Comments on: equity in home http://www.bankruptcy-canada.ca/bankruptcy/2009/03/equity-in-home-3.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/bankruptcy/2009/03/equity-in-home-3.html#comment-93868 Ted Michalos, CA trustee Wed, 01 Apr 2009 12:31:21 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2009/03/equity-in-home-3.html#comment-93868 I've posted a couple fo fairly specific blogs about the home equity calculation on the internet - go look for them. Basically, the current state of the law requires your trustee to negotiate a settlement for the equity in your home. People unfamiliar with the law end up paying more than those that know about things like real estate commissions, legal fees, and other closing costs. The more you know about the process the lower the figure you should be able to negotiate. In my opinion, the current state of the law is unfair - it means two different people might pay two different amounts based on how knowledgeable they are... If your trustee won't budge then call another trustee... I’ve posted a couple fo fairly specific blogs about the home equity calculation on the internet – go look for them.

Basically, the current state of the law requires your trustee to negotiate a settlement for the equity in your home. People unfamiliar with the law end up paying more than those that know about things like real estate commissions, legal fees, and other closing costs. The more you know about the process the lower the figure you should be able to negotiate.

In my opinion, the current state of the law is unfair – it means two different people might pay two different amounts based on how knowledgeable they are…

If your trustee won’t budge then call another trustee…

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