The new mortgage from TD Canada Trust is called collateral-charge mortgages and allows clients to be approved for up to 125% of the value of the home in some cases. However there are some limitations that come with this type of mortgage as it will be harder to switch to another lender due to the fact that the collateral mortgage must paid in full first.

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My fiance and i are in a lease w/ option to buy contract right now. the first phase will expire at the end of december, but the contract is worded that it will automatically renew for for another 12 months at the end of each lease. we just found out saturday that our landlord has stopped payment on this house and it is being foreclosed. he has offered to let us stay until the foreclosure sale, which will be february 9, 2009, for $500 a month. we are wondering what are our rights. we have paid as we were instructed by the contract. we are wondering if we are owed any of the earnest money that has been paid, and the money held towards our down payment from the monthly rental payments. we were not prepared to buy the home at the end of december, but had every intention of staying on and continuing to attempt to improve our credit and buy this home, even though, with the market it's only worth about half of what we agreed to purchased to home. thank you so much for your time, and i look forward to hearing back from you soon.

Immediately get in touch with the lawyer who helped you write up the agreement. You did use a lawyer, right? If not, get legal advice from competent lawyer...maybe legal aid if you lack the funds to pay.

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I refinanced my house into a land contract a few years ago when i came into some financial troubles. my contract expired on 2/12/08 at which time i tried flipping it into a mortgage but was unable to because of the decreased housing market, i now owe more on my house that what it is worth. the "sellers" do not want to renew the contract. my question is - am i obligated to maintain the original terms of the contract or can i give notice and move out with no financial obligation since the contract is expired? i am in a position where i need to move right now. any help would be appreciated!! the contract states that on or before the expiration date the buyer will purchase the home or the seller can extend the contract only with written notice. this is all the contract states - it does not mention penalities.

They can sue you for default, but I would try to negotiate a lower balance to pay them off due to the market. Good luck!