Hello Lemuel. If you are selling and buying porting your mortgage is one of your options. Porting is the process of moving your mortgage from one property to another. There are 3 different types of ports that can happen when you sell a home and buy another. Each one different. Your mortgage can be either a straight port, port-increase, or port-decrease. The simplest is the straight port where you are moving your mortgage from one property to another with the same amount of mortgage. The rate, remaining term, and amount stay the same, no penalties involved and the process is straightforward as there is no new money involved. The second option is a port increase where you need extra funds for the new home, (this is usually the case if you are buying a more expensive home and have less down payment) In this case the remaining mortgage term is moved to the new property, the mortgage amount is increased and finally the interest rate is blended with today`s available rates. If the rates available today are lower than your interest rate then your rate will be blended and reduced, if the rates are higher today your rate will be blended and increased. I can do a rough calculation for you if you like, see my contact info at the bottom of the reply. The final port is the port-decrease. In this case you need less mortgage than the remaining mortgage amount you currently have. Your mortgage term, and rate get moved to the new property only the mortgage amount is reduced. There may be a penalty involved in this reduction of mortgage. If you are reducing your mortgage amount by greater than the allowable yearly prepayment options that you have signed for on your mortgage documents you may be charged a penalty for the extra reduction. There is one more option that one can consider, if your bank is not going to offer you a good rate on your port (they already got you so they often don`t) then you can always consider a new mortgage at another lender at full discount. It may save you more than your penalty to break, the calculations often tell the tale if it is worth it. I can do these calculations for you if you like and get you information on the lowest rates available today. I hope this information has helped you Lemuel. I can go into more detail if you like, explain further, and do some rough calculations, no obligation if you like. Please don`t hesitate to contact me:Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

Hello Monty, selling your house will mean your mortgage will have be paid off. In that case your mortgage should be ported to another property to avoid penalty. If there is no other property involved and your mortgage will just end up being paid off you could make one of your yearly pre-payment to help reduce your penalty. Most lenders will take into account any unused pre-payment privilege anyways so check with them before you go to your savings or investments to make that pre-payment. I hope this helps, if you would like to discuss anything in detail please do not hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

ON Canada - it depends on how much you sell your house for. Normally, the proceeds of the sale of the house goes to pay off the mortgage first, lawyers fees, bank fees and any excess will then go to your pocket. If you sell your property less than the mortgage balance, you will have an issue as you still owe the bank money.

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You buy a house and you are with this one lender for five years. you get a notice that the original lender has sold your mortgage and so and so will now be servicing it. okay, no problem. it's pretty common for a mortgage to be sold and still keep the original terms of the loan. you start sending the payments to them and all goes smooth for about six months. then they sell your mortgage and all hell breaks lose. you think it's going to go as smooth as the first, but you send your first payment to them and it crosses in the mail with the notice that they also sold your mortgage and now pay them. two weeks later you get your returned check, you make note of it and send it to the new one. again for it to be crossed in the mail that it has been sold and blah blah blah. basically, your mortgage has been sold about 12 times in sixth months and you have absolutely no freaking idea who to send the payment to. none. oh there's more. the first 11 or so are sending you notices from their collection agencies demanding the loan in full plus interest, plus collection fees, plus late fees etc. time to contact an attorney?

Yes. I agree. Very confusing. I would try contacting the last lender you got a notice from and see where to send your payments to. If they can't answer, then yes, it's time for an attorney. You will probably need a real estate attorney.

