Did you speak to a mortgage specialist in that bank to see why the mortgage renewal was declined? You should shop around using a mortgage broker to see what you are qualifying for.

ON Canada - would you know why they do not want to deal with you? Did you have a run in with them in the past? If you are in ON Canada, email me and we can refinance you with another lender assuming we can comply with their requirements and guidelines. I am also interested on knowing about any experience you had with the particular bank you dealt with . Email me at victor_catalan@centum.ca and we can chat.

They may not as you are in default and they may have called in the mortgage as due . Check at what extent they have moved forward with the default. You may still renew with another lender provided your reasons for the default can be substantiated and deemed unavoidable. Also the rates may be high as well.

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Hi all, i have a 5 yrs term mortgage that i got 2 years ago for a 4-plex i purchased. last month i contacted an appraiser who appraised the property. based on the appraisal the property is worth around 100k more than purchased. this means i can apply for refinancing and potentially take out some equity from the house. here is my dilemma: the mortgage is with excellent conditions - good interest. i got it through a mortgage broker with a big bank in canada. i have 2 options for the purpose of refinancing: either contact the bank who provided the mortgage directly or apply through a mortgage broker who can decide to work with different banks. the problem with going with a mortgage broker is that he already told me the new conditions will be worse than current conditions i have. if the current bank approved my refinancing application it would be with the same or better conditions! on the other hand, if i go with the current bank am i not taking a risk that if they do not agree to refinance the property because i do not meet their criterias (i am self employed now), then they will also not automatically renew my mortgage in 3 years when term is over!? note: if i do not contact them now, then my understanding is that the bank will automatically renew my mortgage since that is the law in canada: as long as you pay all your mortgage payments on time, the mortgage is renewed automatically without the need to re-apply/go through the application process again! i'm just not sure if i contact them now for refinancing and fail, that they will not keep record of my new 'bad' information (i.e. self employed, less stable, etc. whatever caused them not to approve me) and not automatically renew my mortgage when the term is over! bottom line i do not want to lose twice - once not being approved by the good/big bank now, and second damage my chance to be automatically renewed in 3 years. thanks & regards.

Unless things are really, really different in Canada as the USA then your mortgage will not automatically be renewed when it comes up in 5 years. Rather you will have to re-apply for a loan and if they don't like that you are no self-employed they won't renew. So, assuming this is the case there is nothing lost by going with your current bank. However, if you are worried just go with a different bank (or the mortgage broker, though I've never had any luck with them). I doubt the new loan your current bank would give you would be much better than a new loan from a new bank, so it doesn't matter so much which bank you use.

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Current i'm using hsbc after 5 year close mortgage i'm facing renewel. i was wondering if i'm allow to change bank from hsbc let say to royal bank. the broker said that theres fines and stuff and i wasnt sure just like to know the detail of renewing mortgage and changing plans and bank and such

Check your original mortgage documents. If you have had the loan for 5 years then there should not be a pre payment penalty on that loan anymore. Legally the most a pre payment could be is 5 years. When you say renewel, what exactly do you mean? Is your interest rate adjusting or was it a balloon loan with the balance due after 5 years and now you have to obtain a new loan? Any questions please let me know.

