can I keep my house
Hi I bought a house in june 2005 my mortgage is through firstline mortagae a division of cibc bank the amount that was given to me by the bank was 72584.75 as of today I still owe 70547.15 my yearly land taxes 1300.00 everything is up todate with my mortgage and my taxes I am thinking of going bankrupt and one of my credit cards is a cibc visa if I went bankrupt would they take my house also do I have equity in this house
Here is how I see things, ultimately you have a house that is worth approximately $160,000. You also have $128,000 of loans (mortgage and secured loan) registered against the house. Outside of this you have a nominal amount of unsecured debt. The real problem you are facing is that the cost of your mortgage and secured loan is significant and you can’t afford to keep up the payments on both.
In a sitaution like this the only realy options you have, assuming you want to stay in the house, is to either continue paying things as they are, negotiate with the secured lender to alter the terms (and it sounds like you have done this) or try and find another lender that would be willing to lend you enough money topay off the secured loan by itself (often referred to as take out financing).
In a situation like the the filing of a bankruptcy or a proposal really doesn’t benefit you directly as those options are designed to deal with unsecured debts and don’t compromise secured debts unless you allow the property to be forclosed on.
If this is infact the case a bankruptcy really