Whattodowhattodo
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
CATID17
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.