consumer proposal

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bones

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consumer proposal
« on: February 14, 2010, 08:18:54 PM »
hello all,i would like to get answers to my question.if i file a consumer proposal can CMHC still come after me for any money lost in selling the house when i have been discharged from the proposal?

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Chubbs

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Re: consumer proposal
« Reply #1 on: February 15, 2010, 07:09:33 PM »
If they are included in the proposal, and it is accepted by the majority, then no, I don't believe they can. However, if you do not include CMHC in your proposal, then they can still come after you - they are not bound by something that they have no part of. If the proposal is voted against by the majority, then your only option may be bankruptcy... or up the amount of the proposal.

A trustee will discuss all your options with you, and the first consultation is free (if not, run from them!)

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pjay721

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Re: consumer proposal
« Reply #2 on: March 14, 2010, 08:41:14 PM »
oh that is good to know i will have to put cmch in proposal if i can't sell house in time


thanks for asking that question my trustee never warned me about that



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undersc0re

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Re: consumer proposal
« Reply #3 on: December 25, 2017, 09:59:32 PM »
So while your in proposal, can the cmhc not but in a year or 2 into the proposal asking for some money? Or at least apply for some? Its sort of a special circumstance in a long process when foreclosure is involved since they have to wait for all the costs to settle when the house finally sells. Or would settling with the bank during foreclosure on an amount it would probably sell for and figuring out an amount for the house loss and putting that into the foreclosure....would this amount be taken and given to cmhc at the time cmhc comes forward?

I did some searching and there does not seem to be a clear defined way that cmhc deals with foreclosures losses with bankruptcy and consumer proposals...somewhat confusing.

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Mashahag

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