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Can cmhc mortgage default insurance help me

 
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Howard


Can you add the cmhc insurance to your mortgage
0     In Mortgage Cont.10

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    Q. What happens if i default on my cmhc insured mortgage?


    "We understand the cmhc pays the mortgage to the bank..."



    My husband and I cosigned a mortgage for my son. He has defaulted on his mortgage and it has been sold through foreclosure. This house is CMHC insured. The house sold for $90,000 less than the mortgage is for. Now what happens? We understand the CMHC pays the mortgage to the Bank, what happens with this $90,000 deficiency?

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    Q. If you have an existing mortgage and wish to port your higher mortgage for a new home do you pay for cmhc insurance on the whole new amount of the mor?


    "The difference between the new and current mortgage being ported...."



    You must make sure when telling the agent at the bank that is doing your deal that you do not want to pay multiple CMHC fees. If they over look thsi it will costs you thousands. If done correctly, you will only pay CMHC fees on the difference between the new and current mortgage being PORTED.

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