67% LTV refinance to payout current 1st and 2nd mortgage plus property taxes arrears. 2nd mortgage was in foreclosure. Client was also hoping for some extra funds to inject into business.
Applicants recently took out a truck loan with large payments causing other trades to fall into major arrears (R5). Application was seeking consolidation of all consumer debts to lower total monthly payments, prevent collections and prevent existing 1st mortgage to be called.
Consumer had an existing 2nd mortgage where the lender was not able to offer a renewal. Mortgage had to be paid out. Further consolidation of debts, derog credit and judgement required to greatly improve monthly cash flow.
Foreign investor who lives and owns an international trucking business in Mexico has a rental house in British Columbia that is vacant. Applicant was looking for a 2nd mortgage on his Canadian rental house to raise some capital to invest into his Mexican trucking business.
Applicant owned primary residence and 2 rental properties. One of the rental properties fell into arrears and foreclosure proceedings were started. Request submitted to refinance the existing 1st mortgage AND some extra funds to further consolidate some other consumer debt.
Client sold house to buy new dwelling where the existing credit union mortgage lender had an approval in place for the new purchase. Once approval was granted and existing house sold, client simply stopped paying all liabilities as they would eventually be paid from sale of existing. 5 trade lines went into r3 status or worse causing credit union to pull approval on a subject removed purchase contract. Client needed mortgage financing locked down in less than 2 weeks.
Basic equity take out request for the purpose of generating capital for an undisclosed investment transaction. Leave the existing 1st and 2nd mortgage in place with big name bank and finance a 3rd mortgage private transaction.
Refinance owner occupied house for ETO to pay off 3 years of property tax arrears to stop property tax sale notice. Medical service plan judgement registered on title also required to be paid out during the refinance along with over 40K of consumer debt, most being in R9 status.
reduce monthly payments, pay 3 years of property tax arrears, consolidate existing private mortgage lender who will not renew due to property tax arrears and reduce credit counselling balance as much as possible. Owner Occupied SFD refinance on verified income
Request: Applicant looking to purchase dwelling in Edmonton for under $200,000 based on available gifted down payment. Client is BFS requiring stating income approval without being able to show a recent NOA. Challenge: Stated income for BFS driver where no personal tax returns have been filed since 2010 Down payment is gifted from various sources