January 17th, 2011 by Questions
August 31, 2009, my mother filed for bankruptcy and she has not been discharged. However, my mother and I own a house (she lives in it) and have a mortgage on it (so, both our names are on the ownership and we both signed the mortgage). Since she lost her job (the original reason for her bankruptcy) and has been unable to find a new one, she will soon be unable to pay the mortgage on the house.
What will happen if she can’t pay the mortgage (will the bank require me to pay the mortgage or will the house become part of the bankruptcy assets)? We live in Ontario.
Posted from: Ontario