2009-04-20
Yes.....MNP can give you advice on how best to deal with your house and the mortgage. The answer is going to depend on whether or not there is any equity in the property. Equity is the fair market value of your home less the mortgage and property taxes owing against it. Selling costs are sometimes deducted in calculating the equity as well. If there is no equity in the home or you have negative equity (ie: the balance owing on the mortgage is more than the property is worth), we then need to find out if the mortgage is an insured mortgage. If it is insured, and the house goes back to the bank because you can no longer make the payments, the insurance company (typically CMHC, Genworth) can pursue you for the shortfall. This would be a creditor included in a bankruptcy or a proposal. If it is not insured, and it was a conventional mortgage, they can not sure you for the shortfall. Give one of our Trustees in your region a call to discuss the specifics of your property. Particularly before you list the house for sale as this may affect what your options are. Donna Carson, CGA, CIRP, Trustee 1.877.500.0792 [email protected]
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
