I own a home I bought it 2 years ago, just after I bought the home I lost my job and used credit to survive, me and my 3 kids. I have found work but only part-time. I called credit councilling, and tried to see if I could file for bankruptcy. They all told me to sell my house..I listed my house for a year even dropped 5000.00 from what I paid for it and it still did not sell. I have contacted the bank to ask to make lower payments and they refuse to lower them. I have a ten thousand line of credit with BMO and a 13 thousand mastercard with BMO.Both of these are unsecured lines of credit The last listing I had for my house to sell it was 57,900. I have been off the market for 4 months now.

I am so scared I will come home one day the locks will be changed and the kids and I will be out on the streets.I have pets in the house and my personal belongings(which is not much after real estate agent told me to sell everything to sell my house) I have called Canada debt councilling and they refered me to a mortgage broker and I hit a dead end there. I have no money to move , even if I listed my home again for sale, as I would have nothing left after the sale or have to wait until it clears the lawyers office after the date of sale.

I need help and no one will help me, I even asked the BMO bank what are the next steps and they refuse to answer me. My income is about one thousand a month and I pay out 600.00 in bills that leaves me about 400.00 to feed my kids each month. BMO wants 215.00 per month for the credit card and 200.00 per month for the line of credit, that would leave me with no money to feed my kids.

I live in the far north and there are no jobs up here and no one buying houses. I just don't know what to. I don't eat,I don't sleep I am sick all the time. I shake evey time the phone rings.

And BMO has requistioned a home staging company that sent me a letter asking to call them and confirm I am the owner of the home and that this is my proper address.

Agree with Alex, go see a trustee yesterday! I feel so sad for you, I've been here too. It's terrible, but trust me...seeing a trustee literally lifted my burden instantly. I'm choicing CP but it doesn't sounds like you'd loose anything going bankrupt. Look in your phone book and call in the morning. Good luck

Kelee...
I just read your entry.  I wondered what has happened since then?... a few basic things you could do. when you pay ur credit line then use that available credit to pay your M-C. This is just a temporary patch I know.  Ask the bank if there is anyway to incorporate your M-C into your credit line or to refinance your mortgage to transfer the credit line and M-C into the mortgage. If the bank  won't do any of that, ask them if they will extend the amatorization schedule on the mortgage to reduce the montly payment on it. In the long run this is not good, but could give some tempory relief. Would suggest picking up a copy of David Chiltons book The Wealthy Barber.