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Can the shortfall to the bank be included in a consumer proposal when a home is being foreclosed.

Posted from: Ontario

One Response to “foreclosure”

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

As long as the home was foreclosed on prior to you filing the proposal then yes, it can be included. Although, it is best to wait until the bank has sold the property so that you know what the amount of shortfall you are dealing with. It is very difficult to get a bank or CMHC to vote on a proposal until you know how much they are owing and can provide a quality estimate of the percentage recovery they will receive.