February 13th, 2011 by Questions
Your answer regarding foreclosure v. bankruptcy was very good. I would like to ask what \”powers\” CMHC has to collect from me, once my home goes through foreclosure. Can they take part of any future wages? Can they take a home away from me, years down the road, if I come into some money and purchase a small home? etc??
Posted from: Saskatchewan
One Response to “Whattodowhattodo”
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February 14, 2011 at 9:05 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
After a forclosure CMHC will have all the standard powers of an unsecured creditor. The most common of which include wage garnishment and the potential seizure of non-exempt property etc. It is for this reason many people seek protection from their creditors through a consolidation loan or a personal bankruptcy.