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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Will my credit report be affected?

Husband filed for bankruptcy so now I own the matrimonial home with the trustee company. I was initially considering buying the trustee’s deed to the home so that I can own the home outright but after viewing the vacant property yesterday it’s obvious that the property value has decreased since the ex has removed the appliances that were to be part of the sale and a woodstove. The place looks uncared for.

I’m not certain I want to be responsible for ongoing mortgage payments until the home sells through my real estate agent and so I’m debating on selling my deed to the home back to the bank if the ex’s trustee is in agreeance with doing the same. I already know that once the bank takes over the sale of the home, I will be responsible for a deficiency is there is any.

My question is this … if I decide to surrender the home back to the bank, will this affect my credit report in any way even if the debt is paid in full along with associated expenses?

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One Response to “Will my credit report be affected?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

As soon as you voluntarily surrender the property to the bank Equifax interprets this as an act of default and you will have an R8 (Repossession – voluntary or involuntary return of merchandise) listed on your credit history report. I do not know exactly which category this may fall into for TransUnion, but I believe the impact would be similar.