Ability of a bank to force seizure and sale of real estate in Ontario
By roblanglois6
@roblanglois6 (2)
Canada
March 6, 2007 3:50pm CST
My sister is separated from her common-law husband. They jointly own a farm and property in Ontario. The bank has a judgement against the husband only for $40,000.00 and they are threatening to seize and force sale of the jointly owned property leaving my sister with virtually no money and 3 small childred to raise.
Is this a legal procedure? The husband signed for the debt on his own.
Any advise you can provide will be really helpful!
Regards,
Rob
1 person likes this
3 responses
@classy56 (2880)
• United States
7 Mar 07
they can take the property from both of them..you said her name wasnt on the loan.so that means she has no rights to the house.there is really nothing she can do,since her name is not on the loan.an did you know they can come an lock the doors.without them being there an they cannot get back in the house.they will seise everything.if it was me i would call the bank an talk to someone.the bank dont want the property back,because they will lose money.she may be able to get the house refinance in her name only.but she could call a lawyer an see what he has to say about this.since it is in canada
@roblanglois6 (2)
• Canada
7 Mar 07
This debt was incurred by the husband as a personal guarantee for a line of credit for his incorporated company. There house / farm property was never listed as collateral. The mortgage financing is held by another third part and my sister is on both the mortgage and deed.
The bank obtained judgement against the husband only. My sisters name was not on the writ.
I really apprciate your input!
Rob
@Lindalinda (4111)
• Canada
6 Mar 07
Your sister needs to get legal advice. Phone the Law Society of Upper Canada in Toronto.1 800 668-7380
Ask for a free consultation with an experienced lawyer. I believe it is 15 minutes that you get free. Make sure you keep track of the time and if it is longer ask for the lawyer's fee schedule. There are also free legal clinics for low income families. I suggest you contact the Law Society as soon as possible to see for which service your sister qualifies.