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Me and my partner bought a house on ftbi 8 months ago. we've now broken up. when we first moved in i paid the mrtgage 425 a month and he put the same amount in the bills account. i lost my job in august so he's been puttin 425 in my bank to cover the mortgage and ive been using my 200 from job seekers for bills with my savings. my savings ran out but his friend moved in in october paying 200 a month. so my 200 and his friends 200 a month was goin in the bill account. but he's recently had to move out. me and my partner decided to live together but i cant do it anymore. he broke up with me about month ago but we still argue about once a week cos im finding really difficult letting go and i can't come to terms that he doesn't want to try again. besides us not sleeping in the same bed it still feels like a relationship and its killing me having to see the man i love everyday and not be with him. none of us want to sell. we love this house, and on our wage we would never be able to buy a house again. we was lucky to be able to do the first time buyer scheme which wouldnt be available to us again as we wouldnt be first time buyers anymore. he's said he doesn't want to move out and that im the one with the problem, but he doesnt understand how hard it is for me to see him everyday. he doesnt have feelings or love me anymore so its alot easier for him. he's mentioned buying me out but on his wage are 770 a month. our mortgage is 425 and bills on his own aound 270 theres noway the mortgage company would allow it. it was a new build house so we bought it at 125000. house prices were falling and for that much you could buy a bigger house for 125000 but we couldnt because the 1st time buyer scheme only works on new houses so we had to pay this price. if we sell we will be thousands of £s of debt because i dont think we would get 125000 or more at the minute. we cant rent because of mortgage restrictions. i cant ever get over him if i have to see him everyday, wonderin if we;re gonna get back 2gether or if he's seein other girls when he gets home from work late. i was goin to move out but he still wants me to pay 200 a month as its not fair on him, which i suppose is right because the mortgage is both our responsibility, but at the same time its not fair on me, he gets to ive in a 3bed house whilst i have to share a bed at my mums. leaving this house is goin to be the hardest thing as it will make things definate that we're never going to get back together. what can i do????????? if it was the case of only buying a house you can afford on your own most people would never be able to afford to buy a house. you buy a house together thinking you're going to be with that person forever. and just because we're not legal and not married doesn't mean anything. we would still be in the same situation and not everyone gets married nowadays. we was together 5years and lived 2gther for 4 years b4 we bought this house so we didnt just buy this house on a whim or because "we need to grow up".

"What can i do?" Grow-up & learn your lesson about buying property that you cannot afford on your own, especially with someone that is not your legal spouse. As part of growing up, it requires you to make decisions (sometimes hard) instead of saying I don't want to do this, I don't want to do that, I want this (something not attainable) and acting like a child because you can't have what you want. Life doesn't work that way. My advice, if he is unwilling to buy you out, is to go to property court and force the sale of the house. If you take a "hit" financially than learn a painful lesson (not certain of bankruptcy laws where you live). Get over this relationship that is going no where. Regardless of what YOU want, he obviously doesn't want you.

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Me and my partner bought a house on ftbi 8 months ago. we've now broken up. when we first moved in i paid the mrtgage 425 a month and he put the same amount in the bills account. i lost my job in august so he's been puttin 425 in my bank to cover the mortgage and ive been using my 200 from job seekers for bills with my savings. my savings ran out but his friend moved in in october paying 200 a month. so my 200 and his friends 200 a month was goin in the bill account. but he's recently had to move out. me and my partner decided to live together but i cant do it anymore. he broke up with me about month ago but we still argue about once a week cos im finding really difficult letting go and i can't come to terms that he doesn't want to try again. besides us not sleeping in the same bed it still feels like a relationship and its killing me having to see the man i love everyday and not be with him. none of us want to sell. we love this house, and on our wage we would never be able to buy a house again. we was lucky to be able to do the first time buyer scheme which wouldnt be available to us again as we wouldnt be first time buyers anymore. he's said he doesn't want to move out and that im the one with the problem, but he doesnt understand how hard it is for me to see him everyday. he doesnt have feelings or love me anymore so its alot easier for him. he's mentioned buying me out but on his wage are 770 a month. our mortgage is 425 and bills on his own aound 270 theres noway the mortgage company would allow it. it was a new build house so we bought it at 125000. house prices were falling and for that much you could buy a bigger house for 125000 but we couldnt because the 1st time buyer scheme only works on new houses so we had to pay this price. if we sell we will be thousands of £s of debt because i dont think we would get 125000 or more at the minute. we cant rent because of mortgage restrictions. i cant ever get over him if i have to see him everyday, wonderin if we;re gonna get back 2gether or if he's seein other girls when he gets home from work late. i was goin to move out but he still wants me to pay 200 a month as its not fair on him, which i suppose is right because the mortgage is both our responsibility, but at the same time its not fair on me, he gets to ive in a 3bed house whilst i have to share a bed at my mums. leaving this house is goin to be the hardest thing as it will make things definate that we're never going to get back together. what can i do?????????

