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owe money on mortgage after sale of home

My husband has been transfered to the u.s for a job. The company will buy our home for the appraised value, but unfortunately in our city this value is very low due to the economy. We will still owe close to 70,000$ on our mortgage after the company buys the home. We have to move, and wonder what is going to be our best option. ?default on the loan, bankrupty or is there a loan we can take out to pay the balance. Our bank, CIBC does not seem to have any suggestions to help. Thankyou for your time.

Posted from: Ontario
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Posted from: Ontario

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One Response to “owe money on mortgage after sale of home”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The best option really depends on where you are sitting financially right now (i.e income, cost of living, existence of other debts etc.). So the best thing for you to do is to sit down with a local trustee, have the trustee review your situation and then they will be in a position to advise you as to the best direction.