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Edmonton, Calgary, Alberta bankruptcy Q&A forum

Question:

 

I am in the process of foreclosure of my home. The court has granted me permission to try to sell my home in lieu of the bank taking it. I only until July 7th to sell it. The value of the home according to the appraisal, is much lower than what I owe towards the mortgage, so even if I sell I will still owe the bank the remainder of the funds as well as all of the other debt I have accrued. I know bankruptcy is probably my only option but is it worth the time for me to try to sell my condo in lieu of letting the bank take it. Personally at this point I am in the process of applying for income support, as I have not been able to get another job since I was let go last year. Please advise any options I may have.


From:

 

Grant Thornton Limited

Date:

 

Jun 02, 2017

Answer:

 

Hi Micheline, I don't know if it would be beneficial for you to sell the property as it is worth less then the mortgage amount. However, this would give you the opportunity to control the sale process. I would be happy to sit downtown or discuss formal options available to allow you to decide how to proceed. Please contact our office at 310-8888 to speak to me or one of our professionals.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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