Can a creditor sell a jointly-owned house for the debt of one part owner of the house?
September 4th, 2012 by Questions
My father and I own our home as joint tenants. I am the borrower and my father the co-signor on our mortgage. Mortgage payments are up to date. My father has an unsecured loan on which he has defaulted. The creditor is threatening to sell our house. Can they do that, seeing that I have a fifty-percent stake and mortgage payments are up to date?
Posted from: Ontario
One Response to “Can a creditor sell a jointly-owned house for the debt of one part owner of the house?”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
September 04, 2012 at 6:23 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This is really a question that is better put to a lawyer, not a trustee. But the short answer is yes, a creditor could force the sale of the house in a situation like this. It is a bit of a process and would involve getting the court to bless this partition and sale, but it is possible. However, it is more likely that they would simply register a Writ of Enforcement against the property and then wait until the house is sold or the mortgage needs to be renewed.