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I asked this in economics half an hour ago, but i haven't gotten any responses yet. i would really appreciate it if any answers i get here could be as politically unbiased as possible. this forum has a reputation for bringing out the extremism in people, and i'm not interested in dealing with that. 1. jimmy currently rents a small apartment for $1,000 a month, but is looking to own. the bank offers him a house costing $300,000; at their current rate, his mortgage payments would also be $1,000 a month. jimmy buys the house, taking out the $250,000 mortgage and making a $50,000 down payment. 2. jimmy recommends this amazing deal to his friends, the mcgees, and they take it. in turn, they recommend it to their own friends, who recommend it to their friends. and so on and so forth until the demand for these homes is high enough to make home prices in their area go up. 3. jimmy’s house now costs $400,000. he renews his mortgage and his monthly payments go up to $3,000. he can’t afford it, so he sells the house and emerges relatively unscathed. as everyone else starts selling the homes they bought at the above rate, the supply rises enough to make prices drop. 4. after the drop, some people who try to sell can only get $250,000 out of the original $400,000 back. as a result, they must take out a non-tax-deductible loan of the difference ($150,000). this is unrealistic for many of them; some of them declare bankruptcy, others simply abandon the houses. the supply rises further and the prices drop further. 5. by this time, banks have become reluctant to give out loans, since they’ve already given out so much. some of them fail. the others tighten the qualifications necessary for a loan, which makes major purchases that are often made on credit (homes, cars, appliances, furniture, etc.) harder to buy. 6. the demand for those products drops, which means production drops, which means the workers who used to produce those things lose their jobs. resulting, of course, in even more inability to pay off homes. and the cycle continues. deacon666smirk: thanks for being the first person to give me a good answer. but i did point out that high-paying manufacturing jobs have been lost because of a drop in production. john d and rrm38: i will add that jimmy does renew his mortgage in step 3. since he doesn't have the house completely paid off by that point. thanks for pointing that out. and since writing this timeline some weeks ago, i have become aware of the community reinvestment act.

3 is incorrect. His original mortgage is still the same as mentioned by a previous person. What really happened is that Jimmy took out an ARM. When the ARM came up, his rate increased substantially making his payments $1500/month. Since Jimmy was barely covering his mortgage and other expenses (food, utilities, Credit card debt from buying clothes at the gap and an ipod/iphone), he can no longer make the payment. He goes into default and the bank has to write it off taking the loss. A bunch of Jimmys do the same thing and banks start losing loans and fail. There are also a bunch of subprime loans failing too (loans made to people with marginal credit). Then the media reports this housing crisis. Consumers panic and stop spending money. Since they are buying anymore widgets, people who make widgets and all the pieces for the widgets lose their jobs too.

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According to the national realtor association home sales are up 17.4% in the last two months. --quote-- november home sales leap - new york (cnnmoney.com) -- after surging 10% in october, sales of existing homes jumped again in november, growing 7.4% compared with october to an annualized rate of 6.54 million units, according to the national association of realtors. "this clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said nar's chief economist, lawrence yun. november was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. however, that deadline was extended through june. in addition, the tax credit was expanded to cover people who already own a home. they can qualify for a $6,500 tax credit if purchase a new house before the end of june. that should encourage "trade-up" buyers. the strength of sales in november surprised the industry. a panel of experts compiled by briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier. the sales total was also a huge improvement over a year ago. sales rose 45.7% over the paltry annualized rate of 4.49 million units during november 2008. the contribution made by first-time buyers is evident in a separate survey nar conducted of its members. they estimate that 51% of sales in november were by newcomers to the market, up a point from 50% in october. normally, first timers account for about 40% of sales. also propelling sales higher were rock-bottom interest rates. the average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in october and 6.09% a year ago. with rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage. the industry expects home sales to slacken december, partially because of the tax credit's originally scheduled demise. that caused some buyers to push up their closing, stealing sales from december. however, sales will not fall off a cliff, though, according to walter molony, a nar spokesman. "the psychology seems to be turning around," he said. "potential buyers, who had been staying on the fence, now believe we're at or near the market bottom." one x-factor, however, is the vast numbers of homes that may come to market over the next few months. there is a large "shadow inventory" -- homes owned by banks and mortgage companies -- that have not yet been put up for sale. it could be as many as 1.7 million units, according to first american corelogic. in addition, another spate of foreclosures could be hitting the market as a number of option-arm mortgages are set to default. all that may drive prices down, according to shari olefson, author of "foreclosure nation: mortgaging the american dream." and the impact of these renewed price declines could again alter the market psychology. "people think that prices have bottomed," she said. "i don't think they have. people will see price declines and that will discourage them from buying." mike larson, a real estate analyst with weiss research has preached all through the bust that price declines are what will "fix" the housing crisis. "we needed to see prices fall to make ownership competitive with renting again, and to restore the normal relationship of house prices to income," he said. "that has now happened and you're seeing buyers come out of the woodwork as a result." still, they will have to come out in large numbers to offset the inventory overhang in some of the worst markets, according to olefson. in the florida condo market, for example, there is a 35-to-40 month supply of units at the current rates of sale, she said. prices still almost certainly have further to fall --quote-- source: http://money.cnn.com/2009/12/22/rea l_estate/november_existing_home_sal es/index.htm

