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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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2nd mortgage

if there is a 2nd mortgage on a property what happens to it in bankruptcy

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One Response to “2nd mortgage”

A licensed trustee said...

Nothing – if you keep the property then you must continue to pay your mortgages (1st, 2nd, 3rd, etc). If the property is being sold then the 2nd mortgage will be paid in accordance with the other charges registered on the property. If there are insufficient funds to repay the 2nd mortgage in full, any unpaid amount will become a debt that will be dealt with by your bankruptcy.