October 17th, 2011 by Questions
We have to give back the motorhome to the bank. We have paid over $80,000 to the bank and still ower $130,000. If they seize it and sell it for $75,000 do we still have to pay the remaining loan out and who dictates hiow high the payments are. Can they take our home and car. My husband is very ill.
Posted from: Alberta
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October 17, 2011 at 5:48 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This largely depends on the type of financing agreement you have signed. In Alberta most financing agreements allow the secured lender to pursue you for the full balance of the debt and any sales / collection costs less any proceeds from the sale of the asset in question.
The only exception to this is a Conditional Sales Contract.
As for their ability to take your home and car, that is something that would be unusual, but we would have to review your situation in more detail to know for sure.