FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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mr

Iam going to file for bankruptcy, have a debt of 25.000 dollars, and I own a house, would like to know after 01 year while iam in bankruptcy and decide to put my house in forclosure, what is going to happen with the bank, do I have to pay them the difference between the balance which is now 239.000 dollars and the evaluation of the house which now 231.000.
thanks

Posted from: Alberta

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One Response to “mr”

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

The answer to your question is yes, if you allow the house to be foreclosed on a year after you have filed for bankruptcy, you will be responsible to pay whatever is left after the house is sold and the proceeds have been applied to the sale / foreclosure costs and the mortgage. The only way a bankruptcy can clear you from a mortgage shortfall is if the foreclosure is done prior to filing the bankruptcy.