I am in arrears with CIBC mortgages to the tune of about $11, 000. CIBC have instructed Lawyers and commenced Power of Sale Proceedings. I have offered to pay half the arrears now and requested that they capitalize the rest of the arrears and costs which will create a new mortgage balance. In an effort to ensure continued payments I have asked that they take interest only payments for the next 12 months. My mortgage is less than 50% of the appraissed value (as at Nov 2008), however the lawyers have refused my offer and advised that... read full review »