home sales were down again in November - and there are millions more homes that will probably be foreclosed in the next yr or two, which will keep house prices down - the real estate market has years to go before most homeowners (including me) have positive equity again

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1. immediate relief 1.1 a moratorium on foreclosures and evictions. 1.2 reset mortgages so payments are affordable. 1.3 no bailouts for banks. 1.4 extend unemployment compensation, increase payments and eligibility. 1.5 increase food stamps, wic, children's health ins., low income energy assistance. 1.6 assist state and local governments. 1.7 fund "ready-to-go" infrastructure projects. 2. a peacetime, green jobs economy for all 2.1 enact massive public works. 2.2 make existing buildings energy efficient. 2.3 construct new schools, affordable housing, mass transit and bridges. 2.4 major clean, affordable energy dvpt project for solar, wind, and biomass. 2.5 program to cut greenhouse gas emissions, environmental cleanup. 2.6 restore energy regulation and public ownership of utilities. 2.7 enact the employee free choice act. 2.8 enact hr 676, us national health insurance act, single payer. 2.9 fund public education, pre-school through higher and technical. 2.10 no privatization of social security or medicare. 2.11 expand and improve ss & medicare benefits. 3. restore civil rights, bill of rights, separation of powers 3.1 restore civil rights act enforcement, affirmative action. 3.2 outlaw hate crimes. 3.3 preserve roe v wade. 3.4 immigration reform with path to citizenship, no militarization of borders. 3.5 no exploitative guest worker programs. 3.6 no human being is illegal. 3.7 repeal the patriot act. 3.8 investigate and prosecute bush administration violations. 3.9 expand voting rights. 3.10 enact publicly financed elections. 3.11 same-day registration. 3.12 voting rights for ex-felons. 3.13 restore fairness doctrine in media. 4. strength through peace 4.1 withdraw us troops from iraq with no bases or us corporations left behind. 4.2 full care for returning veterans. 4.3 no war on iran. 4.4 no expansion of troops in afghanistan. 4.5 assistance to iraq to rebuild iraq. 4.6 new foreign policy of diplomacy, respect for all nations. 4.7 renew commitment to un. 4.8 end trade policies that enrich corporations and destroy jobs. 4.9 ratify kyoto treaty and other climate change agreements. 4.10 enforce nuclear non-proliferation. 4.11 work to abolish nuclear weapons. 4.12 cut pentagon spending in half. 4.13 close down us bases around the world. where did i get this list from? this is actually the current platform of the communist party usa..straight from their website! aside from a few items, what's the difference between this and the democrats of today? http://www.americanthinker.com/2009 /03/bingo_call_it_communism_1.html 4.2 full care for returning veterans. this i agree with but i don't trust their words or their motives! 1.6 assist state and local governments. how about stop taking their damned money in the first place and then they could afford to get things done themselves! without fedzilla wasting half the money through graft and corruption!

Golly! This brings back chills to my spine! It's as communist as communist goes. Been there, done that. Freaky!

