I have a credit card that is overdue the original amount owing was $6,500 I have a judgement against me and I have been

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Customer: I have a credit card that is overdue the original amount owing was $6,500 I have a judgement against me and I have been told they are going to foreclose on my hosue. They say the amount owing is $14,000 + I have managed to get $8,200 but they say that won't work. Do I get a lawyer and try to fight the foreclosure on my house?
JA: What state are you in? It matters because laws vary by location.
Customer: I am in Canada
JA: What steps have you taken so far?
Customer: I have told them I have the $8,200 and I'll give it to them today
JA: Anything else you want the Lawyer to know before I connect you?
Customer: no
Answered by ToLawyer in 33 mins 1 year ago
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ToLawyer, Expert

Hi, my name is ***** ***** I am a lawyer in Toronto. I would be happy to assist you. Before we begin, please note that this discussion is for providing general information only, it is not detailed or necessary specific legal advice, and it is only for the purpose of helping you understand the nature of your situation from a legal standpoint and to discuss options. You should engage a lawyer/paralegal in your local jurisdiction if you wish to take any legal action going forward.

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ToLawyer, Expert

Does the $6,500.00 include interest owing? I assume the 14,000 includes all the legals and penalties that are tacked on, plus interest.

Customer
The 14000 is everything fees and interest
Customer
The original judgement was for 12,978
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ToLawyer, Expert

The reality is, if they already have a judgement and foreclosure they already have a right to foreclose your house. That being said, hiring a lawyer could help you negotiate a payment for them not to actually enforce their judgement. For example, you can pay them $8,200 today and an extra $1,000 a month until the debt is paid off. This can be done via private arrangement.

Customer
Can they foreclosure on my house when my wife is a co owner and didn't gautantee the credit card ?
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ToLawyer, Expert

is this a large financial institution? usually major banks really only care about the bot***** *****ne, and they are sometimes willing to negotiate the debt due to financial hardship to avoid PR issues.

Customer
It is BNS
Customer
Bank of Nova Scotia
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ToLawyer, Expert

How is the property owned? joint ownership or tenancy in common?

Customer
joint ownership a mortgage that we are both on as well as title
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ToLawyer, Expert

let me take a look into this, my gut says the bank cant foreclose with more than one owner, but allow me to double check

Customer
thank you
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ToLawyer, Expert

Hi there, I am fairly certain that the bank cannot foreclose on a matrimonial home directly. However, they can use the partition act to split the property first, then conduct a power of sale. I highly recommend you speak to a lawyer for representation. Not only can you avoid foreclosure by negotiating a payment settlement and obtain a longer period to pay the outstanding amount, you may also see if the bank will forgive a portion of the interest and try the reduce the total amount outstanding.

Customer
Thanks for your help
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ToLawyer, Expert

You need be careful as every step the bank takes, there will be more legal fees which are then added to the debt, so speed is key!

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ToLawyer, Expert

Good luck with your matter. If i was able to successfully answer your question, please consider giving me a review!

Customer
Wi do!
Customer
Will
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ToLawyer, Expert

Thank you!

Customer
Very prompt and helpful great job would highly recommend
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