ON Canada - yes you still pay a penalty especially if you go to another lender. For a variable rate mortgage, normally it would be 3 months interest rate plus discharge/admin fee. You should be OK.

Powered by

Would you yourself consider moving to canada or another country that has the top universal health care.. or close to it.. for your well being and your families health and well being.. opposed to staying in the usa with one of the worse over all health care rankings.. where doctors i read and heard are killing patients and having more deaths in surgeries then anywhere else? would it be worth it to you.. or.. would you mortgage your house and sell your first born so to speak.. in order to live the american dream.. keep up with the jone's.. and yet.. die earlier then other countries whom have much higher life expectancies? yes... its a brave move.. not everyone is brave enough to do this. whom would?

Great question! Yes, I would move. NMP

Powered by

Here are the main points in the story... -we have been trying to sell our house for the last 4 years. -due to layoffs, and finding new work, we no longer live in that community (we moved as soon as we put the house on the market). -we talked to our bank about listing prices, and asked what would happen if we accept an offer for less than our current mortgage amount. -they informed us, that they would find a way to get us a loan to repay that part of the mortgage. -we accepted an offer for $35 000 less than the mortgage amount we owe. -they started looking into how we would get a loan for that amount. -the house sale completely closed with possession in less than a month! -the bank has now come back to us, telling us that we do not qualify for a loan to cover the amount of the mortgage that would be left over ($35 000) after the sale of the house. -they advised us that we need to break our contract and sell the house for more! we have been holding that house for soo long now, that we no longer have any savings, our credit is still immaculate, but it has now come to a point where as of this month, we are 1 pymt behind on all bills! we need to be rid of this house!!! if we do not sell it now, we will have to declare bankruptcy! on top of all of this, we now need to look into what consequences we will have for breaking this contact!

Am I misunderstanding your question? If the house sale completely closed then it's their house and there is no contract remaining. You're rid of it. I don't understand why they don't already have possession. It's their house. The sale would not have closed if your bank objected to it because they held the lien. The remaining $35,000 is probably now an unsecured loan between you and the bank. It's up to you to find a way to repay the $35,000 to protect your credit.

Powered by

Last year my husband and i purchased a home. our agent's recommended financial guy bailed two days before closing on this house. we've been bankrupt and we knew we'd have to put down 15%. short story is, we now are a yr and half later, the first mort is at 9%, 2nd is at 20% and the 3rd is 13%. we got rid of the car as a result of having to pay $500 per month more than regular people but at this time i'm sick of it all and just want to sell to get rid of the three mortg, and rent until our credit is better standing. we live in canada, and have 2 kids, one currently is in sk. it would be quite a switch up for my daughter and i'm concerned about moving her. please help! cheers!

Shame on the financial guy AND the agent that recommended him! You are on the right track with thinking that selling is the best way to solve the problem, much better than going into foreclosure and making things worse. Repairing your credit is key to your future! Kids are resiliant, they can handle it and lots of people do the same thing every day! Get out before it is too late! This will also show your children that you are responsible with money and it will have a lasting effect on them when it comes to how they get into debt in the future. Don't be afraid to tell them that this is what is best for your family right now. You could live in a 2 BR apartment and still be happy. A house does not make a home, Love does! Good luck