joint ownership of a home
I have purchased a home with a very good firend and we have joint title. She is now having to file a consumer proposal due to her financial problems. She does have an excellent and very secure job so there would be no question of her not being able to pay out her consumer proposal and the amount that she could afford to pay, from all that I have been reading on the subjuct, would most likely be well above what is the usual norm.
My question is: how does the consumer proposal affect the joint ownership of the home? She is currently paying the full mortgage as she owes me $10,000 for my having paid out 2 debts for her in the past and as she could not afford to pay me the amount outright, we agreed she would pay the full mortgage until the debt was repaid.
Would it be a wise(legal ) move for her half of the home to show as sold to myself or a trusted family member before she files the consumer proposal with the expectation that once she is in a better position then her half would be returned to her? Or if not, then what is the best option to prevent the home from possibly being involved in her financial mess?
Your question is complicated; you should meet with a lawyer or a trustee for in-depth advice before your friend files her proposal.
It is generally not a good idea to sell a home immediately prior to filing a consumer proposal.
Again, your situation is complicated, so the advice of a trustee or lawyer would be wise at this point to protect your interests.