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Debb |
| Date: |
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May 7, 2003 |
| Question: |
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We co-signed a mortgage with my in-law, which she let go into foreclosure in 1990. Now in 2003 CMHC is coming after us and stating that we owe $15,000 plus $60,000 in interest that has accrued since 1990. Do we claim bankrupcy or is there a statute of limitation on how long CMHC can hold a debt over a person?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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May 8, 2003 |
| Answer: |
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The Statute of Limitations may apply and you should ask a lawyer about this situation. If it turns out you are still liable for the debt then you could try offering a lesser amount to settle the debt. If that doesn't work, then a proposal or bankruptcy through a Trustee may be your only option.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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