In 1991 I lost my house under power of sale to a bank in which they obtained a judgement for the remainder. This bank had gone bankrupt and I had not heard anything since my last contact with them in 1992. Stupid as I may be, I had no idea what a judgement was. I assumed it died when the bank went under. I was sitting in my lawyers office waiting to pick up the keys for the new house I bought. Waiting for the sale of my house and the purchase of the new one when a execution came up on my name. As you can well amagine the deals could not go through. To my surprise a collection agency had bought my old judgement for $2.00 and was now collecting for the remainder of the original( in which was $33,000) plus interest for all these years. They wanted $77,000. I had not heard from anyone over these years concerning this matter. I have owned two prior houses over the years and my credit has always been good. Because I had to close this realestate deal so I could move into my new house, I was forced to sign a promissary note to take out a second mortgage with them for $35,000 and I also had to pay them $5,000 in cash. My question is can this possibly be legal? And is there anything I can do to fight this? I live in Toronto and I know nothing about the law or court system. This just seems so unfair. Why had I not been notified over the years?
Toby Pierson

Hello Toby:

I don't know much about Canadian law, but somebody will be along in a minute who does. However, it IS still based on the same legal concepts, and I DO have an opinion.

In the US, depending on the state where the judgment was rendered, judgments are NOT everlasting. They MUST be renewed. Some judgments last 3 years. Others last 5 or 10 years before the need to be renewed.

Hopefully, Canada is the same way, and these scum suckers didn't renew it. If so, you'll save SOME money……..

But, the REAL problem you have, is that you're ALREADY in bed with them...

You NEED to hire a real estate attorney. You NEEDED a real estate attorney BEFORE you gave these people a dime, but that was then. This is now. You better get help, or the bleeding will continue.

excon

Thanks for answering, How do I find out if the original judgement was ever renewed?
Hello Toby:

I don't know much about Canadian law, but somebody will be along in a minute who does. However, it IS still based on the same legal concepts, and I DO have an opinion.

In the US, depending on the state where the judgment was rendered, judgments are NOT everlasting. They MUST be renewed. Some judgments last 3 years. Others last 5 or 10 years before the need to be renewed.

Hopefully, Canada is the same way, and these scum suckers didn't renew it. If so, you'll save SOME money……..

But, the REAL problem you have, is that you’re ALREADY in bed with them......

You NEED to hire a real estate attorney. You NEEDED a real estate attorney BEFORE you gave these people a dime, but that was then. This is now. You better get help, or the bleeding will continue.

excon

Hello again, Toby:

Go back to the courthouse where the judgment was awarded. It will say so in your case file. Maybe it's online.

excon

Hello again, Toby:

Go back to the courthouse where the judgment was awarded. It will say so in your case file. Maybe it's online.

excon

Hi excon:
If the judgement was never renewd would they have been able to get a new one after so many years? They must have gotten permission from the courts to issue a writ of execution on my name, how can that be legal? Thank you so much for your canversation!
Toby

Hello again, Toby:

I want to help you, but with all due respect, Sir, you keep asking me stuff, but you're NOT doing what I tell you. You are relying on the information I'm giving you. That is exactly what I told you NOT to do. I DON'T KNOW Canadian law. You NEED a lawyer who does. Relying on yourself, or people like me has COST YOU A GREAT DEAL OF MONEY SO FAR. If you do not seek legal help, the bleeding will continue.

I can't help you further.

excon