Foreclosure & shortfall
August 20th, 2010 by Questions
My home is about to be foreclosed on as I have been unable to sell it and can no longer pay the mortgage. Once it is foreclosed on and CMHC comes after me for the shortfall would the debt then be considered an unsecured debt and give me the option for partial bancruptcy through a credit proposal? I have no other assets other than my car and about 15,000 in credit card debt so don`t want to claim full bancruptcy over what will like end up being approximately 50,000.
Also can they force me to sell my car if I commute about an hour to work with 2 kids? The car is only worth maybe 9,000.
Posted from: British Columbia