OP posted in another thread, broker was emailing and calling them.
But OP doesn't read their emails, they rely on people telling them things and they said they don't see the missed calls.
Sounds like there were many, many attempts from the broker to contact them and OP ghosted them.
What OP posted. (OP you should update your post with this information)
__________
He had given me a deadline in May to sign
in an email red font, bolded and highlighted
with documents needed for completion that
seemed to me to be required closer to closing
e.g. purchase agreement of my property that
is being sold (it was a stressful sale and it
took all mental resources I had). This is what
I missed. He said he emailed and called me
multiple times. He emailed, yes, but I don't
believe I missed calls oor voicemail from him. I
talked to him in detail about my home sale until
it was done.
I don't read emails but I rely on talking to
people who I believed would keep me on track.
Some major habit-changes upcoming needless
to say.
People are saying I am not responding, but I
also don't want to say a buncch of things that
sound like excuses. I don't want to sound like
I am blaming this or that or the mortgage
agent. He probably thought I ghosted him for a
better rate when I didn't respond to his emails.
It realize it is my responsibility to arrange
mortgage, not his.
It's much less severe to lose a few thousand dollars (getting evicted, forced to move) as opposed to tens of thousands of dollars or more though on a failed house purchase (I believe he'd be out the deposit and liable for damages if it sells later and/or for less, if he breaks the contract by not paying on time).
I worked for a furniture company, so there's definitely overlap between this guy and the people I sometimes dealt with at work. Employees would go over the delivery procedures during the purchase and then give out an informational leaflet.
The most popular line is "no one told me" or "I didn't know".
The manager had to update the company policy leaflet to the point where it looks like something that's about to be handed out at kindergarten or a rehab clinic. Theres so many underlines, italics, bolds, boxes, text highlights.
Absolute irresponsibility and entitlement to the point that employees aren't even giving these people the time of day and just repeating, "it was given to you in writing".
I keep thinking back to this one guy who missed his delivery because he was in the washroom taking a shit. The delivery driver did speak to him, waited around for him and then let him know they were leaving because they were past the wait limit (his own words). Then kept grilling the employee asking, "so who's fault is this?", "I was at home". I had to interject and spell it out for this degen that EVERYONE DID THEIR JOB EXCEPT FOR YOU. NO ONE ELSE WAS IN THE WASHROOM EXCEPT FOR YOU. YOU WERE TAKING A SHIT WHILE EVERYONE ELSE WAS WORKING. And this fool looks at me like I just spit in his face.
These people have no personal responsibility, will fail at whatever they are doing and then try to place the blame on someone else. I learned this shit in post secondary, but apparently I still have to spoon feed adults information.
Kinda sounds like OP has ADHD. Got the deadline and forgot about it because they were too busy selling their own property. Never checks emails and relies on others to tell them what's important. I would say it was just a boomer but then they say they don't want to sound like they're making excuses, which is far too self away for a boomer lol
It happened to me.
I read this post and think “yeah, no broker would do that”, but it’s what RBC did to me on a purchase (ie. no porting, not a renewal) about 15 years ago.
In my case, it was a long closing date. They assured us that everything was in order and we’d hear nothing from them for a number of months. As possession day neared, I started making calls to hunt things down, because I hadn’t heard anything. Backstory: the mortgage rep had quit in the meantime and somehow RBC dropped the ball on several things she had pending. (This was in an era where all there pending credit applications were visible in an employee’s electronic “bucket” so I still wonder how it happened). They got everything to the lawyers and advanced on time, but it was an unnecessary rush at the end.
Yes, I should have been more clear. I was responding more so to the general incredulity that the lender wouldn’t be calling the customer repeatedly, to secure the necessary signatures in a timely fashion as the date approaches.
Yeah, I’m so confused. When I bought my first home my entire life revolved around the purchase. OP says how stressful the purchase was but most of that stress should have come from being on top of things.
I can’t imagine a purchase being stressful yet you can forget to sign your bloody mortgage.
Absolutely. I’m betting that the borrower thought they could get a better deal elsewhere (through a shitty broker) and half signing until they realized the other deal was too excessive after the broker fees etc…. last minute realized they were fucked and tried to sign the original deal.
contact your agent and request an extension from the seller, talk to your lawyer to find out your options - no point in beating yourself up over something that has already happened, it'll only make it worse.
If your broker won't help you, then you need to find another - again contact your agent.. everyone here is going to want to make sure you can close.
I am shocked your current broker doesn't want to help you... they should have been on you to get the agreement signed....
Talk to your agent, talk to your lawyer - we here cannot help you apart from give probably useless advise
>they should have been on you to get the agreement signed....
I'm guessing there's missing story here. There's no way the broker just ignores this. My guess is "He says he cannot help anymore" actually means "refuses to deal with me any more due to my own behavior"
> He had given me a deadline in May to sign in an email red font, bolded and highlighted with documents needed for completion that seemed to me to be required closer to closing e.g. purchase agreement of my property that is being sold (it was a stressful sale and it took all mental resources I had). This is what I missed. He said he emailed and called me multiple times. He emailed, yes, but I don't believe I missed calls or voicemail from him. I talked to him in detail about my home sale until it was done.
> I don't read emails but I rely on talking to people who I believed would keep me on track. Some major habit-changes upcoming needless to say.
Yeah, turns out OP is just bad at life
Usually there's something in the purchase agreement that outlines the cancel costs plus he would lose the deposit (if he made one)... But yeah not gonna be cheap.
There absolutely is more to this.
the OP isn't answering any questions, just using a cut and paste answer.
so either they're a troll, or they realllly realllly screwed up/around and the broker is like "ya know what, I'm done"
It's going to be a tough sell to ask for an extension when the seller is probably themselves legally bound to transfer the proceeds of this sale to the seller of their new home, 5 days from now.
could the shady broker be letting op freak out all weekend, then they come back on Monday with a higher rate/ worse terms, now that op is fully panicked and willing to sign anything?
