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]
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
