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Mortgage Broker News | 05 Jun 2015, 09:00 AM Agree 0
With household debt at record levels, one B.C. man’s fast foreclosure serves as a cautionary tale for the rest of Canadians.
  • LanceH | 05 Jun 2015, 09:54 AM Agree 0
    Obviously, this is a unique situation, and not a "trend" or harbinger of things to come. Leave it to the Lefty's over at CBC is over-state the situation and blow everything out of proportion!
  • Anthony C. | 05 Jun 2015, 10:52 AM Agree 0
    Someone should tell Mr. Philbrook that he has arrived at "the absolute bitter end"...
  • Jerry Quigley | 05 Jun 2015, 11:15 AM Agree 0
    The very best buyer for that property is Mr Philpot. He is even willing to pay more than it's worth!! The RBC is behaving like the US banks did with mortgagors under water, offering to stay in the home, but the bank with no one at the controls, saying no, we're foreclosing and losing there proverbial shirts! Someone with authority at RBC needs to have a look at this, accept the arrears payment as much as is offered, within reason, and allow the homeowner to carry on with his payments. WIN/WIN.
  • LanceH | 05 Jun 2015, 11:20 AM Agree 0
    Haha! Well put Jerry!
  • Rick Robertson | 05 Jun 2015, 01:21 PM Agree 0
    Don't be too fast to name/blame a lender on this. In BC a lender cannot "Foreclose" on a property without court permission first. "Foreclosure" in BC is not the same as "Court Ordered Sale". Foreclosure is actually a process whereby the lender adds the property to inventory and there typically needs to be a good solid reason for that action such as; the lender, and the court, believe that the borrower may strip the property of fixtures.

    Overall I sense there some mixed messaging within the story as written above.
  • Consistently Disappointed | 05 Jun 2015, 02:04 PM Agree 0
    Bank Bashing at its best, what else does MBN have to write about??????
    It never fails on this site. Even when I havent bothered to read these articles for a quite a while, the first one I finaly decide to read turns out to be a bank bashing article about an unfortunate situation where the instituion is forced to Foreclose on a client........please MBN for the sake of your audience, stop the bashing and start reporting the "NEWS" that is relevant to the industry and its players.
  • Rick (Mortgage Mentor) Robertson | 05 Jun 2015, 02:28 PM Agree 0
    OK Consistently Disappointed, here's some "news" for you. On June 1st the mortgage risk insurers actually had increases to 8 (eight) insurance premium niches.
  • Omer Quenneville | 08 Jun 2015, 11:04 AM Agree 0
    Sounds like the owner exhausted his opportunity to redeem himself. Banks don't do this for fun.
  • Carsten | 08 Jun 2015, 12:33 PM Agree 0
    Mr Philbrook owned the house for 36 years.
    It is worth $ 95,000.00
    He owes $ 114,000.00
    Somehow I feel that we only get part of the story
  • Omer Quenneville | 08 Jun 2015, 12:37 PM Agree 0
    Sounds like he may have had a collateral charge and not a "mortgage".
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