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]
2026-07-13
MNP Consumer Debt Index
Atlantic Canadians (68%) are more likely than those in other provinces to say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, three in five Canadians (61%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, nearly three in five British Columbians (58%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
