but they only care about money.

If they can get most or all of the judgment paid off they could seize the house.

$200 a month doesn't make them think they will ever get paid off. That will barely pay off the interest each month as they will have been awarded interest.

You should be going after you ex for this if you've not tried to do so already.

You can see a Trustee in Bankruptcy. I think you will lose the house if you declare bankruptcy because there is enough equity in it. But you may be able to enter into a consumer proposal.

So that is something you should explore and you can have consultation for free.
Customer: replied 10 months ago.

Sorry to sound uneducated but what is a consumer proposal? and if I enter into that, did I understand correctly that the house would go?

Expert:  Legal Ease replied 10 months ago.
If you declare bankruptcy you would likely lose the house. But it's not clear. When there is little equity the house doesn't go. I think you would lose the house but you need to review the full situation with a Trustee in Bankruptcy.

You can do a consumer proposal through the Trustee in Bankruptcy as well. You don't lose any assets if you do this. The way this works is all the creditors have to agree to your proposal which will be a payment plan. They would agree to take less and over time so that you don't declare bankruptcy.

I don't know if that will work either. You need a Trustee in Bankruptcy to hear all the facts and review your financial details.

Both are ways of starting over.
Customer: replied 10 months ago.

Thank-you so much for your time and help.


 


Alison Peters.

Expert:  Legal Ease replied 10 months ago.
You are very welcome.

I hope this works out soon.
Legal Ease, Lawyer
Category: Canada Law
Satisfied Customers: 86438
Experience: Lawyer
Legal Ease and 4 other Canada Law Specialists are ready to help you

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