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  • what do i do for the loss of the housing

    We broke up 1 week ago. And we've been together for more than 2 years.
    We bought a house together with both name on mortgage contract and house title. However i am the only one paid down payment and every month's mortgage.

    Right now my girlfriend refused to move out with a reason which her name is on the house title and mortgage contract. And Bank couldn't do re-financing for me because the price of the house dropped a lot. We bought it at 429k and it's only 390k.

    Even i want to sell the house, there will be a gap between the sale price and the rest amount of mortgage. The house could be sold at 390k, but there are 20k penality, legal fee and agent fee need to be out of the pocket. Plus all 390k even couldn't pay off the mortgage which is 395k right now.

    i just want to know who will take care for this loss if i sold the house. Both of us or only me?

    And if the house couldn't be sold for a long time which is quite possible at this situation, and i am still paying mortgage for nothing?
    or if i just stop payment for the mortgage, for sure the bank will take the house back, but will it affect my credit and i couldn't buy any house in my rest of life?

    Please give me some advice. Thanks so much!

  • #2
    just to let you know. I had a forclosure of a house before (11 years ago) but now own a house with hubby for the last 7 years. IWe made sure that we had more money down so CMHC did not get involved. I also made a settlement with them after the forclosure to clear up my credit history.

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    • #3
      Originally posted by retardedman View Post
      Right now my girlfriend refused to move out with a reason which her name is on the house title and mortgage contract. And Bank couldn't do re-financing for me because the price of the house dropped a lot. We bought it at 429k and it's only 390k.
      If the value of the home has dropped below the market value, then the balance would be shared in the event that she requested that the courts force the sale of the home.
      If this gets tot he court, I would show via documentation what the mortgage is, what the value is, and how the sale could ultimately cause both parties to have a debt to pay and no home to live in.


      To ask for the sale only shows her intention to leave you with nothing.
      Personally I would also send her a registered letter to this affect, and remain in the home paying the mortage. And if she takes it to court just make sure you have everything to show you position to not sell. This is a vert tricky case as usually the value is higher than the mortgage held.

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