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Defaulting on CMHC insured mortgage

I have a CMHC insured mortgage and I`m pretty much in a position where I`m going to have to default on the mortgage.

What methods does the CMHC use to recover their money after paying out the lender`s claim? What can I expect?

Posted from: British Columbia

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One Response to “Defaulting on CMHC insured mortgage”

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

CMHC really is no different than any other creditors and will follow the standard collection processes available. Essentially you would be looking at them trying to collect by directly making arrangements with you. If that fails then you will be looking at being subject to a garnishee.