FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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I own two houses

I currently own to homes. One I have a mortgage one plus a secured line of credit. The other I only have a secured line of credit. With the housing drop, my first house has more debt, then it is worth and the other house is about equal to the debt. If I declare bankrupty will the bank take back one of the houses? And would I have a say to about which house?

Posted from: Alberta

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One Response to “I own two houses”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

As long as you stop making mortgage payments the bank will take back the property. The may not want to, but if it is the only way that part of the outstanding mortgage will be paid, they will take it back. So for the house that is worth less than the mortgage you should simply stop making payments, call the bank and inform them no more payments are to be made on the mortgage, that the bank must forclose, and then send a letter to the bank the same day you had this discussion with them outlining the same things.