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View Full Version : Bank Morgage Mistake


godrack
May 14th, 2008, 09:59 AM
Here's a crazy story.

Took a morgage 5 years ago with RBC , then last year changed my morgage to national bank of canada. i'm now selling my house , i have checked with my notary about the amount i should received after the morgage payment to NBC. She told me that there is no morgage on my house , house is clear from any morgage. ????? Sounds like NBC paid off RBC last year but they forgot to register a morgage on my house.

Called NBC about the penalty to close my morgage , they said that i have a $12.000.00 penalty.

What should i do ? Sell my house , then call NBC about my loan ? ( not a morgage ... ) of 200K ..and ask them to cancel the penalty otherwise i will continue the 3 years contract but they don't have any security for that loan ?

What would you do ?

hagbard
May 14th, 2008, 10:12 AM
What would I do? I'd call my real estate lawyer and get his advice.

BillyParadise
May 14th, 2008, 10:28 AM
Transfer the mortgage to your new house.

Frankie3s
May 14th, 2008, 11:27 AM
Transfer the mortgage to your new house.

This would be the right answer.

godrack
May 14th, 2008, 11:33 AM
This would be the right answer.

Yes , but unfortunetly i'm renting an appartment.

BillyParadise
May 14th, 2008, 12:47 PM
Then,

Keep the house, rent it out. (assuming you can cover costs)