house

December 18th, 2013 by Questions

In Ontario when you file for bankruptcy and are not able to keep your home what is the time frame you have to move out once paperwork is signed.

Posted from: Ontario

Questions

One Response to “house”



December 18, 2013 at 7:06 am, A licensed trustee said:

There is no set time period – it depends on who is elling the house and when they want/need you out. If the mortgage company is selling the house they will serve you with Power of Sale Documents (even if you filed for bankruptcy). These documents usually give you 30 days to move, but given the time of year, if mortgage company might be pleased to have you stay longer. If you do, you may be required to pay “rent”. If your trustee is selling the house they will expect your co-operation. You should negotiate the closing period BEFORE you file – 30, 60, 90 days, and then be prepared to move if/when the house sells.

Frankly, the safest thing to do is to move out before you file – in that way there is no one pressuring you to move in order to sell.

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