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What happens when CMHC forecloses on a mortgage

 
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Howard


What happens when cmhc forecloses on a mortgage? Thank you in advance.
0     In Bank Cont.02

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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?


    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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