Hav you though about taking in a lodger - it's not the same as renting the whole place out and you can earn up to a certain amount without having to declare it. otherwise you will have to face up to the fact that this relationship has broken down. He has mentioned that he might want to buy you out. Let him investigate this more as you never know he may be able to re-mortgage with his existing lender on moe favourable terms. Otherwise you may have to sell the property. if he doesn't want to sell you can comply him as the other joint owner under a power of sale under the Trust of Land and Appointment of Trustee Act. As an afterthought, did you both sign a declaration of trust when you purchased the property? Did you enter into a co-habitee agreement at all?

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In september i bought a house for 255k. after down payment the mortgage principle is 242k, 30 year term, 5.87%. in october i sold my other property and now have 175k payment i would like to make towards my mortgage. i want to know if i'm better off making a large lump sum payment and asking the mortgage company to reamortize with the same terms and interest rate. or if i should actually refinance, get a new interest rate and 15 year term. also i was lead to believe that if i refinance, since it would be a rather small mortgage loan (@65k), that i would not qualify to get the most competitive rates (like 5 or 5.1%), maybe only reduce interest rate to about 5.5%. does that sound right for those of you in the know about mortgages? also what is considered the break even point for paying closing costs to get the better rate/payment terms? is it simply a matter of whether you save overall in comparison to the what the total payments would have been under the previous conditions. or is it that you need to be in the property for a certain number of years? what is the real deal? i'd love to hear your thoughts and advice. thanks

Welch, it sounds like you have a very good idea of what you're doing. You should be proud of yourself. If every consumer were like you, we wouldn't be in this mess subprime mortgages got us into. I tell my clients that it is usually worth it to refinance if they are getting a full percentage point lower, and planning to stay in the house for about 3 years to recoup the closing costs you're about to sink into the property. If I were you I'd wait until rates hit 4.875%.

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My fiance and i are getting married in a few months. i have always preferred living in an apartment and have always been able to have nice affordable surroundings, pay my own bills and have a little leftover for myself. my stb husband earns 25k to 30k more a year than i do. he has an older home he bought almost 25 years ago that he has for sale, but it's taking a lot of money to get it "marketable". he thought we should take advantage of the buyer's market and still proceed with purchasing a new home that would be both of ours. he has three sons age 22, 20, and 17. his house is smaller and although his 20 year old has moved out, the 22 and 17 year old will be living with us for some time yet. there just wouldn't have been enough room in his house to "fit" me in. note: we live in different cities and we decided i would be the one to relocate employment to his area, because he has 20 yrs in his company and retirement. in june we found our dream house and bought it, he handled the deal because of the distance that i lived away. we moved into our new home in august. we had pretty much figured out our finances and how each contributed to the home and expenses. what i didn't know at that time, is that he had decided to take a lower downpayment option on the mortgage. now the house payment is about $450 more a month than i planned my finances for. the problem is now i am expected to absorb that extra monthly cost, and i literally am broke every month now. he has the boys that cost more in groceries a week than i spent in a month. i pay the total cost for cable, internet service, garbage pick-up, and half the grocery bill. the cable and interent are a small fortune on four computer set-ups and 5 tv's. i use only one of each. it leaves me broke every month. stb husband though still has plenty of money left over after his contribution because he makes so much more than i do, (and i make a decent income). he's spending the excess of our orginal down payment to fix up his older house to sell, and is now planning to take any money made from that sale to invest in his interests and his 3 son's. (one son still in high school and two are making college a career, 3 years in and still not enough credits for an associates. they take about 4-6 credit hours per term). he seems to me to have less of a finacial burder now because i'm helping to absorb the cost of his two sons at home with us. he's been on a spending spree lately for his kids and himself. example: he just bought a new aqaurium set up and will have close to $1,700 in it and it's still not completed, while i've been scraping to save $350. to replace my treadless tires before winter. i managed to save enough this week and get them, but it left me broke. i never have even a little left over to spend on myself anymore for something small. sorry so long but i would like opinions. this week an exercise machine i've been waiting for has finally came in. where i use to live i went to the y. there is nothing around where we live now, and i commute 2 hours a day to my job until a transfer open up for me. so i don't have much time to go to the y the next town over. stb husband agreed that me buying a home gym was the best solution. now it's in, and i'm broke and maxed out from the new house expenses. the equipment is less than $600. i asked stb husband to give me some help and buy it and i could pay him back after the first of the year. he actually said ok but then declined this morning when we were suppose to pick it up. no reason. what is pi$$es me off is that, if i wasn't paying the extra that we never agreed to, i would have the $'s for my excerise machine. i'm not asking if it's right for me to do this, but rather is it fair under the circumstances this time to take the $'s out of what i would have paid this month and short it the $550, to go pick up my machine? that's the way i'm leaning right or wrong. i pay all my own expenses and a lot of what isn't mine. please give me your opinion. thanks for all the input. i talk with him this evening and put the budget on paper to show what i was paying out to the household based on my income and what he pays out...i think seeing those numbers on paper brought it home for both of us. it's time i adjust the percentage of what i contribute. it was more his preference to keep seperate accounts for awhile...however he has also brought up combining our accounts, which is ok with me as long as my contributions isn't paid out completely by him first. i think i will be giving serious thought and action on how this is worked out. we start pre-martial counseling this week, i think finances will be at the top of the list. thanks everyone for your take on my situation.

