http://www.bankruptcy-edmonton.com/bankruptcy/2010/01/possible-foreclosure-and-consumer-proposal.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.bankruptcy-edmonton.com/bankruptcy/2010/01/possible-foreclosure-and-consumer-proposal.html/comment-page-1#comment-452 Bart Goth, Trustee in Bankruptcy Mon, 11 Jan 2010 20:44:30 +0000 http://www.bankruptcy-edmonton.com/?p=482#comment-452 I am not sure why it cannot be dealt with in a <a HREF="http://www.bankruptcy-edmonton.com/consumer-proposals.htm" rel="nofollow">consumer proposal</A>. CMHC would still be an unsecured creditor and I have seen many <a HREF="http://www.bankruptcy-edmonton.com/consumer-proposals.htm" rel="nofollow">consumer proposasl</A> that have had this type of shortfall listed. The only problem may be logistics as it will take CMHC a little bit of time before the loan gets passed to them from the bank. So in the mean time the question is who votes, the bank or CMHC. The easy solution is to wait a little while before filing the propsoal. That way the paperwork all gets sorted out. Alternatively you can estimate the shortfall, push ahead, and see if we can get the original mortgage to vote or at least speed up getiing CMHC involved. This second approach is less than ideal, but still very possible. If you need to discuss this further feel free to contact me at 780-435-5110. I am not sure why it cannot be dealt with in a consumer proposal. CMHC would still be an unsecured creditor and I have seen many consumer proposasl that have had this type of shortfall listed. The only problem may be logistics as it will take CMHC a little bit of time before the loan gets passed to them from the bank. So in the mean time the question is who votes, the bank or CMHC. The easy solution is to wait a little while before filing the propsoal. That way the paperwork all gets sorted out. Alternatively you can estimate the shortfall, push ahead, and see if we can get the original mortgage to vote or at least speed up getiing CMHC involved. This second approach is less than ideal, but still very possible. If you need to discuss this further feel free to contact me at 780-435-5110.

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