Writ of seizure and sale
February 6th, 2009 by Questions
A number of months ago, a writ of seizure and sale was issued against me for a credit card debt to the Bank of Montreal. To date, they have not enforced the writ by selling my home although they routinely continue to do so. I have been very honest with them about my circumstances and regrettably so, my situation does not permit me to make the monthly payments they`re demanding. I live in constant fear of their threat expecting that anyday now, they`ll have the Sherrif auction off my house. To make matters worse, there isn`t even enough equity in the house to cover the debt as by the time the mortgage is cleared and all the legal fees are paid, I`ll be fortunate if I break even. I don`t understand why they continue to threaten me in this manner. If they have the power to take my house, then why don`t they simply do so? I suspect (given the way they speak to me), that `compassion` is not the answer.
Posted from: Ontario
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February 09, 2009 at 11:34 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The reason that Bank of Montreal has not forced the sale of the house is probably two fold. Firstly, the would likely need the cooperation of the 1st mortgage holder. Second, if there is not sufficient equity in the house to cover the debt, then there is significantly less incentive for them to sell the house. They would likely prefer to wait until the real estate market rebounds and then once there is sufficient money in the property for them to get paid in full, then force the sale. Of course this is all speculation, the best people to ask this of is the TD representatives you have been dealing with.