Posted on: 02nd Oct, 2010 12:49 am
Hi,
I live in Canada and I have been in the process of applying for a mortgage and just got laid off. My mortgage is pre-approved although I haven't officially signed the forms.
I will sign off on the mortgage in a couple days and haven't let my bank know yet, but my father, who has promised to loan me the downpayment is now worried and wants to hold back this downpayment even though I will be more than able to afford the monthly payments for the mortgage, even without a job for a while.
I have not told my bank this new information, is this illegal? Does anyone know the rules about this?
I live in Canada and I have been in the process of applying for a mortgage and just got laid off. My mortgage is pre-approved although I haven't officially signed the forms.
I will sign off on the mortgage in a couple days and haven't let my bank know yet, but my father, who has promised to loan me the downpayment is now worried and wants to hold back this downpayment even though I will be more than able to afford the monthly payments for the mortgage, even without a job for a while.
I have not told my bank this new information, is this illegal? Does anyone know the rules about this?
Hi smorgage,
As you've already been laid off from your job, it will be better if you could let the lender know about it. It won't be a smart move to continue with the mortgage process now as you've lost your job. You should try and get a job first and then take out a mortgage.
As you've already been laid off from your job, it will be better if you could let the lender know about it. It won't be a smart move to continue with the mortgage process now as you've lost your job. You should try and get a job first and then take out a mortgage.
I don't know Canadian law as far as fraudulent transactions go, but certainly if you have lost your job, then the circumstances under which they approved you have changed, and you surely ought to notify them of that change.
Is it fraud? Perhaps, but that's for the Canadian courts to adjudicate, not me. I would surmise that it's bordering on fraud, at the very least.
Is it fraud? Perhaps, but that's for the Canadian courts to adjudicate, not me. I would surmise that it's bordering on fraud, at the very least.
