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Help

I am planning on seperating from my common law husband. We have a house together but no equity. Still a number of years left on the morgage. Dop not think we can sell and get enough to pay the mortgage off. What do I do?

Posted from: Ontario

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One Response to “Help”

A licensed trustee said...

If there is no equity in the property then it won’t be an issue in a bankruptcy or a proposal, but for your own piece of mind, you should probably deal with it.

Does either of you want to stay in the house? Can either of you afford it alone? If there’s no equity and one of you wants to keep the house (and can afford the payments) then go and see a lawyer and have it transferred into that person’s name.

If neither of you wants it then I guess it is going to go up for sale. If there will be a shortfall on the sale this debt will be included in your bankruptcy.

Obviously you need to decide about the separation first, then deal with everything else based on that decision.