For renting it, first he needs to own the house, for which mortgage is required, and in which without job, Banks are giving hard time.

I would suggest to check whether someone can co-sign the mortgage or co-own the house and that way easy to get mortgage?

vivek901,

Please Contact.
Gurmit Singh Mortgage Broker of Dominion Lending Centres Mortgage Village


http://411.ca/business/profile/7773791

<http://411.ca/business/profile/7773791&gt;

The next one is on you.(when you are successful)


FH

Here is the update on what happened, my brother went through a mortgage broker, who charged 950$ for closing the deal. She was a desi broker from Toronto..everything was smooth till the day of closing, she arranged for Loan through Home Trust, it went to underwriter and then to management. But on day of closing they didnt wire the funds due to unexplained reason. My brother couldnt close the deal. Now the builder is asking 100$ /day as penalty for any further delay. My brother decided to withdraw from the transaction. He lost his deposit of 10,000$ + other fees for broker/lawyer amounting to 12,000..they have also sent him a letter saying they would sue him for more damages..he is shattered dejected ..is there any recourse available to get his money back..this seems to be unfair...there is no mistake on his part that mortgage is not approved...

Any help would be useful..please PM me as well..if anybody can talk to me and help me with their suggestions

It appears that you do not read newspapers and are out of touch with reality. you are not alone, there are a vast majority out there who are in this category, so when the going goes well, they ride thru the success wave and become very positive. when something goes wrong simply do not know where to run or to hide. simply put one cannot do anything without solid backup or support. Assuming ur brother had more down payment or had the contacts to get a mortgage one way or the other, he would have be fine,taken the possession of the house and then either rent or sell.

Now that the builder has cancelled the contract, the next thing will happen is the builder will sell it in the market. Just pray that he sells either same price or higher price so the builder will make some profit on that deal. Now imagine he sold for less price than ur brothers contracted price, then ur brother is responsible for the difference. In a situation like this you should be happy to loose only 10k, and not more.

Canada is a highly hyped place unless you know everything, you will be screwed by everyone, as an engineer he stands a good chance to get another job, so donot feel dejected, move on.

On a side note when the interest moves up, I feel lot of people will find themselves being squeezed and there will be an imminent correction for this hyped housing market, when it comes no one knows, till then stay away from unmanageable debt as much as possible.

......The only way he can get his money back is.. he should prove to the court that the builder has made some changes to the plan and the construction is not as per the agreement. a difficult and next to impossible thing to do indeed.

Quote:

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Originally posted by Confused_Canadian

Canada is a highly hyped place unless you know everything, you will be screwed by everyone, as an engineer he stands a good chance to get another job, so donot feel dejected, move on.

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Thanks Confused Canadian for your inputs, he has got a contract job already. But it really pains when you cut down on your comforts save money cent by cent and then suddenly all your savings goes at one shot for no real mistake of yours. As you said, hope the builder does sell the house for the same price else my brother is in a very big mess..but the question here why should he be punished for something which is not his mistake..he is not getting mortgage..he is ready to close the deal if someone gives him loan..but no..he is not getting it..if there is anyone who can guarantee his mortgage he would accept the penalty for delayed closing since he can close the deal at least