Secured line of credit/bankruptcy.

February 14th, 2013 by Questions

We have a mortgage that is also a line of credit ($197,000 mortgage part and $69,000 line of credit part). This is all at a very low rate of interest. We only have about $2000 left in our line of credit part.
It’s only a matter of time before we have to go bankrupt (our bank is BMO). We have no other debts, just the bank. We will have to speak to them soon. Will we lose our home?

Posted from: Alberta

Questions

One Response to “Secured line of credit/bankruptcy.”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Likely you won’t loose your home, although that has less to do with the amount of your mortage and line of credit and more to do with the amount of equity you have within the property. However, the best way to know, contact a local trustee. If your in Edmonton, I am happy to review this for you, feel free to call me at 780-435-5110 and we can look at it.

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