Right now in Canada there is a strange thing happening. Some property owners who have mortgages with a certain few money lenders are coming up to the end of their mortgage term. Most of these mortgage holders were either told by their mortgage broker or else mistakenly believed that at the end of the term they would receive renewal documents automatically, as long as their mortgage payments were current and not in arrears.
This is wrong. The mortgage lender has no obligation or legal requirement to renew the mortgage at the end of the term. Also, the homeowner has every obligation and legal requirement to pay in full the outstanding borrowed amount of the mortgage in FULL at the end of the term. This comes as a bit of a shock to many who did not have the advice of a professional mortgage broker when they obtained their financing.
What do i do when my mortgage company does not renew my mortgage?
This is a question which I have had in the past and expect to have several more times in 2010. There are going to be many surprised people who have mortgages with companies such as XCEED mortgage, ACCREDITED, or WELLS FARGO. These companies have all changed their focus in the recent past and have walked away from the sub-prime lending business. They are trying to focus upon more solid and secure sectors of the financial industry instead.
So what does the homeowner do? CALL ME ASAP! Seriously, time is of the essence for anyone in this situation. Waiting even a single day may be too late to do anything to help you with your situation. The sooner you act the more options you may have and the less likely the chance that you will incurr fees and expenses. Speak to a mortgage and real estate expert immediately!!!
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta . He is also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the Lethbridge real estate industry since 1993 and offers full Lethbridge real estate services to Lethbridge and surrounding area, as well as Lethbridge mortgage financing, mortgage refinancing , preapprovals, and Lethbridge loans financing to Lethbridge and Southern Alberta. He can be found online at this link: mortgage broker Lethbridge
Let me share my 16+ years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.