I've had two husbands and have never split the bills, the paychecks go into an account which is used to pay for expenses, necessities and things we need/want. I would rethink this relationship if you can't come to terms before you become so resentful you'll regret getting married. Good Luck.

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My long distance boyfriend and i are 10 years apart i'm in my early 20s and he is in his early 30s. we've been together 2 years. i love him very much and i know is a wonderful man and that he loves me more than anything. our relationship is very serious, and we've spoken about children, marriage, and owning a home etc. he's been asking me to move to his city for a long time so we can finally move forward, but i have always been hesitant to because i have family, friends, work etc here. also, i don't know if i'm going back to school and so many things in my life are up in the air. i keep telling him i will move there in 3 months, then 6 months etc. then soon as you know it, it's 2 years down the road and we are still provinces apart. now he is selling the house that he use to own with his ex gf because she wants out of the mortgage. he is currently living there alone and does not want to buy another one yet, nor does he want to rent an apartment, he said he can rent a room at a friend or co-workers house until i move there. to be honest, i love him to death, but i don't believe he is the one, and i don't think i will ever move there. i just don't know what to do. i love him so much and can't be without him, i feel empty without him, yet, i can't give him what he wants. i feel like i'm being selfish because i can't imagine breaking his heart, and i worry what will happen to him after our relationship is over, and of course i don't think i can stand the pain of losing him either. can someone please advise? what should i do?

You love him to death but can't see yourself with him and he isn't the one??? Do you really need to ask what you should do?

