Help Needed: Primary Residence Mortgage Challenges & Estate Settlement
Situation:
My wife passed on a year ago from cancer. Our residential property is in her name. I am the sole survivor so by Ontario rules, after all liabilities and estate taxes have been paid, I will get the proceeds of the estate.
Our residential property is worth about $750,000.
We have 2 mortgages,Primary Mortgage:
- CIBC ~ $445,720.29
- Secondary Mortgage $53,621.82
Other liabilities and debt of the estate are about $20,000.
I have to wait for papers from court to appoint me Executor of the eatate. CIBC have indicated their understanding the situation and willing to wait for the official appointment, as long as the account payments are brought and kept up to date.
The challenges:
- There is an outstanding arrears on the CIBC of $15,169.55 and I have been given until February 5th, 2025 by Chaitons to pay these balance.
- The secondary mortgage of approximately $53,622 was up for renewal in November 2024. The secondary lender is not renewing and they have given until February 10th, 2025 to clear the loan.
Personally, I am just about to start employment this February and with a credit score of 644.
Request:
If I could help it, it will be of great help to keep the property until I am officially appointed Executor of the estate and sell it at a fair price to settle the estate.
If I could get financing of $85,000.
I will appreciate any help in sorting the situation.
Thank you.