It is really shocker for all of us in my family that the system here doesnt even understand that what would a person do if he has lost a job and not getting a mortgage. Why should my brother loose 10K which is a big big amount. Is there any way he can get government help or any government agencies / legal aid which can help him because seriously there is no mistake from his end.

Vivek
I have quoted it earlier as well .One doesn't need to have a job in order to qualify for the mortgage . All you need to do is ask around . You may not be able to secure the best rates but anyways you wont be losing 10K either .
If the house was in GTA than once taken possession it can be sold for 20 -30 K profit for sure . I am not aware of situation in Ottawa . If thats the case in ottawa as well than there might be many CD's willing to help in case you agree to share profit .
AG

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Originally posted by vivek901

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

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Originally posted by febpreet

I vouch for this too. Having been (financially) screwed up by the Strata company, councils myself. Unless one is equipped to have a backup or a solid support to take on these 'Fully backed by the paperwork' organized goons, you just CAN'T do anything against them. Unless of-course you want to go to court and spend your hard earned money on Liers (another set of 'Goons'), oops! Lawyers.

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-- Didn't your brother have the loan approval contingency in his contract? If he had this, then he would have been safe...

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Originally posted by vivek901

It is really shocker for all of us in my family that the system here doesnt even understand that what would a person do if he has lost a job and not getting a mortgage. Why should my brother loose 10K which is a big big amount. Is there any way he can get government help or any government agencies / legal aid which can help him because seriously there is no mistake from his end.

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Originally posted by cdn_dude

-- Didn't your brother have the loan approval contingency in his contract? If he had this, then he would have been safe...

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Dimple2001

Vivek,
Sorry to hear about the situation.
However, I find many things not clear. Some people have pointed that out.
Let me start :

1. Your brother finalized a house and gave a deposit.
2. How can the builder sell and take a deposit, if the person buying canot get a mortgage. So there would be some clause by the govt. that if mortgage canot be got, the builder has to return back the deposit.
3. You find a broker and a company agrees to give you a mortgage.
4.You communicate this to the builder and a closing date is put.
5. Mortgage company refuses to give you a mortgage.
6. How then can the builder harrass your brother?

I know that Canada cheats people. But then the housing industry is a grown industry and even whites buy houses. It is made fool proof. Many clauses would be there. Try to contact your MP or the housing ombudsman.

I myself was cheated like this before. I got money from the govt. and joined a desi institute course. he was a dead beat desi company SAP course. I complained to the govt. that he was not teaching well and that he was cheating the govt.. The govt. wants the money now from me and not the desi company.
I tried fighting with the govt., but they put the blame on me. They donot want the fees back but the milage given to me for attending the course. The desi company gave me the false milage claim certificate.

So bottom line is that in Canada, you need to be very careful. The whites (Gora's ) are smart. Only Immigrants fall in the traps (mostly)

Peace

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