Mortgage Brokernews

Latest Comments

• 2018-05-17 2:50:32 PM I recently purchased a home where my parent signed a certified gift affidavit letter to my wife and I to purchase a house for $660,000.00 total. The gift letter was for $520,000.00 and my wife and I had a loan for $140,000 to finalize the purchase. The deed is in my wife and I name only. The parent now wants his $520,000 back. Is my wife and I responsible to pay back the $520,000.00?

• DeLux 2018-05-17 8:39:52 AM Not yet. They are trapped but still carrying on as CMHC default is qualified after 365 days of nonpayment, which gives market so-called "liquidity". In another word, if you can't pay, sell and somebody else will carry on. Until of course, people learn not to get involved unless values are supported by income fundamentals. Real estate boards must be held on a tight leash with their data accessibility to ensure free and democratic markets. Current practice allows obfuscation of prices, DOM, resulting in false YoY. General business malpractice is to list properties and if they don't sell, realtors pull listings off the market and relist in few days with new/lesser price. This resets DOM(days on a market) to zero, masks real motivation of sellers and creates a false impression of a demand. (When houses sit on the market under old listing for weeks or months, then pulled off the market and relists with the new price and sell in days there is no record of how long the subject house was on the market.) Widespread fraud, forcing Competition Bureau representing consumer to litigation against TREB.

• Kevin L. 2018-05-15 3:03:51 PM A reverse mortgage is NOT the answer !!

• James A Hester 2018-05-15 10:53:35 AM I ran an appraisal firm in Toronto for 35 years and have completed or been involved in approximately 60,000 appraisals. I scrutinized and hired many appraisers in that time and had to be very careful that l and these people were acceptable to the financial industry mainly banks. So we were in effect what is now called an “appraisal management” company which is largely a joke because the people hired by these firms do not have to satisfy the lenders, but only the appraisal company, sort of letting the fox guard the chickens ! The lenders have no follow up to acquaint themselves with who is actually conducting the assignment. Previously one was required to meet with the bank or whoever and provide copies of appraisals and more importantly the “rough work” and the rationale leading up to the estimate from time to time.The only circumstance that has saved the lenders from huge losses due to poor appraising is the massive increase in real estate prices in the past 10 to 15 years.This diassociation of financial institutions with the appraiser may lead to catastrophic losses similar to what happened in The United States a few years ago when lending documentation and appraising was left in the hands of brokers and appraisers exclusively.… JAHester FRI CRF

• Display Name 2018-05-11 2:40:23 PM "Deep pockets in Vancouver and Toronto will not be thwarted by these changes." No they won't, rather they've been fleeing those markets due to deteriorating market conditions and low potential for return. People with "deep pockets" didn't get that way by being fools with their money.