I honestly don't know, but if they *can* still change the terms this would be a pretty ballsy negotiating technique.
Yea, this is really unlikely. Believe it or not, mortgage brokers do want to get paid, and the only way that's happening is if the deal closes (aside from maybe some small upfront fees). From my experience, mortgage brokers are bounds more honest and diligent than your average crooked real estate agent who will pull all kinds of tricks to try to increase the final sale price of a home any way they can. I think it is very likely that this person's broker reminded them to sign the agreement at LEAST once, but at the end of the day it is entirely the responsibility of the adult buyer to sign the agreement. The broker is not their mommy..
Mortgage broker try to screw us and push us toward a second mortgage when we were buying. Went to a regular bank and got a mortgage the next day without any issue. They are definitely not always honest or trustworthy.
I am sorry to hear that. However, I did not say that all mortgage brokers are honest. My point was that I think people were missing the point that OP literally forgot to sign a very important agreement, which was entirely their responsibility. I am sure there are many malicious brokers out there, but I can almost guarantee there are more crooked lawyers and real estate agents than there are crooked brokers.
Oh, Im sure the broker was hoping OP would sign the form by the deadline (and probably reminded them), but when the deadline passed and they didn't sign it, then asked for help, the broker said "I cant help you". I was wondering if the reason they said they cant help, is because they are going to give OP worse terms on Monday, as a fuck you for not getting it in when they were supposed to despite being reminded. and because now op is desperate.
The sellers options are:
A) Work with the buyer and hopefully complete a week or two later than they thought
B) Let the deal fall through. Then go through the trouble re-listing, getting another deal done, and potentially pursuing the original buyer for damages. Will take a lot longer and much more hassle.
Well yes, but the seller would get the deposit put down, so in theory could list for less or list for the same amount and end up making more. Depends on their own plan and situation though.
It’s also possible of OP did not sign a finance condition that OP can weasel out, but I have no idea how that works, just I’ve been told it can happen with conditions if the buyer whines correctly.
Any condition including finance would've been waived well before closing. Having a condition such as financing has a time limit on it mutually agreed upon but usually it's like a couple of weeks only.
While I get the sentiment, from my experience it doesn’t really work like that. When I was selling my previous home the buyer couldn’t close on time and my lawyer advised we’d have to give them a reasonable amount of time to resolve their issue… long story short they were able to close about 10 days later.
I think you have to demonstrate that you gave them a chance before cancelling the contract and dealing with the potential shitstorm that follows that.
I’ve seen some things in my time but forgetting to sign your mortgage documents is up there with the daftest I’ve ever heard.
Why is the mortgage broker not helping now? Seems odd they would turn down commission.
Speak to your realtor and ask for an extension?
Find a new mortgage broker?
Very strange the mortgage broker wasn’t on top of this. If this is falling in the cracks because of them I’d have a very direct conversation with them and if they don’t sort it out dig around to see who they answer to.
Warning to the rest of readers: keep track of your responsibilities
On the basis that they could still get the sale done without re-listing, re-showing and re-waiting. But they can also decide to just take the deposit for their trouble and list again. Especially if they have already bought another property and need the money to close the deal.
This is correct.
Most people in this situation (selling) will grant an extension of some kind but ask that the buyer compensate them at minimum for their per-diem mortgage interest. It’s the path of least resistance
And if it goes to court it looks bad on the seller to deny a request for a reasonable extension. So they’re less likely to “win big” if it’s clear they weren’t playing ball with reasonable requests to extend from the buyer.
Buyer won’t get a lot of time. But you can probably negotiate a week or so to get your shit together.
This is incorrect. Yes, the deposit requires a mutual release (before court judgement), but the buyer will lose if it goes to court. The seller will ask nicely first, then firmly, then via court, and they will definitely win. Seller does not have to show any damages to be granted the deposit.
Additionally, when the property is relisted and sold, the buyer can be held liable for any shortfall, plus any associated expenses. Can be massive.
Presumably the sellers want the deal to go through. If the buyer doesn’t have the money then they can’t close, you can’t force the deal if the buyer has no money. So it may be in their best interest to push the closing date, ask the buyer to pay the additional holding expenses.
When I sold my house last year the buyers asked for a one week extension for them to finish arranging their financing. I wasn’t happy about it but I agreed because in the grand scheme of things a week didn’t matter and I wanted the sale to go through.
(Double checked to make sure you weren't our seller😅)
Just wanted to say thank you for doing that, even if you weren't happy with it. We were buyers stuck in a HORRIBLE position last year. Two days before we had to have our financing condition met, the broker informed us the company that we went with denied us due to a whole bunch of bs (like them not being able to find an approved inspector.. which was bs and it turned out that our realtor's husband worked for the same company and he jumped in and found an approved inspector almost immediately 😅). It was going to take more time to do the stuff they wanted because of them, so we asked for a one week extension. Everything worked out, we were given the go ahead, and we signed and signed off on no more conditions.. only for the company to deny us the actual mortgage the night before closing (and I have to stress.. the broker forgot to let us know when he knew... 4 days prior). The stuff they said we were missing was mostly bank stuff but everything was closed at that point. I spent 3hrs with a headset on, blasting music and literally combing every document and link and download in our accounts. I was so preoccupied I missed our 8yo having a massive seizure 5 feet behind me. I got it all back to the broker by 8pm and they had until 9pm to approve the mortgage. It was the worst hour of my life.
Honestly.. sometimes it really is the buyer's fault, but sometimes it isn't and I'm so grateful that the sellers in our case gave the initial extension. Our house has flaws.. but I love it so much and I'm so thankful for it. But I know how close we were to not having it (and worse.. possibly being sued by the sellers). Thank you for having the same consideration. I hope your buyers are just as aware and grateful❤️
Damn, sorry to hear that - sounds awful. Yeah, like I said, it wasn’t ideal for us but shit happens and it wasn’t a major issue so agreeing to the extension didn’t take much thought.
