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Foreclosure

How long after a foreclosed property is sold (not through a private sale…) can CMHC hold the previous owner liable for the short fall (if any)? And how does one find out if there is a short fall?

Posted from: Alberta

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One Response to “Foreclosure”

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

This is a difficult queston to answer as it depends on what actions are taken by a creditor. However, as most institutions are already dealing with the court as part of the foreclosure process it is very likely they have obtained a judgement for the shortfall, if that is the case the right to collect persists for 6 years and can be renewed after this. As for where to find out if there is a shortfall you really don’t have a lot of options, but can try to contact CMHC or the law firm that was handling the foreclosure.