| Author: |
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Abdul |
| Date: |
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September 28, 2002 |
| Question: |
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Hello there, here is my situation. I bought a house less than a year ago and I sold it to this family. They were not able to get a mortgage. I told them that they can assume my mortgage and for a minimum down payment. Couple of months ago, I received a statement from the bank indicating that they took over the house and it will be sold and that I am going to have to pay the difference. Last week CHMC sent me a letter asking for more than $20,000 to be payed to them. Since I don't have that kind of money I am concedering bankruptcy. Any suggestions? Thanks.
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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September 30, 2002 |
| Answer: |
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Unfortunately, when you allow someone to assume your mortgage you remain liable for any deficiency if the house goes into foreclosure. If you are unable to pay the amount and cannot make arrangements with CMHC for monthly payments then bankruptcy may be the only option left. I'd suggest you meet with a Trustee to review your options. You can reach us at 310-8888 in Alberta, or check the yellow pages under "Bankruptcy."
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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