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    BillD1978's Avatar
    BillD1978 Posts: 3, Reputation: 1
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    #1

    May 13, 2009, 11:51 AM
    What happens to the debt under power of sale?
    Hello everyone :). I understand that when a bank sells your house under power of sale, they will collect the difference in debt from CHMC. So if they sell your house for 150,000 and the mortgage is 200,000, CHMC will give the bank 50,000. My question is: Will CHMC or the bank come after you for that money after? Will they treat the 50,000 as a regular collection? Will they sue you for that debt? Thank you. Bill
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    May 13, 2009, 12:21 PM

    Umm who is CHMC?
    BillD1978's Avatar
    BillD1978 Posts: 3, Reputation: 1
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    #3

    May 14, 2009, 09:38 AM

    Sorry, I just noticed this is an American help desc. CHMC is the insurance that insure banks when you purchase a home and it's high ratio.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    May 14, 2009, 09:42 AM

    Its actually internations but the majority of members are american. It would help if you told us where you are.
    BillD1978's Avatar
    BillD1978 Posts: 3, Reputation: 1
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    #5

    May 14, 2009, 11:47 AM

    Of course, I'm sorry, I'm in Canada. CHMC stands for Canadian Housing and Mortgage Corporation.
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