New Home - CMHC Issues
Some of you may remember a thread a month or so a go on my quest for a condo.
Well I found one end of April for Possesion June 01, today I get a call from my banker saying that CMHC wont insure my motrgage because they dont believe any condo in Calgary is worth $250k. My bank is trying to find an alternative but its not looking good.
I had two conditions on the contract for sale, 1 was document inspection and the other was financing. If CMHC wont insure it and another insurance company cant be found it looks like my search will come to an end.
To anyone with experience in this matter, what can be done, anything, will I have to null the agreement and lose the 10K deposit. Any help would be greatly appreciated.
Thanks
MYK
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