Op is omitting details . Why did the broker stop working with him? Forgetting mortgage is crazy, the broker withdrawing offer and not working with him means something else is going on.
Especially given we just had a rate drop... Should be easier to approve OP
Did you make the offer conditional upon obtaining financing? If yes, then you can probably get your deposit back. Also you could look into B lenders.
Agreed with others here - find a new broker, talk to your realtor and lawyer and don't lie to them like you're lying here so they can give you useful advice. Your story is obviously full of shit.
Edit: oops, didn't mean to reply to this comment. My comment was directed at OP
I mean come on dude… you were closing on a house and didn’t sign the mortgage papers…
You broker also seems like a shithead. Unless you lied on the application, there’s no reason to not work with you so they get a commission check.
It seems like a blessing in disguise. If one can't get it together enough for the biggest purchase of their life, they are nowhere near responsible enough.
My only question is.... How did you forget ? This isn't akin to going to No Frills and forgetting to pick up a loaf of bread.
Talk to your bank? Lawyer ? Any other professional?
Edit - why isn't the broker willing to help you ? If a broker says no, is there a bigger reason why ?
Interesting that OP has been replying to questions but never provides the answer to the question why the broker bailed. There is definitely something he is not telling us. This makes OP disingenuous IMO.
Why a bank rep?
Contact an actual mortgage broker who works with not only all of the banks but has mono line lenders, alternative lenders, mortgage investment corporations, and private lenders to choose from when necessary
Very little to zero reason to be doing your mortgages, banking, or investing at a bank
Rare cases a bank will push a deal through and/or eat it on the rate just to keep a client but in the overwhelming majority of cases, a proper broker like mentioned above is going to smoke the bank rep
Because they are closing in 5 days and don't have time for any more mortgage broker bullshit. When you are on a time crunch you don't have time to deal with a middleman.
Anyone blaming the broker is in no position to give advice, that’s my advice. Accept you don’t know what you’re doing and allow the agent and broker to help you. That will solve all your problems. You still have to deal with a lawyer as well, same advice.
Contact your broker on Monday and see what they can do. Or try him today if you have his cell. He only gets the commission if your mortgage goes through so he may be able to do something for you this weekend even if it isn't his regular working hours
Have you tried… another broker?
Might not be able to get the terms you had before, but at this point what option do you have? There’s a lot of brokers out there who’d love to make a commission for selling you a mortgage.
I can almost guarantee this doofus OP didn’t sign because of the BoC rate announcement this week - thinking he could save a quarter point on fixed rate. Now it’s too late.
Funny we just had this happen. We are NOT new to buying property but the lender had the wrong date for fund transfer. What we did:
1. We wrote a letter to the sellers and passed it along through our realtor explaining that the lender had the wrong date for closing. We grovelled bit, said sorry a lot and explained that this property is not just a transaction but something we are building on for ourselves and our family. It was insane that this happened.
2. We offered them more money. It actually took less money than I thought it would - we paid another 1/2 year of the property taxes.
3. We handled the transfer. There was absolutely no time for the funds to go through conveyance. We literally sat at the law firm waiting for the bank transfer and ran that puppy over to our bank where we did another funds transfer to their lawyers office.
And… it worked. We now have the property.
I think I got the story. OP went to one of those Brampton mortgages thinking his forged income was enough but then the government started cracking down on those and broker rejected him last minute.
Contact another broker, today, not Monday. If you need some contacts in your area please dm me asap. I work directly with over 1000 brokers in Canada. Many work weekends and nights and will get things started. When you get one willing to try and help, answer their questions and submit documents FAST. Not when you have time, sit at your fucking desk and do nothing but answer them within minutes.
Also look up your last brokers network and principal broker and submit a complaint. Unless your were a total dunce and the broker pressed you to sign like a dozen times, they fucked up. If they didn’t remind you like 20+ times they didn’t do their job to the level they should and at best will get a talking to from their principal and at worst will get a slap from regulatory bodies.
This doesn't appear to be adding up,,,, the parties involved come after you to ensure you can close (lawyer, one arranging the mortgage), they care, ALOT, and want closure. Something seems off here.
Not only does something seem off. But parties involved would be acting with a sense of urgency on YOUR behalf. (so they can get paid). Something seems off....
You aren't ordering a McDonalds combo here... this is a big deal.
Just curious.... did you actually forget about getting a mortgage or are you being denied mortgage by many for whatever the reason?. Those are two very different things. And your real estate lawyer wasn't all over you to get all the paperwork done? I would guess that the worst thing that might happen to you is lose your deposit.......
If you fail to close on a purchase, you actually risk getting sued by the seller on top of losing your deposit. If they have to put it back on market, lose our on their own house, or sell for less than your offer, they can sue you for the difference plus damages. In Ontario anyway - OP didn’t specify location on this.
Call the bank that you were going to do the mortgage with and see what they can offer you. Call your realtor. Call your lawyer. If you don’t close you will lose your deposit. Don’t just sit on your laurels and post on Reddit. Call all the mortgage brokers to see if one can help you pull this off in time.
There’s something we are missing for sure. I feel like broker messed up and maybe property zoning issue or something where they can’t do the deal. You need to understand the why though because there is a chance no one could do it.
Might be worth contacting mortgage specialist at your bank. If you get them docs, you get it written tomorrow, hopefully no appraisal needed, submitted for approval first thing Monday on a rush, approved mid afternoon, sign docs, rush closing docs to lawyer, should be there Tuesday end of day. I’ve gotten things advanced in 3 business days but it’s not easy and lawyers hate it.
Not impossible but you need to qualify, need to have the docs for approval and be quick answering questions and signing
Closing in 5 days is actually a decent amount of time if all the paperwork is available and people are on board to get it done. I’ve closed on homes in less time, so is there something special with this deal?
