We didn't know about any? We thought CMHC was the insurance, but found they only insured the bank, then would collect any deficiency from borrower or cosigner. Guess we should be thankful they waived $63000.00 of this deficiency. We will have to sell and take that equity out of our house sale. RV living looks pretty good right now!

Sadly there is no requirement for them to go after your son. They can choose which party to pursue.either both or individually. They chose the one they would have most success with....you.

Was there no mortgage insurance?

I cosigned sons mortgage several years ago, but he defaulted and house sold for far less. Son didn't pay, so CMHC coming after us. They also have NOT even tried to collect from son. We sent stat declaration and everything to them to show we didn't have means to pay huge deficiency judgement. We now have to sell our home (which we have equity in) to satisfy that deficiency. We can't borrow anymore to pay it or afford $1000 a month for 5 years like they suggested. Any ideas?

I believe they can collect up to the length of the judgment which is twenty years.

That will go on as long as you file taxes and continue to owe a balance; expect that to stop once the debt is paid.

I live in BC and had a foreclosure in 2001 with my ex. I have not acknowledged the debt in any way since.

The bank took about a $23,000 loss when selling

Since 2002 CRA has taken all my income tax refunds for a MIF defiency judgement

How long will this go on ? When will I ever get a tax return again?