House Question

September 20th, 2009 by Questions

I would like to know if I file bankruptcy documents and include my house (which has two mortgages and owe more than what the house could sell for) in the proceedings, how long do i have to leave my present home. It has been suggested to me to rent a home after papers filed but how long do I have to find a new residence and move? Any help would be greatly appreciated.

Posted from: Ontario


One Response to “House Question”

, A licensed trustee said:

How long you may remain in your home is up to the mortgage companies. In most cases, they will folow the normal Power of sale process which takes 35 days to complete. That means you will have 35 days once they serve you to relocate, BUT they can accelerate the process (or delay it for that matter) if they want to.

We usually advise our clients to move before they file for bankruptcy. In that way the issue you are worrying about can’t arise.

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