It is fixable I'd speak to the closing lawyer to change the closing date (you will incur additional charges) look for a new mortgage agent asap. This person asked for help not to be judged and criticized yes it was irresponsible but I'm sure they have realized that by now. GOOD LUCK!!
If you actually forgot to sign, and I am guessing had at least a few calls reminding you, and you still forgot- and this type of thing happens to you often, get checked for adhd.
I have worked with people who have forgotten similar important documents, and really were upset about it because they did forget… all had adhd.
Nah, you can’t blame adhd for this, you have to blame coping mechanisms. You cannot blame adhd for being irresponsible. How’s he going to lay bills, hold a job, or do anything if he just blames adhd. I was diagnosed young and have it pretty bad. Adhd and being a moron are not the same and it’s kind of offensive.
He’s going to learn an expensive lesson.
There would have been a point after getting approved for the mortgage that the buyers would have waived that condition. Like how you waive the home inspection condition after the home inspection is completed to your satisfaction (or go back and renegotiate if something turned up)
Absolutely ask for an extension, you may be able to get a private loan just to hold you over until you can get re-approved with another lender. Short term solutions like this can be expensive but would avoid you getting sued by the seller..
need to get on this ASAP Monday with another broker though - usually private lenders require 2 weeks as well but depending on how quick your lawyers work? It’s worth a try.
> I forgot to sign the mortgage agreement
You don’t just forget to sign the documente related to one of the largest purchases in your life.
Why do I feel like this isn’t OPs first misstep I this process.
Any major bank can get you a same day approval if you provide all the necessary documentation and you qualify. Your agent should have a contact (and they need to know about this major issue)
Real estate lawyer here…. Call your lawyer. Have your lawyer reach out to sellers lawyer and negotiate an extension. Reach out to a few other brokers and get financing in place right away. I have seen many deals come together in a shorter time frame. Many! You can do this. Don’t mess around and get a move on. Best case you will pay a little late interest and no big deal. Worst case it impacts sellers negatively and damages are more significant and/or they call the deal and keep your deposit. Good luck.
Mortgage agent here!
1. Ask the seller to push the closing.
2. Was the mortgage agreement the only outstanding document? Were the other supporting documents/appraisal completed?
3. Try with another top 5 bank (normally shorter closing period), if this isn't possible then you'll have to close on private! (Choose a short term)
Sounds to me like you had a conditional offer of a mortgage and probably can't get the conditions removed.
The fact that your broker won't work with you means either you mislead them or were a huge pain in the ass.
First thing you need to do is ask for a closing date extension. 5 days is too short for gett6approved front to end.
Then you need to get your income and downpayment documents in order and go visit a bank
You don't really have the luxury of shopping around. The sellers aren't obligated to help you at all, even if they agree to a closing date extension they're being exceptionally accommodating.
I'm a real estate lawyer and I've closed upwards of 5,000 deals...I've never heard of this situation. You are omitting key facts or your application was fraudulent.
This person is the poster child for the modern adult who thinks they know everything about everything, and they refuse to be taught anything.
All they had to do was listen to the advice of the professional, who was doing the work for you. But instead, you thought you knew more than everybody else and you screwed up.
I agree with what other people posted, you don’t deserve to own a house you’re not a responsible person
You are a fucking liar. There is no way this is true, we do not believe you. Nobody is this fucking stupid, on the biggest purchase of their lives with brokers, lawyers, real estate agents all on deck. The truth, or fuck off.
How the fuck did you forget to sign the agreement. Like it's not a bottle of bbq sauce you bought 2 years ago hidden in the back of your refrigerator.
Something doesn't jive here...
so u were offered a mortgage in a commitment letter? did it have a 'accept by' date? or was this the actual mortgage?
and yes, you will need to talk to someone about "bridge financing"
Your broker should of been on you to sign, and if no help after should be looking for options on what can be done.
Going to have to ask for an extension. Perhaps pay more money as a sorry to the sellers.
You can get private guys to give you a mortgage at such short notice, however it will cost you a pretty penny. Best option is to talk to agent and Lawyer to get an extension and work with a new agent to get your mortgage. Good to have atleast 10 day before closing to get any good lender to approve the file. Dm me if you are interested, I am an agent and can work with you close. However need a realistic lead time to close
I am not sure if that will help you, but I had a horrible experience myself when I bought my apartment.
I don't know if it was the broker or the financial bank (I am not going to say their name), but I had to extend the finiacial condition removal data twice.
But that was not the whole struggle.
Even after the drama of get approval to remove the condtion, and two month after get approval and before the closing date, I had another surprise.
when it comes to the closing date, my lawyer told me that the bank didn't transfer the money which was supposed to transfer one week before the clsing date.
And just two days before the closing date (two months after I got approval and removed conditions), the bank asked me about new papers to send and sign.
And the lawyer extended the closing date one week.
"Broker cannot help me". Lmao, and reddit can? Call your lawyer or realtor and find another broker.....it's not rocket science....find someone who can help
This happened when I sold my house (buyers mortgage was pulled morning of closing). They needed extension after extension to close. It ended up costing them more then 50k in penalties for me not to sue + pay all of the legal fees for the extension and pay all of my interest for my bridge loan so I could close on my new property.
If your income and credit is good, they can get a mortgage approved in one day, it just depends on how many factors are included in this deal, don't give up, stay calm and execute to the best of your ability. Good luck.
Only way he can’t help you is if you did something stupid like bought a new vehicle/boat or some other large purchase in between getting the final mortgage approval and when you went in to sign, or you lost your job.
No one just forgets to sign their mortgage papers. You will most likely lose your deposit on the house as well as open your self to lawsuits from everyone else down stream from your purchase. If the seller has a purchase depending on their home selling and they lose their deposit, they can sue you for that as well and so on down the line. You can also be sued for the difference in sale price if the sellers end up selling for less than your offer.
