News from Canada's Mortgage Experts
Category: The Facts Your Bank Won't Tell You
The MonsterMortgage.ca E-Mail Bag
Tuesday, Feb. 7, 2012
Posted by: Kristian Harris
In this week's video blog I take on some of the questions we've received from our e-mail bag; this weeks questions include and on some of our blogs.
This week's questions include:
1) Why would my bank offer me a higher rate than MonsterMortgage.ca?
2) What is a collateral charge on a mortgage? And what do I need to know?
3) My bank calculated my penalty at one amount, and the bank I want to switch to calculated my penalty at a much smaller amount - whose calculations are correct?!
If you've ever asked any of these questions and you'd like more detail, or if you have any questions you'd like to have featured on the next MonsterMortgage.ca E-Mail Bag, send us an e-mail at info@monstermortgage.ca or leave a comment below.
Comments:
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Bertrand
Written on Thu. May 17th, 2012. 10:42PM
The short sale, by itself, will not afefct your credit. But you will have to pay off the old mortgage when you sell. If you can't do that, then you're in big trouble.You can always buy another house if you pay cash. The problem is getting anybody to lend you any money.As for The bank will not just let you walk away how are they going to stop you? It's not a crime to own money. But when you are behind in payments, they might get a court judgment and take any money, cars, furniture, etc. that you have. Any if you get any money later, they can come back and take that except for about $200 a week to live on (depends on the state).
