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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100483
Experience:  Lawyer
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I have this builduing with 8 appartments in Montreal, I am

Customer Question

I have this builduing with 8 appartments in Montreal, I am goingthru bad depression, I am trying to sell it but it is not easy, I am thinking leaving lt to the bank, how it is done and would it affect my other belongings. I bought it for 520K and there is a mortgage left of 385K. The builduing is heated with natural Gaz that I pay myself.If I leave it to the bank will they take charge of the heating too.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.
I am sorry to hear this. If the building is sold is there enough equity to cover the mortgage?
Customer: replied 1 year ago.
yes
Expert:  Debra replied 1 year ago.
Then so long as the mortgage gets paid off in full the bank will not have anything to go after you for.You can cancel your contract for heating once the bank takes over the building. But you are going to be out a lot more money than if you sell the building yourself. The bank will not get as high a fee as you will for the building and on top of that you will be stuck with the foreclosure fees, legal fees, penalties for defaulting on the mortgage etc. It is by far better to sell the building yourself.

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