January 13th, 2010 by Questions

What if you can not afford the amount that still may be owed after the bank has sold the property and the bank has filed with CMHC for an insurance payout? Does CMHC base the money owed according to your income, assets, etc instead of having to pay the whole amount?

Posted from: British Columbia


One Response to “CMHC”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

As far as CMHC is concerend you will be responsible for the full balance of the outstanding mortgage less any recoveries from the sale of the property. CMHC is not in the habit of forgiving a portion of the debt.

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