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Mortgage shortfall and house price on the market

My question is related to mortgages – I bought a house two years ago so we don`t have too much equity in it – my question is in the case of a shortfall how does the bank determine at which price they put the house on the market ? For example if the house worth 170k is it possible for them to sell it to an unfair price of lets say 140k and to charge me with the diference ? And who will pay for the agent ? – me or the bank ?
Thank you

Posted from: Quebec

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One Response to “Mortgage shortfall and house price on the market”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

The price is set by the bank. Technically they can set it at whatever they feel, but it is really up to them.

As for the agent, this is something that is arranged by the bank, but as all sales costs are deducted from the sale of the house prior to applying the proceeds of the sale against the mortgage. So ultimately you will pay for it in the end.

The important thing is that you can clear up this shortfall by the filing of a bankruptcy or a proposal, but you want to make sure that the foreclosure is done prior to you filing the bankruptcy or proposal, not after. For more details about this you are best to contact a local trustee .