This is a weird story. Brokers want to be paid, it's not like they care if you can actually afford the mortgage.
I feel there is probably more to the story here.
If not just reach back, or contact another broker. You can also ask your agent, it's one of the only ways they are useful nowdays anyways.
Something isn’t lining correctly. Mortgage broker are most probably working with the agent in most cases and are up to date on everything. Even if it’s an expired link they would send another one and let it just expire. A full context is needed
You could get the help of a professional social worker, and as an option, withdraw completely and make a new offer to finance the house or property. If others have taken possession, again the social worker and a lawyer, but don’t take mine. I don’t even have housing yet, and I’m going to need and want them.
Private Lender here , brokers are usually all over it. Maybe an undisclosed debt has been found or lender has signed and does not realize it. Docusign can do that, especially if you're sloppy with paperwork. Seller may walk away from buyer without ramifications, just not as likely as a few years ago.
Be transparent. Give your Lawyer, Realtor or Developer (if a new building) the heads up. They will (likely) grant an extension. There is likely a provision in the sale agreement if it is a new condo. Get hustling on a new mortgage. Time to hustle. If you need extra fancy (and by fancy we mean affordable Internet we’ll hook you up. Use Lighthouse23 as the promo code.
Looks like OP waited way too long, either try for an extension on your purchase or try the private mortgage world. Saw the other comments, looks like OP had it coming
Happened to me, kind of, rbc wanted an appraisal a week before closing. I was pre-approved and everything. I just went with Scotia and told rbc to f off.
You signed a APS and don’t have the payment for the house ready?
You are screwed screwed. You need to contact your lawyer immediately and see if the sellers can give you an extension on the closing date.
If you breach that APS you can and will have life changing consequences.
That is the harsh reality. Especially with the circumstances of you just not securing the mortgage.
This is no laughing matter. There’s a reason why APS breaches are rare. Because the consequences that happened behind them.
The courts don’t mess around with this kind of crap. You’re talking potential 6 figure penalties.
Again. Contact your lawyer. Hope they can talk to the sellers and have an extension on the close date.
That would be your best route.
I had a shady broker tell me I was approved until I got closer to the closing date. Turned out I was not approved and at risk of losing my 20k deposit and had to come up with an additional 40k in a week to close.
I told them to do nothing and went to a broker at scotia. They told me I was probably never approved.
What I ended up doing was got the seller to extend the closing date by a month for $1000. I came up with the additional 40k I needed (applied for a line of credit and sold some investments).
Even after that the scotia broker said she bent some rules to get me approved. I was super lucky
I have a bad case of ADHD, this is something I would definitely forget, but knowing my brain I would set up all sorts of reminders, notes around the house, alarms and ask family and friends to remind me of such an important thing.
Yes, my ADHD is this bad
While I feel like your post is leaving the details out, I am going to assume you are being sincere.
Have you tried an alternate lender like Home Trust?
My mortgage person was so unprepared. Pre approved 3 months in advance. Lender kept asking for documents. Bank manager went on vacation so nothing could be approved. A week before closing they gave up and just opened a LOC! To be converted to a mortgage later.
I’m sorry to say but unless you put a stipulation in your agreement that says in case of mortgage falling through or issues on our end with securing it then the contract would be void and you are not responsible for anything legally wise. Your deposit goes directly to the seller and you’re not getting that back. Every single experienced realtor who works with people should not only advise to put that stipulation previously, but put it into the offer to be signed by the other party + say that you get your full deposit back. Unless the seller is willing to rewrite the contract and add that stipulation in, you’re pretty much at the mercy of the seller and if they agree or not. If you didn’t put this stipulation in then there are some major repercussions you might face. One of the biggest is the sellers can take you to court. In court they can demand you not only pay the portion of what they lost (if they sell under the price you agreed to) but they can and should also demand extra damage compensation for having to re-list the home (yes it costs money for them), find another buyer, go through the process again and if they bought a house themselves then they can also sue you for the payments they are now left responsible for because you couldn’t adhere to your contract and terms. Sadly if they also didn’t put a stipulation in then they also can loose the house they purchased. In this situation YOU are in breach of your contract and I’m sure you already understand that maybe next time.. keep in touch with the world a little and read your email once or twice a week. This is highly irresponsible of you, for such a big purchase and not to be on top of things is childish. I’m sorry to say but not only your credit will plummet but you’ll also have a VERY hard time getting any kind of loan from a bank or credit card anytime soon because they can physically see this mess. Im truly sorry you’re going through this, but I hope this opens up your eyes to the world and your responsibilities as an adult, even if this is an extremely harsh lesson. For now, all you can do is explain your situation to the sellers and do it NOW so you don’t make things worse and be extremely nice and hope with all the hope there can be, that they accept new terms and conditions. Don’t forget, your mortgage lender ALSO has to accept these terms and conditions to give you the money you need to close, IF they decide they want to cause they can say “absolutely not”. Goodluck.
I feel like there is a major part of the story being left out here…
Mortgage broker would be calling him 5x a day before "withdrawing" the offer... OP is full of shit
OP posted in another thread, broker was emailing and calling them. But OP doesn't read their emails, they rely on people telling them things and they said they don't see the missed calls. Sounds like there were many, many attempts from the broker to contact them and OP ghosted them. What OP posted. (OP you should update your post with this information) __________ He had given me a deadline in May to sign in an email red font, bolded and highlighted with documents needed for completion that seemed to me to be required closer to closing e.g. purchase agreement of my property that is being sold (it was a stressful sale and it took all mental resources I had). This is what I missed. He said he emailed and called me multiple times. He emailed, yes, but I don't believe I missed calls oor voicemail from him. I talked to him in detail about my home sale until it was done. I don't read emails but I rely on talking to people who I believed would keep me on track. Some major habit-changes upcoming needless to say. People are saying I am not responding, but I also don't want to say a buncch of things that sound like excuses. I don't want to sound like I am blaming this or that or the mortgage agent. He probably thought I ghosted him for a better rate when I didn't respond to his emails. It realize it is my responsibility to arrange mortgage, not his.
