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]
2025-11-07
Bankruptcy Consumer Proposal
If you're facing a mountain of debt, you're not alone. There are two viable options available to help you find relief: Consumer Proposal and Bankruptcy. Each approach offers unique benefits that can be tailored to fit your specific financial situation.
2025-11-06
Filing for bankruptcy doesn’t mean losing everything. Learn which assets are protected in B.C. and how to move forward with a fresh financial start.
2025-11-05
Debt Solutions
Unexpected tax debt can be a daunting prospect. How can you confirm the CRA is really calling you — and pay back what you owe?
