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A friend of mine is in trouble with the bank, she cannot pay

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mortgage at the moment and...
a friend of mine is in trouble with the bank, she cannot pay mortgage at the moment and is behind at least 2 payments, she already was served notice to sue and foreclose she had only 20 days to pay off entire mortgage balance which is impossible for her to do, she does have a first and second mortgage on property as well, all she would like to do is sell house to pay off both mortgages and keep whats left so she at least has some cash after sale, otherwise if they foreclose she will not get anything, what can she do to to at least get the bank to allow her to sell house before foreclosure
Submitted: 1 year ago.Category: Canada Law
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Answered in 13 hours by:
1/4/2016
Lawyer: MHPC,
 replied 1 year ago
MHPC
Category: Canada Law
Satisfied Customers: 7
Experience: Solicitor at Meredith Holmes Professional Corporation
Verified

She should contact her second lender and see if that lender will buy the house and rent it to her or take care of the sale and take care of bringing the payments up to date. Otherwise, she needs to negotiate a partial payment with the bank that has served her notice just to allow her to start the sale process. She needs to be prepared to accept that the bank that has served her notice will want to be paid its legal fees out of the sale and the negotiation process is only that - negotiations that nobody is obliged to enter into.

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Experience: Solicitor at Meredith Holmes Professional Corporation

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