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Brother separated from his wife about two years ago although not yet divorced. he has since moved in with a (very financial and professional) new lady and contributing to that household, no children involved. i feel very annoyed with my family for making such a fuss over the new partner. even my brother has remarked on my other sister-in-laws obviously over friendly and chatty gestures. another brother and his family basically snobbed his wife (another race) who was separated with 2 children when they first started going out. they were together over 20 years but broke up as they just argued all the time and their interests became so different. my brother basically worked and provided for all three of them and they also had one child together. they have problems now as his ex wife is having financial problems although she is living in the house with their adult son they are buying together. my brother is still paying for most of the mortgage still, but wants the house sold and the money split between them so he can purchase and share a property with his new partner. he obviously has long term plans in mind. although i have never particularly been close to either of my sister-in-laws i find myself annoyed over everyone making such a fuss over the new partner. i feel they were very unfriendly towards the wife for so many years and now going a bit over the top with this new partner. i find the new partner very likeable and friendly so it has nothing to do with me disliking her at all. i find i just really dislike all the super fuss they are making about her, saying she is very "posh" and upper class. they have been very dismissive and unfriendly towards me (i am not working at present and in a poor financial situation ... the poor relation ... but i have always put myself out for them in the past ... i am the unpaid gardener and general dogsbody) also over the years, so much so that i find myself avoiding having anything but the minimal contact with them. i really dislike all this overt snobbish behaviour going on, just feel they are all being fake. i feel it is all because this lady is well off. it's not a loyalty issue either; i feel really sorry for brother's ex wife but as i said i was not particularly close or anything - we lived in different states. any suggestions? had not seen brother for 15 years as they have lived o/s and i used to live interstate. it's just that it is so vivid in my memory how cold they were towards his wife; my brother remarked on it too as he has not forgotten also. i said nothing. the new lady is not the problem; she appears really very nice and i agree that he is very lucky to find someone. i have not heard from his wife in years but i still send cards for christmas etc - she chooses not to respond though. i really hope things work out well for her too. i don't think it is because i am jealous or anything like that; of course i would liked to have done better. i have been very generous with the other brother and his family (ones acting snobbish) when they struggled in the past. i have given them a lot of furniture in the past. not so long ago toys, books, clothes, etc. not so long ago thinking their grand-children may like them, but it appears they were not good enough for them so they sold them on ebay. i sold

Tell your brothers ex wife what you told us, and say your their to support her, as you can see through all the hoopla surrounding your brothers new lady. I'm sure she would appreciate the support.

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We own a house together, he was laid off from work a year ago and hasn't found anything long term that pays more than i pay him to work for my company(every company seems to be taking advantage and paying less, laying off people and then hiring others at half of what was being paid before- we are talking min. wage where once it paid say 15/hr) so i pay for everything and since i hired him to work for my company so he makes enough to cover his basics(car,gas,food). he has honestly helped me out a ton by working for me! he doesn't want to sell the house because of how much the area is growing but he can't afford it. i don't want to sell because of how great an investment its been and its in such a great area and at the rate i've been paying it off it'll be 12-15 more years till its paid off. i've decided to continue paying for the house and get myself an apartment. there's also another reason for keeping the house i'm listing later in this. so i need to move out and rent an apartment and save my sanity! is this really possible? here is what i make after taxes $3,200. i plan on renting out a bedroom in the house to help pay my x's part. here are my current bills that i can think off: is there anything i'm missing? mortgage $800 electricity/water $230 month cable/ phone/internet $120 month clothing $200 month food $300/month household/vacation budget $290/month pets $80/month car expenses $100 month credit card -about 200-$300/month paid in full every month extra payments on mortgage $400 monthly so that's $2,820 in expenses i could rent the extra bedroom with a bathroom for $400-500 a month and basically pay for my x's share of the mortgage. i know i can completely cut out my credit card expenses as its all extra stuff and nothing i need, i can cut out clothing right now or cut it in half easy, i can cut out the extra mortgage payments, i can remove $200 i put aside a month from the vacation fund so no big vacation for the year. plus adding in $400-500 for renting out the room... should i do it and just move out? how much apartment can i really afford? that is my main question! apartments in the nice area near our house run from $600-1100 for one bedrooms, or in the area 8-10 miles from here they run $400-750 for a one bedroom but its a less desirable area. can i really afford to be paying for another place or will i have to sell my home? (i was the original owner and when i refinanced i did something stupid and let him get on the title and now he wants half of what the house sells for even though he has only paid about 9 months of mortgage total on the home.if i did that i would end up having to come up with alot of money to "pay him off") it's alot more money than he ever put in the house(about 30x's more)that's why i figure let the house keep on going up in value since its been real good about that and then i can pay him off by giving him "free rent" for 24 months total and i can still continue paying the mortgage. he's agreed to settle for 24/months of free rent for payback..and he wonders why i broke up with him and i've got plenty of reasons! this isn't even the tippy top of the ice burg we've already signed a contract saying the house goes back to my name after the payback period. i know he's getting a deal of a lifetime and i've been though so much crap with him that i just don't even care anymore. i just love my home and don't want to give it up. spending money on the apartment and just moving out will help me get back to normal. its been a long 6 years of dating this guy. i have just poured way to much in this home with improvements and just paying off the loan that i really don't want to let it go. i am young 24 so it isn't the end of the world :) ya know. lesson learned

