I want to walk away from my mortgage in New Brunswick
January 4th, 2016 by Questions
My husband left two years ago. Walked away leaving me holding the mortgage on our home a joint mortgage. The house has been on the market since. I am ready to walk away. Health and financial issues make it impossible to continue. He already declared bankruptcy and refuses to pay support. Can I give the house back to the bank? I don’t owe any other debt that I would need to put into bankruptcy. Please help
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January 05, 2016 at 11:45 am, Desmond West-Chow, CIRP, Trustee said:
Giving your home back to the bank is always an option that exists. The major consideration would be what happens after that takes place?
A few factors to consider are: what will the house would sell for in a ‘quick-sale’ as opposed to what it may be on the market for currently when compared to what’s owed on the mortgage, property taxes, community or condo fees, etc. Once you obtain those numbers, contact a trustee so they can discuss with you a number of concepts such as joint mortgages and foreclosures as well as what happens if the debts related to the home cannot be covered by the bank’s sales proceeds from the house.