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Question about a mortage shortfall.

Hi,
I`ve put a question last week regarding a mortgage that is not only on my name so I can`t sale it by myself.You answered me that the easiest solution would be to force a shortfall on the mortgage since I can`t find the other person to obtain her consent to sale.My question is how about consequences ? How long is the whole process ? My mortgage is linked to an account that has an overdraft so even if I don`t pay the mortgage will not fall at once.Regarding the mortgage is it possible just to go to bank to ask them to take the house without waiting for them to force the shortfall ?
Thank you very much for your help

Posted from: Quebec

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One Response to “Question about a mortage shortfall.”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

In terms of timing, really it is up to the instution. I have seen it take a matter of weeks and I have seen it take longer than 6 months or more, it is really out of your hands.

As for the overdraft, you are right, with an overdraft it will appear as if payments are being made on the mortgage until you exceed the overdraft, so cancel the overdraft.

As for the possiblity of going to the bank and tryign to speed up the process, this is difficult to determine. However if you haven’t clearly communicated to the bank they need to forclose on the property as no more payments will be made, then doing this will definately help out.