CMHC debt
My wife owes over $130,000 to CMHC due to a deficiency on a foreclosed property. The file is currently with a collection agency. What is the likelihood of CMHC pursuing this collection. It looks as though they have given up when they passed it on to a collection agency. I was told that they actually do nothing but let the file sit until it wipes itself out in 6 years. That is, the judgement is wiped out, unless they refile it, which they don`t normally do. Do you have any experience in this area?
Posted from: Ontario
I have seen many situations where CMHC, or their collection agent, pursues the debt. I find it hard to believe they wouldn’t pursue someone simply because then no one would ever make payments to CMHC on a deficiancy balance. So I anticipate it is simply a matter of time before collection attempts are made.