information please

January 15th, 2012 by Questions

I own a home worth about 60 thousand dollars..I have 28 thousand in unsecured loans. I have called numerous agencies for help to solve my debt problems, I am only working part-time and am a single mom of 3 children. No one will help me, I am scared they will change the locks on my doors and my kids and I will be living in a cardboard box on the street. I had my house listed for a year and it never sold. I have tried to reason with the bank but they will not lower the interest rates. I have have tried debt councilling they won’t help me,mortgage broker no way.can’t file for bankruptcy. I don’t eat I don’t sleep and I shake all the time, without anyone to help me. One of the creditors sent me a letter from a house staging company, and this gives me the thought that they can just come change the locks on my doors and I will be homeless.please help

Posted from: Ontario

Questions

One Response to “information please”



January 15, 2012 at 7:12 am, A licensed trustee said:

If all of your debts are unsecured then none of your creditors can simply chnage your locks and throw you out. What they can do is take you to Court and get a Judgment against you, then they can apply to the Court for a Writ of Seizure and register the Writ with the local Sheriff’s Office. Then if the house is refinanced or sold, they will be paid from the proceeds of the sale. Once the Writ is registered it will continue to accrue interestso this problme isn’t going to “go away”, but they can’t simply lock you out.

You may want to speak to a trustee about a consumer proposal. In your case, based on the quity inn your home, you will need to offer to repay 100% of the debt plus fees, so you’re looking at $600 a monthfor 5 years (based on the information you have provided). If that sounds manageable, use the links on our site to find a trustee and give them a call. Good luck sorting things out.

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