co signor

February 14th, 2009 by Questions

ex claimed bankruptcy, co own land(no building, no hydro, no phone).
Licensed Insolvency Trustee is stating I am solely responsible to prove how much is left on the mortgage as well as pay for the evaluation (property appraisal) and all arrears. I have a buyer who is interested in paying exactly the amt left on the mortgage and I am willing to let the property go for that amount to alleviate me from the loan, I cannot afford it. Any direction how to deal with the trustee and bank?

Posted from: Ontario

Questions

One Response to “co signor”



February 15, 2009 at 9:09 am, A licensed trustee said:

First – be careful. If you sell the property for less than its fair market value then the trustee may take you to Court to make up the difference…

In regards to the land itself, the trustee can’t make you pay the appraisal fee – they should cover 50%. Further, there shouldn’t be any cost to finding out the balance on the loan. If you want to be more “aggressive” you can bill the trustee for 50% of the loan payment every month (they won’t pay it, but there is a legal argument to be made that they should).

Before this gets out of hand, go and see the trustee yourself and work out an arrangement. Likely the trustee knows someone that can value the land without getting it appraised – you simply have to ask them the right way to help you. (Remember you are not their client, but you have something that they think might be worth some money for the bankrupt’s creditors – if you ask nicely they should assist you).

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)