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Landlords Going to Supreme Court for Debt

Discussion in 'Debt and Bankruptcy Law Forum' started by Chyler, 5 February 2016.

  1. Chyler

    Chyler Member

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    Hey guys,

    I am currently renting and got a letter in the mail about the finance company wanting to take the house. I spoke to our landlords and they said they will get the money together and we won't have to worry.

    It's not just any court they are being taken to, it's the supreme court so I am assuming the debt is a decent amount owing. I haven't got a court date yet but they said on the form in 30 days+ court will happen. Will we be informed of the date as we are tenants?

    So my question is. if they get the money together, are we still in danger of being kicked out or will they go through the financial history and see if they believe they are capable of paying the rest? I am gonna guess this isn't the first time for this happening. From what I understood, they are not allowed to pay money off before then just by going by things online.

    Could anyone send shed some light, please?

    Thanks in advance.
     
  2. Paul Cott

    Paul Cott Well-Known Member

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    Chyler,

    The answer to what happens from this point on depends on the bank and how it conducts itself as to any negotiations it may have with the landlord and how hard it chooses to play it. Of course, it is better if the landlord pays all arrears as soon as possible.

    The bank or finance company looks at a range of factors as to what it does. As tenants you are in a somewhat precarious position as you are not entitled generally to be told much information as to what is happening with the landlord and its loan with the bank.

    As tenants though, you are entitled to some measure of protection as your interests should be considered.

    The mortgagee in possession process does take some time however, some months as a minimum.

    Good luck, hope it works out.
     
  3. Chyler

    Chyler Member

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    Thank you very much.

    How soon should I go to the courts to apply to stay to protect ourselves, just in case or if we have no clue whats happening? It says it may be possible for us to do that on the form 17 we got sent. House is kinda tailored to our needs that's all.


    Thanks once again for the info
     

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