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co-signers on a foreclosure

If a house goes into foreclosure, the bank sells the house then goes after the debtors for the remaining amount. Could they then go with a consumer proposal and include that amount in the proposal? If so, would that affect the co-signers? If not, would the bank co after the co-signers for the remaining amount?

Posted from: Alberta

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One Response to “co-signers on a foreclosure”

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

Yes you can definately look at a consumer proposal in a situation like this. But this proposal would only serve to clear the people who filed the proposal not anyone else. So if there were co-signers they would still be responsible for the remaining amount and the bank would definately pursue them for payment in full.