Owning one house we don`t live in

November 17th, 2008 by Questions

We bought our house in a different community than I work. Over the last three years we have created a very high debt load (65000) We had had to move back to the city where I work, and have rented out house for less than our mortgage. The market value is less than our commitment into it, Not including Taxes, Real estate fees and so on.

We bought in another community because housing is approx 12 the cost of the city. We now rent in the city, and save the cost of commuting. There is no equity in our house yet and cannot get a consolidation loan.

Is there a repayment / OP of debt / … solution that we can do without losing the house we put so much work into?

Posted from: British Columbia


One Response to “Owning one house we don`t live in”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If there is no equity in the house then you really don’t have to much to worry about as there is no asset value to be distributed among the creditors. As a result most options (i.e. consumer proposals, bankruptcy, debt management plan etc.) are available to you.

The only thing you will find is that the Orderly Payment of Debt program isn’t available in BC.

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