Abandon the house

August 4th, 2009 by Questions

In order to hold onto my job, I had to take a position 400 KMs away from home. We have a home with a mortgage. The house is up for sale. However, with the housing market, the value of the house is lower than the value of the mortgage. My wife has since left me. Between mortgage, car, insurance payments there is nothing left. I have been living with my father-in-law and he is now asking me to leave. There is not enough money for rent. Can I file for bankruptcy and give up the house and mortgage?

Posted from: Ontario

Questions

One Response to “Abandon the house”



, A licensed trustee said:

Yes, you can. This particular recession has been harder than most on families and their houses. In our practice we’ve seen an unusually high number of people doing just what you’ve asked – walking away from their homes because they can no longer afford them and the owe more than the mortgage amounts that they owe.

Use the links to find a trustee in your area and go in for a consultation. They can help you assess your situation and determine whether or not leaving the house makes sense for you.

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