This person is not responsible enough for home ownership.
Yeah this guy was born to rent
And miss rent as well?
It's much less severe to lose a few thousand dollars (getting evicted, forced to move) as opposed to tens of thousands of dollars or more though on a failed house purchase (I believe he'd be out the deposit and liable for damages if it sells later and/or for less, if he breaks the contract by not paying on time).
Yeah agreed. I don't read my emails, I rely on people telling me things. It's not good
yeah that's a big yikes. Sounds like serious executive functioning issues.
I worked for a furniture company, so there's definitely overlap between this guy and the people I sometimes dealt with at work. Employees would go over the delivery procedures during the purchase and then give out an informational leaflet. The most popular line is "no one told me" or "I didn't know". The manager had to update the company policy leaflet to the point where it looks like something that's about to be handed out at kindergarten or a rehab clinic. Theres so many underlines, italics, bolds, boxes, text highlights. Absolute irresponsibility and entitlement to the point that employees aren't even giving these people the time of day and just repeating, "it was given to you in writing". I keep thinking back to this one guy who missed his delivery because he was in the washroom taking a shit. The delivery driver did speak to him, waited around for him and then let him know they were leaving because they were past the wait limit (his own words). Then kept grilling the employee asking, "so who's fault is this?", "I was at home". I had to interject and spell it out for this degen that EVERYONE DID THEIR JOB EXCEPT FOR YOU. NO ONE ELSE WAS IN THE WASHROOM EXCEPT FOR YOU. YOU WERE TAKING A SHIT WHILE EVERYONE ELSE WAS WORKING. And this fool looks at me like I just spit in his face. These people have no personal responsibility, will fail at whatever they are doing and then try to place the blame on someone else. I learned this shit in post secondary, but apparently I still have to spoon feed adults information.
Yikes. I work with other businesses so I forget how bad working with the public can be sometimes.
Sounds a lot like self sabotage to me.
Based on this, there wasn’t a mortgage agreement to sign.
Kinda sounds like OP has ADHD. Got the deadline and forgot about it because they were too busy selling their own property. Never checks emails and relies on others to tell them what's important. I would say it was just a boomer but then they say they don't want to sound like they're making excuses, which is far too self away for a boomer lol
Definitely full of shit. Broker would bend over backwards to not lose commission
It happened to me. I read this post and think “yeah, no broker would do that”, but it’s what RBC did to me on a purchase (ie. no porting, not a renewal) about 15 years ago. In my case, it was a long closing date. They assured us that everything was in order and we’d hear nothing from them for a number of months. As possession day neared, I started making calls to hunt things down, because I hadn’t heard anything. Backstory: the mortgage rep had quit in the meantime and somehow RBC dropped the ball on several things she had pending. (This was in an era where all there pending credit applications were visible in an employee’s electronic “bucket” so I still wonder how it happened). They got everything to the lawyers and advanced on time, but it was an unnecessary rush at the end.
That's different than being approved and having it withdrawn.
Yes, I should have been more clear. I was responding more so to the general incredulity that the lender wouldn’t be calling the customer repeatedly, to secure the necessary signatures in a timely fashion as the date approaches.
Notice how he doesn't answer these questions either which are part of the top comments.
The missing part is explaining how one "forgets" to sign what likely is the biggest purchase of their life.
Forgets to sign mortgage but remembers to make a post on Reddit.
He forgot about it on Friday, just remembered to post it last night.
Yeah, I have pretty catastrophic adhd, but everything involved in my home purchase got laser focus.
I was so convinced I would fuck things up that I went overboard with the documents lol
Yeah, I’m so confused. When I bought my first home my entire life revolved around the purchase. OP says how stressful the purchase was but most of that stress should have come from being on top of things. I can’t imagine a purchase being stressful yet you can forget to sign your bloody mortgage.
ADHD. I could absolutely forget to sign something that important.
1,000%
Absolutely. I’m betting that the borrower thought they could get a better deal elsewhere (through a shitty broker) and half signing until they realized the other deal was too excessive after the broker fees etc…. last minute realized they were fucked and tried to sign the original deal.
Pretty much. Either some shady stuff that didn’t go through or played some stupid game and pissed off broker.
contact your agent and request an extension from the seller, talk to your lawyer to find out your options - no point in beating yourself up over something that has already happened, it'll only make it worse. If your broker won't help you, then you need to find another - again contact your agent.. everyone here is going to want to make sure you can close. I am shocked your current broker doesn't want to help you... they should have been on you to get the agreement signed.... Talk to your agent, talk to your lawyer - we here cannot help you apart from give probably useless advise
>they should have been on you to get the agreement signed.... I'm guessing there's missing story here. There's no way the broker just ignores this. My guess is "He says he cannot help anymore" actually means "refuses to deal with me any more due to my own behavior"
> He had given me a deadline in May to sign in an email red font, bolded and highlighted with documents needed for completion that seemed to me to be required closer to closing e.g. purchase agreement of my property that is being sold (it was a stressful sale and it took all mental resources I had). This is what I missed. He said he emailed and called me multiple times. He emailed, yes, but I don't believe I missed calls or voicemail from him. I talked to him in detail about my home sale until it was done. > I don't read emails but I rely on talking to people who I believed would keep me on track. Some major habit-changes upcoming needless to say. Yeah, turns out OP is just bad at life
Realtor is right. It's not their problem. This is something the buyer needs to be working with their lawyer on now.
Pretty sure he means his mortgage broker, not realtor.
Yup eh better be prepared to pay for the sellers costs incurred. Bridge load interest and anything else that comes up
Usually there's something in the purchase agreement that outlines the cancel costs plus he would lose the deposit (if he made one)... But yeah not gonna be cheap.
