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6/3/2009
LawyerProfessor, Lawyer
Category: Canada Law
Satisfied Customers: 843
Experience: Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
VerifiedThe bank will in fact charge all that it is entitled to under the original mortgage documentation which includes prepayment penalties. If they waive such penalties, it will have to be voluntarily done.
If you have trouble selling the house and there is no further money to maintain it, the bank will institute power of sale proceedings to have the house sold at the best price and proceeds applied to the outstanding mortgage. If the price recovered is enough to cover the mortgage and associated expenses in selling, that will be the end of it and any excess will belong to the estate of your brother. If there is a deficiency, they can proceed to sue the estate of your brother for the deficiency and recover against other assets in the estate, if any. The executor cannot be held personally liable, unless there has been some breach of his duties which have caused the assets of the estate to be depleted.
Hope this helps.
Kindly accept so that I can be credited with the above assistance.
Please note that this communication does not create a solicitor-client relationship and the above is not legal advice but rather a general statement of the law for purposes of information only. For legal advise, consult a licensed legal practitioner in your jurisdiction.
If you have trouble selling the house and there is no further money to maintain it, the bank will institute power of sale proceedings to have the house sold at the best price and proceeds applied to the outstanding mortgage. If the price recovered is enough to cover the mortgage and associated expenses in selling, that will be the end of it and any excess will belong to the estate of your brother. If there is a deficiency, they can proceed to sue the estate of your brother for the deficiency and recover against other assets in the estate, if any. The executor cannot be held personally liable, unless there has been some breach of his duties which have caused the assets of the estate to be depleted.
Hope this helps.
Kindly accept so that I can be credited with the above assistance.
Please note that this communication does not create a solicitor-client relationship and the above is not legal advice but rather a general statement of the law for purposes of information only. For legal advise, consult a licensed legal practitioner in your jurisdiction.
LawyerProfessor, Lawyer
Category: Canada Law
Satisfied Customers: 843
Experience: Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
VerifiedLawyerProfessor and 87 other Canada Law Specialists are ready to help you
That is correct.
If the executor administered the estate properly and there is no money left, the bank has to live with that reality and will not be able to recover any further amounts.
If the executor administered the estate properly and there is no money left, the bank has to live with that reality and will not be able to recover any further amounts.
LawyerProfessor, Lawyer
Category: Canada Law
Satisfied Customers: 843
Experience: Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
VerifiedLawyerProfessor and 87 other Canada Law Specialists are ready to help you
<p>Anytime there is a distribution, there is potential liability on the part of the executor if it was done improperly.</p><p> </p><p>The executor of the estate should not be distributing if there are still potential creditors of the estate. The bank could make a reasonable argument that until the property was sold and the bank's loan paid, there should not have been any distributions. </p><p> </p><p>There is exposure to liability based on what you have said.</p>
LawyerProfessor, Lawyer
Category: Canada Law
Satisfied Customers: 843
Experience: Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
VerifiedLawyerProfessor and 87 other Canada Law Specialists are ready to help you
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