April 23rd, 2012 by Questions
Our mortgage is greater than the value of the property. We also have unsecured debt and will be filing a consumer proposal.
Question: Is the remaining debt on the property after a foreclosure treated any different than the remaining debt after a sale?
Is the remaining debt still eligible to be a part of a Consumer Proposal even if the Bank gets a Court Judgement for the balance?
Posted from: British Columbia
One Response to “Foreclosure”
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April 23, 2012 at 7:41 pm, A licensed trustee said:
Certainly – the critical event is your moving out of the house and surrendering it to the mortgage company. After you do that you may file a proposal and if there is a shortfall on the house the debt will be included in your proposal.