You can sell your home earlier but you will need to cancel your mortgage and pay the appropriate penalty according to most mortgage contracts. Contact your bank first and speak with a mortgage specialist who can give you those details before you make your final decision about your mortgage.

You have two options, the first option is you can cancel the mortgage and pay the cancelation penalty which is usually 3 month mortgage payment. The second option is to transfer your mortgage to the new property. The transfer is possible and if you require a bigger mortgage then you can try to get approved in the same bank where your current mortgage is.

Hello Yen, unfortunately there is a point where the bank will start foreclosure procedures. Usually after 90-100 days late. Legal proceedings will begin and you have a short period of time to stop the home from being sold. The best thing to do is to call your lender as soon as possible before the lates add up. There may be some things that can be done to help you make your payments, skip a payment, extend your amortization to reduce your payment amount, etc... The lenders don`t really want to be the `bad guy` and foreclose on your home if there is something they can do to help out they will. In most cases where your mortgage was insured (If you placed less than 20%-25% down on the initial purchase of the property chances are the mortgage was insured) you can get help from the insurers. If your mortgage default insurance was done with Canadian Mortgage Housing Corporation (CMHC) you can call CMHC Claims Payment Centre 1-866-358-9999, they may be able to help you with regards to your situation. If Genworth was your mortgage insurer then Genworth`s Hardship Relief Program may be able to help, call 800 365.4322. Don`t let this get too far, once legal proceedings are started the costs involved are passed on to the homeowner, and a foreclosure is not something that is easy to deal with for all parties involved. I hope this helps. If you or any reader would like any further info please do not hesitate to contact me at: 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 Banks/Lenders across Canada and have been in the industry for over 11 years.

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Hello everyone, i need to move to another location. can i take a home equity line of credit on my existing house to pay for the down payment of a new home, and then sell the first house that i used for the line of credit? are there any restrictions to do that? can i avoid the fee that i will get if i sell the first house early? thanks.

I agree with the first answer. You will have to disclose the source of the funds on the purchase of the new home so that they can calculate the debt ratio correctly. I would add that it will be difficult to get a home equity loan if the home is listed for sale. Get the home equity loan first if at all possible. Otherwise what you are looking for is a bridge loan. Some lenders offer them only if they have the purchase loan on your new home so take care to make all of the arrangements in advance so that you don't end up in a jam. You also need to consider whether or not you will be able to get the home sold quickly for what you owe on it or be able to carry both houses while your current home is on the market. Without having your current home sold, you will have to qualify with all the payments in your debt ratio and you have no idea how many people have bought a home thinking there current home would sell only to go broke trying to carry two payments and then let the one on the market go to foreclosure. Good luck with the move and be careful. There are worse things than renting for a while where you are going.

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Since we found a new place to live my landlord states he depends on our rent to pay his mortgage and is now denying he broke the lease. nothing is in writing from him the day he broke it but the only thing i have is a facebook comment i have the day he came to tell me he is breaking our lease which i put up. how can i enforce the verbal agreement to move out?

Does your lease actually state that the lease is void should the landlord decide to sell? I doubt it. In most states, the lease remains valid should the owner sell and must be honored by the new owner.

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Our new house is 6 weeks into construction, our present house is for sale. our commitment letter states we cannot close unless our house is sold. our house is priced right and we are in a top 20 housing market. the completion date for the new house is early december, what happens if our house does not sell??

It depends on what the builder's contract states. I assume you are buy in a subdivision from a builder. We have run into this a lot and our contract states that the contract is NOT contingent on financing beyond the approval letter. Our contract clearly states that any conditions of the loan are NOT grounds to cancel or not settle on time. I explain in DETAIL, that if the buyer is non contingent on a home sale, but still needs to sell, they are 100% responsible and that the builder will DEMAND that settlement happens with the new house if finished. And if it doesn't the buyer will pay 1/2% per day in late charges. In your case, you could do the following: Rent the house until the market improves Get a bridge loan. READ YOUR CONTRACT. You may end up losing your deposit, but I would also talk with a lawyer.

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I've been in my house for about a year now and may have a career change. i was told some lenders may impose a penalty for selling your house too soon. if so, what is the typical penalty? i still need to go over my mortgage papers to find this out. it's also a thirty year loan, not sure if this matters.

In most cases there is no penalty in sales you home or paying the mortgage off early. But you need to read YOUR mortgage to be sure.

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No. The only right thing is to give them the key on the day when you sign the contract.

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I have a house that i want to sell, i bought the house earlier this year and my plans were to use it as a rental and make a few dollars for a while. now with the economy taking a turn down south i want to just sell it with fears that my tenants might get laid off, then leaving me with the mortgage. what can i do to sell the house and property its on without having the tenants move out, plus if i do sell it would i be able to pay what i have left on the mortgage.....thanks

no clue what you will get for it, so--you may or may not have enough on a sale to cover a mortgage. maybe you can offer it for no money down and ask for 15% more than fair market...... or sell Part of it.......keep part of it.

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I sold my house earlier this year and split the profit with my ex. i have heard that i have to reinvest my profit into another house within 3 years .... or .... something - i think that i will be taxed heavily on that money. he said he found evidence online that you don"t have to reinvest it. feedback? we had our house for 3 years and 3 months. we made less than $100,000 on it.

If you profited from the sale of your house, you have to pay taxes on your profits if they exceed $250,000 for a single person or $500,000 for a married couple. If you did not profit this amount than the proceeds are exempt from taxation. However, you have to live in the house for a minimum of 2 years prior to the sale in order to qualify for this exemption.

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Did people even own houses or could they only rent them? and what was the likelihood of coming across an abandoned house? a for-sale house? thanks.

Yes, in the 1600's there was a real estate market of some sort. Property, including houses were sold AND bought. If you lived in the city, it was just usually the house. But out in the country, it was the property and a house might or might not come with the property. People DID own the property. People who could not afford to purchase property of their own but lived in a town could rent from the land lord. In Europe all property was owned by someone or something, like the church. That was one of the big deals about America ..... all that unowned land. The likelihood of coming across an abandoned house.... sure. But that house was also likely sitting on property owned by someone. You just wouldn't walk down the street and see a house with a For Sell sign, you would have to inquire.

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I used to dj but not any more. some pieces are limited edition and some are imported...there are also some 90's ministry of sound vinyle mixed box-sets. have no idea where to sell them as ebay seems to not be the bets place. any ideas? cheers holly

www.gemm.com

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I'm trying to move by next august of 2009. is that possible? will i be able to sell my house and move out by august 2009 or is it too early if post it within a week?

It depends on the location (you didn't specify which city / metro area you're in). If you price the place right, you may be able to sell the place quickly. Overall, home values seem to have dropped so the place may be worth a bit less than you originally had thought. Typically, you should be able to sell your place in a year and a half (it's about 17 months to 08/09)but it may sell sooner. If you're targeting a certain date, you'll have to research how long homes have taken to sell at your home's price range.