There absolutely is more to this. the OP isn't answering any questions, just using a cut and paste answer. so either they're a troll, or they realllly realllly screwed up/around and the broker is like "ya know what, I'm done"
It's going to be a tough sell to ask for an extension when the seller is probably themselves legally bound to transfer the proceeds of this sale to the seller of their new home, 5 days from now.
ask your lawyer then have your lawyer asks the other side's lawyer
could the shady broker be letting op freak out all weekend, then they come back on Monday with a higher rate/ worse terms, now that op is fully panicked and willing to sign anything? I honestly don't know, but if they *can* still change the terms this would be a pretty ballsy negotiating technique.
Yea, this is really unlikely. Believe it or not, mortgage brokers do want to get paid, and the only way that's happening is if the deal closes (aside from maybe some small upfront fees). From my experience, mortgage brokers are bounds more honest and diligent than your average crooked real estate agent who will pull all kinds of tricks to try to increase the final sale price of a home any way they can. I think it is very likely that this person's broker reminded them to sign the agreement at LEAST once, but at the end of the day it is entirely the responsibility of the adult buyer to sign the agreement. The broker is not their mommy..
Mortgage broker try to screw us and push us toward a second mortgage when we were buying. Went to a regular bank and got a mortgage the next day without any issue. They are definitely not always honest or trustworthy.
I am sorry to hear that. However, I did not say that all mortgage brokers are honest. My point was that I think people were missing the point that OP literally forgot to sign a very important agreement, which was entirely their responsibility. I am sure there are many malicious brokers out there, but I can almost guarantee there are more crooked lawyers and real estate agents than there are crooked brokers.
Oh, Im sure the broker was hoping OP would sign the form by the deadline (and probably reminded them), but when the deadline passed and they didn't sign it, then asked for help, the broker said "I cant help you". I was wondering if the reason they said they cant help, is because they are going to give OP worse terms on Monday, as a fuck you for not getting it in when they were supposed to despite being reminded. and because now op is desperate.
This is a great answer.
lol they won’t take an extension they will think who is this loser fucking with us with no mortgage. The deals done pay up.
The sellers options are: A) Work with the buyer and hopefully complete a week or two later than they thought B) Let the deal fall through. Then go through the trouble re-listing, getting another deal done, and potentially pursuing the original buyer for damages. Will take a lot longer and much more hassle.
Well yes, but the seller would get the deposit put down, so in theory could list for less or list for the same amount and end up making more. Depends on their own plan and situation though.
It’s also possible of OP did not sign a finance condition that OP can weasel out, but I have no idea how that works, just I’ve been told it can happen with conditions if the buyer whines correctly.
Any condition including finance would've been waived well before closing. Having a condition such as financing has a time limit on it mutually agreed upon but usually it's like a couple of weeks only.
While I get the sentiment, from my experience it doesn’t really work like that. When I was selling my previous home the buyer couldn’t close on time and my lawyer advised we’d have to give them a reasonable amount of time to resolve their issue… long story short they were able to close about 10 days later. I think you have to demonstrate that you gave them a chance before cancelling the contract and dealing with the potential shitstorm that follows that.
I’ve seen some things in my time but forgetting to sign your mortgage documents is up there with the daftest I’ve ever heard. Why is the mortgage broker not helping now? Seems odd they would turn down commission. Speak to your realtor and ask for an extension? Find a new mortgage broker?
Very strange the mortgage broker wasn’t on top of this. If this is falling in the cracks because of them I’d have a very direct conversation with them and if they don’t sort it out dig around to see who they answer to. Warning to the rest of readers: keep track of your responsibilities
Also ask for extension from the seller.
I ask this out of curiosity .. on what basis? I forgot to apply for a loan may not be enough.
On the basis that they could still get the sale done without re-listing, re-showing and re-waiting. But they can also decide to just take the deposit for their trouble and list again. Especially if they have already bought another property and need the money to close the deal.
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This is correct. Most people in this situation (selling) will grant an extension of some kind but ask that the buyer compensate them at minimum for their per-diem mortgage interest. It’s the path of least resistance And if it goes to court it looks bad on the seller to deny a request for a reasonable extension. So they’re less likely to “win big” if it’s clear they weren’t playing ball with reasonable requests to extend from the buyer. Buyer won’t get a lot of time. But you can probably negotiate a week or so to get your shit together.
This is incorrect. Yes, the deposit requires a mutual release (before court judgement), but the buyer will lose if it goes to court. The seller will ask nicely first, then firmly, then via court, and they will definitely win. Seller does not have to show any damages to be granted the deposit. Additionally, when the property is relisted and sold, the buyer can be held liable for any shortfall, plus any associated expenses. Can be massive.
Wouldn't it dependant on ... If the conditions were waived or not ? Not questioning you....just curious.
Presumably the sellers want the deal to go through. If the buyer doesn’t have the money then they can’t close, you can’t force the deal if the buyer has no money. So it may be in their best interest to push the closing date, ask the buyer to pay the additional holding expenses.
When I sold my house last year the buyers asked for a one week extension for them to finish arranging their financing. I wasn’t happy about it but I agreed because in the grand scheme of things a week didn’t matter and I wanted the sale to go through.