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1. immediate relief 1.1 a moratorium on foreclosures and evictions. 1.2 reset mortgages so payments are affordable. 1.3 no bailouts for banks. 1.4 extend unemployment compensation, increase payments and eligibility. 1.5 increase food stamps, wic, children's health ins., low income energy assistance. 1.6 assist state and local governments. 1.7 fund "ready-to-go" infrastructure projects. 2. a peacetime, green jobs economy for all 2.1 enact massive public works. 2.2 make existing buildings energy efficient. 2.3 construct new schools, affordable housing, mass transit and bridges. 2.4 major clean, affordable energy dvpt project for solar, wind, and biomass. 2.5 program to cut greenhouse gas emissions, environmental cleanup. 2.6 restore energy regulation and public ownership of utilities. 2.7 enact the employee free choice act. 2.8 enact hr 676, us national health insurance act, single payer. 2.9 fund public education, pre-school through higher and technical. 2.10 no privatization of social security or medicare. 2.11 expand and improve ss & medicare benefits. 3. restore civil rights, bill of rights, separation of powers 3.1 restore civil rights act enforcement, affirmative action. 3.2 outlaw hate crimes. 3.3 preserve roe v wade. 3.4 immigration reform with path to citizenship, no militarization of borders. 3.5 no exploitative guest worker programs. 3.6 no human being is illegal. 3.7 repeal the patriot act. 3.8 investigate and prosecute bush administration violations. 3.9 expand voting rights. 3.10 enact publicly financed elections. 3.11 same-day registration. 3.12 voting rights for ex-felons. 3.13 restore fairness doctrine in media. 4. strength through peace 4.1 withdraw us troops from iraq with no bases or us corporations left behind. 4.2 full care for returning veterans. 4.3 no war on iran. 4.4 no expansion of troops in afghanistan. 4.5 assistance to iraq to rebuild iraq. 4.6 new foreign policy of diplomacy, respect for all nations. 4.7 renew commitment to un. 4.8 end trade policies that enrich corporations and destroy jobs. 4.9 ratify kyoto treaty and other climate change agreements. 4.10 enforce nuclear non-proliferation. 4.11 work to abolish nuclear weapons. 4.12 cut pentagon spending in half. 4.13 close down us bases around the world. where did i get this list from? this is actually the current platform of the communist party usa..straight from their website! aside from a few items, what's the difference? http://www.americanthinker.com/2009 /03/bingo_call_it_communism_1.html lol! (hollywood) finally got something right! lilvince: not exactly..can't means don't want to! funny thing about a question like this..it provides the opportunity for folks to 'pick a side'. i like that! 4.2 full care for returning veterans. i'm not against this in principal but i don't trust their words or their motives. hey, even a blind pig finds an acorn once in a while. 4.3 no war on iran. will they leave us a choice? 4. strength through peace ha! what? wtf does that even mean? give me a break! 3.9 expand voting rights. to who..martians? 34th: you make some good points but be very careful when using the word 'give' in connection to the federal government! what's the standard to go by? here it is...the powers not delegated to the united states by the constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people. bev: "therefore basically he is stating that a contract in the u.s. means nothing anymore." exactly! sounds a lot like that commie chaves doesn't it? inquisitor: it wouldn't have phased them in the least during the election. i've said many times that the man could have called a press conference and smoked a huge joint while standing on the american flag [with his arm around bill ayers] and they [the press and sheeple] would have called him a revolutionary political figure and voted him in anyway! i understand that there are some supposed 'well meaning' points here folks but these people could care less what the constitution says about their plans! they want their agenda shoved down our throats..individual rights..private property..the law..freedom be damned! the 'candy' in their platform should be recognized for what it is. it's just like the candy that a child molester offers a child. it's all about motives here people! yeah i know it's long. sorry for the double space. (didn't want to be acused of editing it) ol'foolosifer: i get your points bro i just don't trust the source. there is some good news! http://www.gencourt.state.nh.us/leg islation/2009/hcr0006.html drop: yeah i hope y'all have recovered from those fires. that was some scary looking stuff.i'm originally from the north west and that area caught hell last year too. enjoy your coffee. bo: "remember about socialist :do what i say but not what i do" i wish the younger folks would think about that! ok!!! you've gotten the best of me people! lol! there's no way to respond to each point so i'll just say wow! i'm impressed!!!!!

