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wHAT HAPPENS TO HOMES AFTER BANK IS PAID?

wHAT DOES CMHC DO WITH HOMES AFTER THEY PAY BANKS

Posted from: Nova Scotia

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One Response to “wHAT HAPPENS TO HOMES AFTER BANK IS PAID?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Typically CMHC doesn’t have anything to do with the homes themselves. What normally happens is the mortgagor will foreclose, sell the property and apply the sale proceeds to their costs of selling and then the mortgage. If there isn’t enough from the sale of the home to cover all that is owing then the bank contacts CMHC who will reimburse them for the amount of the shortfall.