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tvp2003 · 01-16-2012, 08:24 PM

Be careful -- if the mortgage is CMHC insured, my understanding is that if a person who assumes the mortgage ends up defaulting, you could still be on the hook for any deficiency that results if the bank ends up foreclosing on the property.

01-16-2012, 08:24 PM	#8
tvp2003 Franchise Player Join Date: Mar 2006 Exp:	Be careful -- if the mortgage is CMHC insured, my understanding is that if a person who assumes the mortgage ends up defaulting, you could still be on the hook for any deficiency that results if the bank ends up foreclosing on the property.