FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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FORECLOSURE

I AM CURRENTLY IN AN AWFUL SITUATION—I HAVE A HOUSE THAT I CANNOT AFFORD THE LIVING EXPENSES ON AND I HAVE HAD TO MOVE OUT AND TAKE AN APARTMENT—THERE ARE MANY ISSUES INVOLVED SUCH AS, DIFFICULTY PAYING FOR GAS TO GO AND GET MY GROCERIESS–PAYING THE HEATING COSTS AND THE ELECTRICY—LIVING FAR OUT IN THE COUNTRY—SOON I WILL HAVE TO LET THE BANK FORECLOSE THEN WHAT HAPPENS—NEEDLESS TO SAY I AM NOT HAPPY ABOUT THE PROSPECTS—WHAT I AM PAYING FOR THE APARTMENT WILL NOT HELP ME PAY THE COSTS ON THE HOUSE WHICH IS CURRENTLY UP SOR SALE FOR THE PRICE OF THE MORTGAGE AND I AM PREPARED TO COME DOWN IN PRICE AND TAKE THE LOSS—THERE IS NO WAY I CAN MOVE BACK INTO THE HOUSE BECAUSE OF THE OPERATING COSTS SO THAT IS OUT OF THE QUESTION

Posted from: Ontario

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One Response to “FORECLOSURE”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If a bank forcloses on a property the first thing that will happen is the property must be sold. Once the property is sold any money that comes from the sale of the property (less forclosure costs, selling costs and legal costs) will be applied to the outstanding balance on the mortgage. If this remaining money is not sufficient to cover the entire balance of the mortgage then you will be responsible for the rest.