I'll try, my friend... 1.1 Okay - but it needs a determinate term, say 3 mos. for these folks to get their sh1t together. 1.2 NO 1.3 Have to do something - but let's have a REAL economist look at it. A fiscally responsible guy. HE'S throwing OUR good money after bad. 1.4 Okay. Again, must be limited. 1.5 Okay. ' ' ' ' ' ' ' ' 1.6 How do you determine WHICH Governmental entities get the $$? Or does it all go to Districts with Democratic Governors, Mayors, Congressmen and Senators? (I live in one of them - so don't beat me up.) 1.7 WTF is "shovel-ready." 2.1 What's "massive?" I reckon I can't afford it. 2.2 Maybe give building owners a tax break. Also, give my son a job - not just the kids of Dem suck-ups. 2.3 We don't need new schools. We have too many. Fix the ones we have OR consolidation in a newer building would be better. 2.4 If I can afford it and it's spread without concern for political benefit. 2.5 " " " " " " " " " " 2.6 NO - this WOULD probably help me, but whatever happened to free enterprise?? 2.7 NO - do you people know what this means??? Norma Rae anyone??? 2.8 NO NO NO 2.9 I can't afford my property taxes now. 2.10 YES 2.11 YES 3.1 WHY? It's on the books. Affirmative Action is ILLEGAL as determined by the Supreme Court in California v. Bakke. (Although, pretty soon, White Males will be the minority - they're already being screwed. 3.2 Already done. 3.3 Done. No further discussion necessary. If a case goes to the Supremes and THEY overturn Roe, then THAT will be the law of the land. We've had processed in place for 250 years that DO work. 3.4 NO! Protect our borders. Put the Army in my yard - I'll feed them. Enough of taking care of the World. Take care of US! 3.5 How about "NO GUEST WORKER PROGRAM>" 3.6 WRONG. There are ILLEGALS in this Country. I don't care what you call them - they shouldn't be here and cost us a ridiculous amount of money. Ship them out. 3.7 NO! 3.8 NO! 3.9 HOW?? Add Kindergartners to the rolls? We're already allowing DEAD people to vote thanks to ACORN and their ilk. 3.10 Already in place. 3.11 ABSOLUTELY NOT! Voter fraud. 3.12 ABSOLUTELY NOT! Should we give them a cookie? There's a way they can regain the right to vote if they want to ask - Certificate of Disabilities. It's what you pay if you break the law. Too bad. 3.13 NO! Where are they going to get the people to do it? Who's going to listen (no one) so WE will end up paying for it - NOT advertisers. 4.1 NO - remember Viet Nam??? 4.2 Yes - within reason, if provable. We've already increased the benefits. We owe them our lives and freedom. (Obama wants to give it all away - cheapening their sacrifice.) 4.3 Wait and see. What - if they attack us - they have before - are we just going to sit back and let them??? 4.4 Wait and see. 4.5 NO -what happened to all their OIL money with which they were going to pay us back?? We should give them MORE?? NO! 4.6 We already do that. BUT - we don't let ourselves get suckered. Or at least we didn't. Do you want Neville Chamberlain II??? 4.7 The UN is Bullsh1t. It's the United States. It costs us a fortune and what do we get for it? We can use the property taxes on the land and we sure don't need MORE foreigners running around - especially when everybody's third cousin has "Diplomatic Immunity." 4.8 More definition needed. 4.9 NO. When China and India do, maybe. 4.10 NO. It's not our job. They will NEVER go away. 4.11 We're doing that. 4.12 Spend more wisely. A one-half slashing will accomplish nothing other than leaving us more vulnerable. 4.13 NO Okay - I'm pooped and have to go back to work. So I can pay for my house, car, food, energy. gas, you know, all those things the Pres is going to give away to people who won't work.