foreclosing on house – what can the bank do?
July 22nd, 2010 by Questions
I have a house that I have been unable to live in since April, 2010 due to a leaking roof making the house inhabitable. My insurance has refused to help. I am still making mortgage payments but the value is about $200,000. The problem would cost at least $50,000 to fix. After repairs the house is still only worth $200000. My debt would be 50000 more than it would be worth. I am thinking of walking away from the house. I believe that in Alberta Banks have Non recourse.What are your suggestions and what can I do.
Posted from: Alberta