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Mortgage Broker News | 27 Jun 2013, 12:00 AM Agree 0
A licensed medical marijuana grower who had his mortgage pulled by Scotiabank is a good lesson for clients who do unauthorized renovations, say brokers.
  • Jeff Reisner | 27 Jun 2013, 10:22 AM Agree 0
    Stupid move by the client and a smart one by the bank...Obviously the client had no consideration for the loss in value and increase in risk for the Bank...why should the bank care about the "reasons" the client was growing pot...like Ron said...access to pot is easy...ruining "someone else's" property to grow it is just ignorant!
  • Najeeb Sumrani | 27 Jun 2013, 12:03 PM Agree 0
    yeap, I agree.
  • Anthony | 27 Jun 2013, 01:03 PM Agree 0
    So the federal govenment gives this guy a license to grow...presumably in his own home...and the bank has the balls to call his mortgage...?

    what do any of you know about the modifications or alterations to the property without being there to see them...Scotia wanted out because of the grow...period...

    Calum and Ron and whomever else agrees to this are kow-towing so low to to Scotia that I can hear their foreheads hitting the ground...
  • Russ From Cameron Mortgages | 27 Jun 2013, 03:12 PM Agree 0
    Folks there is more to this story, a bank or mortgage company don't just go out and look for problems there was other facts effecting the lenders decision to foreclose
  • Broker Lee | 27 Jun 2013, 03:18 PM Agree 0
    The ultimate owner of a house is the city, then the bank when there is a mortgage, then the owner.
  • Crotchety | 30 Jun 2013, 02:27 PM Agree 0
    Most people do at least minor renos to their homes, some tell the city and get permits, nobody informs their bank. This is absolutely biased.
  • John Korbilas | 03 Jul 2013, 08:30 AM Agree 0
    classic! the right decision.
  • Jim | 03 Jul 2013, 11:01 AM Agree 0
    Pot does grow outdoors very well, there is no need to produce excessive humidity in your home (great way to produce mold) by growing any plants, whether it is veggies or pot. Having an indoor garden has major implications on the homes health and value. If Scotia found out a client had any kind of indoor garden that could potentially decrease the value of their security then YES foreclosure should occur. GROW IT OUTDOORS OR GROW IT IN YOUR WINDOW LIKE A HOUSE PLANT, VERY FOOLISH!
  • AKA | 27 Aug 2013, 04:50 AM Agree 0
    This is all about the "grow-op" stigma.
    One shouldn't confuse an indoor medical cannabis garden to an unscrupulous for-profit grower's clandestine operation.
    The former are concerned about the cleanliness of their meds and can only grow in their own home (or rented with landlord's permission) or property. Since they have to live in the house, it is done properly. In fact, done properly the med-grade grow room is the cleanest area of the house.

    The latter (for-profit grow-ops) set up shop anywhere and are ready to move out in hours notice, so they don't care what mess they leave. They only stay long enough to tend their grow-op to avoid getting caught so things go wrong. Last, it won't grow to any sort of maturity in a window and growing outdoors has its own risks and limits.
  • John Dearin | 27 Aug 2013, 10:34 AM Agree 0
    "To accommodate the cannabis, McIlvenna had made extensive renovations to the home"

    Extensive renovations here, not a bigger window sill and a furnace humidifier.

    FMV down $47,000. Good decision. I guess all of us have bumpy foreheads except AKA
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