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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Is the balance of a sold property my full responsibility?

Our house went into foreclosure last year, it recently sold for approx. $55,000. The mortgage on it was approx. $78,000. My ex doesn`t and will not obtain a job anytime soon or will never pay his amount owing. Will the bank or CMHC come after me for the whole amount owing because I am working? The title and mortgage was in both our names. I have never missed a payment on my credit card or my Personal Line of Credit but I know I can`t afford the whole amount owing. What is your suggestions? Thank you and love your site!

Posted from: Ontario

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One Response to “Is the balance of a sold property my full responsibility?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If the mortgage was CMHC backed, then they will be the likely party to come after you. When you originally signed the mortgage documents both you and your husband signed that the full balance of the debt would be paid no matter what happens to the property or to the other signatory. So you are correct that you will be responsible for the full amount and if your husband is not willing to get a job and you are unable to afford to make payments on the shortfall then you may have to contact a local trustee to discuss how the filing of a bankruptcy, consumer proposal or one of the other alternatives that exist.