Home Equity and bankruptcy
January 26th, 2007 by Questions
During my initial meeting with my trustees assistant, I had taken in my Property Assessment and my mortgage papers. I was told that I would likely need a letter of opinion from a real estate agent as to the market value of the home. My mortgage owing is 75000 and my assessment was 87000. Today I was called and told that after speaking with the trustee, he is willing to just use my Property Assessment and would not require a \”letter of opinion\”. Is this legal, I don\’t want any surprises. Also he said that there would have to be somewhat of a settlement. Since the house is in both names, but only one of us is filing bankruptcy, what would be an acceptable amount to pay into the estate. My debts are $36000 and we are in Ontario. Thanks.