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Bankruptcy Canada Online Support Group

Considering Bankruptcy
Welcome to the Considering Bankruptcy category of the Support Group. Are you considering bankruptcy? This is the place for discussions about Considering Bankruptcy.
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Discussion: You suddenly lost your job or a life changing situation happens  (Read 483 times)
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« on: July 23, 2011, 02:34:02 PM »
MortgageEnder
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Good day everyone,

When you have been very diligent in paying your debts and mortgage and all of a sudden you find yourself in a difficult situation (partner walked out on you and you have kids to take care of, momentary job loss, etc ) or things that prevents you from earningthe previous income - call your mortgage insurer (CMHC or GENWORTH) and I am sure there are programs to bridge you through these difficult times.  If you are in Ontario, send me an email and I will help you call them and explain your situation.  I beleive that if I give you my complimentary no-hassle assistance when things are tight, you will remember me when things are great again.  There is hope !

MortgageEnder Smiley
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« Reply #1 on: December 10, 2011, 04:19:13 AM »
Pot_of_Gold
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Your wrong... CHMC does nothing for the one paying the mortgage.
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« Reply #2 on: December 10, 2011, 07:32:50 AM »
MortgageEnder
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Hello Pot_of_Gold

My statement is based on what a CMHC rep presented us during their presentation to mortgage originators.  Have you tried calling them and ask for help in terms of skipping a payment or payment assistance before telling me I am wrong?

What CMHC cannot do at the moment is extend additional funds to have your basement retrofitted due to budgetary issues.  If you need help, I will be more than happy to assist you with CMHC.

MortgageEnder
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« Reply #3 on: December 10, 2011, 08:17:54 AM »
Pot_of_Gold
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Yes, I called CMHC.  They told me to give the bank the contact name because banks can get assistance from CMHC to assist distressed borrowers.  I put 25% down on the house but since it is in a remote area, it was still a CMHC mortgage.  I got no help and I have been told by 4 people at 4 levels by the bank that they can do nothing even though my income is still $4500/monthly plus rental income.

CHMC already gave me a forgiveable loan for the suite, so I owe them money for that too.  When I applied for the money I was pulling in close to $100 000 income and purchased a foreclosed house for $187 900... (Purchased by the previous owners for $211 000) It doesn't always work out.  I threw away $100 000 in total to create a suite for my mom and then she abandoned it shortly after she got her OAS and I am on disability raising my four year old living 3 hour drive away. 

The house across the street foreclosed finally after two years for $140 000 and my house is valued at 145 000.  It is just the way it is.  House insurance renewal was declined and due on Dec 28th... the date of foreclosure proceedings, I suspect!
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« Reply #4 on: December 10, 2011, 09:48:38 AM »
MortgageEnder
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Hello Pot_of_Gold,

I understand your frustration especially when you had to rennovate the basement for rental purposes.  Is it correct CMHC gave you a forgivable loan for making the basement suite ? Good for you.  I had to do the same for a client recently and we were declined because of budgetary issues with CMHC.  The 3 hour commute to work would be a nightmare especially if you have a 4 year old child.  I can only say that you need to be brave for your child.  The bankruptcy is a temporary financial set-back and it does not define who you are.

Like what a lot of people say in this forum, it is a temporary thing.

Do you mind if I PM you a few questions? I hope everything will be good for you soon.
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