June 23rd, 2011 by Questions
My spouse has a mortgage on a condo which is in foreclosure. We put 25% down and the mortgage is CMHC insured so the original mortgage was 75% of the purchase price plus the CMHC insurance fee. I am not sure why CMHC insured this mortgage. Once the property is sold are we responsible for any outstanding balance due on the mortgage. I think if we are we would need to declare bankruptcy.
Posted from: Alberta