Before you do anything, talk to a lawyer and find out what, if anything, you really owe this guy. It sounds like you've put a lot more into this than he has. Even though it may be a binding agreement, you may be able to settle with him.

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My parents passed away in a car accident 5 months ago, and aged 18 i dropped out of univesity so i could take over guardianship of my younger sisters. i couldn't accept the suggested alternative which would have meant the state taking care of them in a home. although i now have some freelance work, i can't get a proper full-time job because i have a 5yo and an 8yo to take to, and collect from school every day during term-time, and now the schools are broken up for the summer, paying childcare for 2 kids would cost more than i could earn, so i'm ashamed to say we are pretty much living on state welfare handouts. we are also going to have to sell up the house and move to somewhere smaller because in our country you get hit with inheritance tax, and that means while the insurance has paid the outstanding mortgage, 25% of the house and its contents, 25% of the money left after settling the bills etc (which wasn't much - and lasted only weeks) now belongs to the tax man, and............... if we don't pay the tax (which we can't - we don't have it) or sell up, he'll instigate reposession proceedings and that will add legal fees to the amount we owe. there should be more money to come from life insurance policies, but they won't pay out until it decided legally who was to blame, but this will happen too late for us to keep the house. i also feel terrible about living on a shoestring, not for me, i'm content to eat cheap and wear charity shop clothes, but i really don't want my sisters to become the school's jumble sale kids. the eldest turned 8 last month, and instead of the credit-card funded lavish event she was accustomed to, she only got a cheap dress and pierced ears. no party, just a cheap cake and lemonade. the youngest, on the other hand, isn't able to grasp the fact that they when you die it is permanent, and that they will never come home again.

If their father's (and mother's) name is on the children's birth certificates, and either or both parents worked, they have paid into Social Security. Get their SSN's (they should be on the Death Certificates or life insurance policies) and go to the Social Security office in the county they lived in, and sign up for benefits. You are the legal guardian of two "orphaned" children of American taxpayers; you are legally entitled to receive benefits, provided that your parents worked and payed taxes.

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I have in the past have had a good relationship with my landlord. if i needed him to cash our rent check later in the month he would do so and not be upset or charge a fee. he recently was having difficulty finacially due to a layoff so when i received my student loan i paid 4 months in advance. i did this not only to remain on good terms (as he helped us out when we were in a bind) but also to help replace our heater (which has been broken since dec31). i receievd a few letters that were about avoiding foreclosure a few weeks prior to me giving him at 3600 check as much of his mail comes to our house that involves thsi house/mortgage (he also took 50 off the rent for 4 months which would have saved us 200). he said he was just 'refinancing'. he took our check and said he was not going to sell or be foreclosed. 2 weeks later we recieved an actual foreclosure notice, that said teh property would be sold at auction 3/2 if he did not take immediate action. we informed him and he said he would take care of it. yesterday (on my husbands birthday no less) we received a letter that said that the property has been taken back by the bank and we have to move. i paid until june, i want to stay, even longer than that as i have lived here 6 years. what is my legal recourse. we have no place to go, my husband has been out of work since jan 11 and has been looking but no success. my student loan paid for the security of not worrying about a place to live. help! in essence with the 4 month advance payment we modified the lease from month to month, to june 1st.

Leases are never "in essense", they are legal documents, you either have one or you don't. You are entitled to pay rent to the bank for the next 3 months to remain in the house for that period of time. You will have to sue the landlord for the 4 months rent he owes you. F'ed up, I know, but that is the situation. You might want to offer to buy the place from the bank.