Hi Everyone,

I need help /advice on the current situation that brother is going through. My brother moved to Ottawa in October because he got a job there. Earlier he was working in Burlington. In the month of January he decided that it’s time he bought his own house. He decided on the house, got mortgage pre-approval from President’s Choice financial. My parents came in April from India. (I am based out of Toronto). My parents were going to move to Ottawa in May and stay with him in his new townhouse which he purchased for 300K. He was slated to close the deal on May 5th. On March 25th he got laid off suddenly because his company decided to shut down. He is from Semiconductor industry and he is an engineer. He is still looking out for job. Now this is the problem he is having, initially he wanted to back out from the deal (he has paid 10,000$ deposit). He was told that if he backs off he will not be given the deposit back. So he thought he would close the house though it will be difficult for him to manage expenses , however over a period of time once he gets the job things would be back to normal and I thought I would help him out during his difficult times. Now the banks seem to be denying him mortgage. He went to TD through a desi broker and TD is not giving the loan. PC financial which had preapproved still knows that he is looking out for job, he is not sure if they would give him mortgage or not. My question here is if he is denied a mortgage does the builder have the right to keep his deposit?? What are the options for him. 10,000$ is a big amount and it can’t be lost. Any suggestions here would really help. My parents are with me and they are getting really stressed out with his situation and we are desperately seeking some solution to put an end to it and move on in life.

Vivek
Sorry to hear the job loss .
Without going much in details I can assure you that an individual doesnt need job or a letter to get a mortgage . There are plenty of people who can help you ( sorry don't have any referrals avlbl so u need to ask around ) .

In my own case I have been able to secure two mortgages without issues and that too through bank .

Good luck
AG

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Growing Old Is Mandatory ..Growing UP is Optional

If your brother decides to purchase this house then do not worry about mortgage approval , there are many mortgage brokers who will charge around 1% of the loan value and will arrange mortgage.

Feel very sad for your brother. Respect your feelings.

My suggestion is move on. Cut your loss and grieve the $10,000. It will be better than not having a job - with expenses and debt piling up along with the burden of mortgage. Credit card debt will start piling up.

He can move to Toronto and live with you for a while- which will save on his expenses. He can find a job here again. With a ready support system - coming out of this situation will be better - than trying to hold on in Ottawa. He has not found a job in 2 months. What if it takes another 4-5 months?

Wish your brother good luck. Hope he finds a job soon.

Do you have any references??? It would be helpful

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Originally posted by Rucking Fetard

If your brother decides to purchase this house then do not worry about mortgage approval , there are many mortgage brokers who will charge around 1% of the loan value and will arrange mortgage.

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Hi
A suggestion. Why doesn't he take the house and rent it out. This will provide him if not more cash, enough cash to pay his mortgage and this way he won't even lose his deposit.

Just a suggestion

Quote:

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Originally posted by avantikaarora

Hi
A suggestion. Why doesn't he take the house and rent it out. This will provide him if not more cash, enough cash to pay his mortgage and this way he won't even lose his deposit.

Just a suggestion

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