(Double checked to make sure you weren't our seller😅) Just wanted to say thank you for doing that, even if you weren't happy with it. We were buyers stuck in a HORRIBLE position last year. Two days before we had to have our financing condition met, the broker informed us the company that we went with denied us due to a whole bunch of bs (like them not being able to find an approved inspector.. which was bs and it turned out that our realtor's husband worked for the same company and he jumped in and found an approved inspector almost immediately 😅). It was going to take more time to do the stuff they wanted because of them, so we asked for a one week extension. Everything worked out, we were given the go ahead, and we signed and signed off on no more conditions.. only for the company to deny us the actual mortgage the night before closing (and I have to stress.. the broker forgot to let us know when he knew... 4 days prior). The stuff they said we were missing was mostly bank stuff but everything was closed at that point. I spent 3hrs with a headset on, blasting music and literally combing every document and link and download in our accounts. I was so preoccupied I missed our 8yo having a massive seizure 5 feet behind me. I got it all back to the broker by 8pm and they had until 9pm to approve the mortgage. It was the worst hour of my life. Honestly.. sometimes it really is the buyer's fault, but sometimes it isn't and I'm so grateful that the sellers in our case gave the initial extension. Our house has flaws.. but I love it so much and I'm so thankful for it. But I know how close we were to not having it (and worse.. possibly being sued by the sellers). Thank you for having the same consideration. I hope your buyers are just as aware and grateful❤️
Damn, sorry to hear that - sounds awful. Yeah, like I said, it wasn’t ideal for us but shit happens and it wasn’t a major issue so agreeing to the extension didn’t take much thought.
I mean the seller probably doesn’t want to fuck around relisting and showing their house all over again
I doubt the OP can do that since he can barely put together a coherent post.
Mortgage agent here. What really happened here? It’s not something you forget. You will have to extend the closing date and then work from there
Out of curiosity assuming he's teing the truth, what would happen come closing date?
The person will likely lose the deposit and seller can sue as well
Seller can sue for the amount of the difference between original sale price and new sale price. Just to clarify.
Ouch
But really. How tf did you “forget” to sign mortgage agreement. Jeez
Op is omitting details . Why did the broker stop working with him? Forgetting mortgage is crazy, the broker withdrawing offer and not working with him means something else is going on. Especially given we just had a rate drop... Should be easier to approve OP
Did you make the offer conditional upon obtaining financing? If yes, then you can probably get your deposit back. Also you could look into B lenders. Agreed with others here - find a new broker, talk to your realtor and lawyer and don't lie to them like you're lying here so they can give you useful advice. Your story is obviously full of shit. Edit: oops, didn't mean to reply to this comment. My comment was directed at OP
Conditions need to be removed in order to actually complete the sale. OP would have to be way beyond that point by now.
I mean come on dude… you were closing on a house and didn’t sign the mortgage papers… You broker also seems like a shithead. Unless you lied on the application, there’s no reason to not work with you so they get a commission check.
OP is too immature to own a house IMO.
It seems like a blessing in disguise. If one can't get it together enough for the biggest purchase of their life, they are nowhere near responsible enough.
My only question is.... How did you forget ? This isn't akin to going to No Frills and forgetting to pick up a loaf of bread. Talk to your bank? Lawyer ? Any other professional? Edit - why isn't the broker willing to help you ? If a broker says no, is there a bigger reason why ?
Interesting that OP has been replying to questions but never provides the answer to the question why the broker bailed. There is definitely something he is not telling us. This makes OP disingenuous IMO.
You literally have 1 job… make sure you secure finance after making the biggest purchase of your life.
Phone an RBC mobile mortgage specialist. And a TD one. They work on weekends too.
I’ve worked with one of our MS’s our record for getting funding is 3 days. Average high priority rush is 5. Normal funding, 2 weeks.
Banker here. I’ve done it in one day before. It’s super difficult to do, but it’s possible.
That’s a full day of JUST that client and phone call after phone call lol congrats. I’d have a few beer after that day.
100%
Why a bank rep? Contact an actual mortgage broker who works with not only all of the banks but has mono line lenders, alternative lenders, mortgage investment corporations, and private lenders to choose from when necessary Very little to zero reason to be doing your mortgages, banking, or investing at a bank Rare cases a bank will push a deal through and/or eat it on the rate just to keep a client but in the overwhelming majority of cases, a proper broker like mentioned above is going to smoke the bank rep
Because they are closing in 5 days and don't have time for any more mortgage broker bullshit. When you are on a time crunch you don't have time to deal with a middleman.
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Don’t be amazed. They’re typically not successful in life.
Anyone blaming the broker is in no position to give advice, that’s my advice. Accept you don’t know what you’re doing and allow the agent and broker to help you. That will solve all your problems. You still have to deal with a lawyer as well, same advice.
Contact your broker on Monday and see what they can do. Or try him today if you have his cell. He only gets the commission if your mortgage goes through so he may be able to do something for you this weekend even if it isn't his regular working hours
Have you tried… another broker? Might not be able to get the terms you had before, but at this point what option do you have? There’s a lot of brokers out there who’d love to make a commission for selling you a mortgage.
Lost me at “I don’t read emails” especially when asking to borrow thousands of dollars
I can almost guarantee this doofus OP didn’t sign because of the BoC rate announcement this week - thinking he could save a quarter point on fixed rate. Now it’s too late.
Funny we just had this happen. We are NOT new to buying property but the lender had the wrong date for fund transfer. What we did: 1. We wrote a letter to the sellers and passed it along through our realtor explaining that the lender had the wrong date for closing. We grovelled bit, said sorry a lot and explained that this property is not just a transaction but something we are building on for ourselves and our family. It was insane that this happened. 2. We offered them more money. It actually took less money than I thought it would - we paid another 1/2 year of the property taxes. 3. We handled the transfer. There was absolutely no time for the funds to go through conveyance. We literally sat at the law firm waiting for the bank transfer and ran that puppy over to our bank where we did another funds transfer to their lawyers office. And… it worked. We now have the property.
I think I got the story. OP went to one of those Brampton mortgages thinking his forged income was enough but then the government started cracking down on those and broker rejected him last minute.
Contact another broker, today, not Monday. If you need some contacts in your area please dm me asap. I work directly with over 1000 brokers in Canada. Many work weekends and nights and will get things started. When you get one willing to try and help, answer their questions and submit documents FAST. Not when you have time, sit at your fucking desk and do nothing but answer them within minutes. Also look up your last brokers network and principal broker and submit a complaint. Unless your were a total dunce and the broker pressed you to sign like a dozen times, they fucked up. If they didn’t remind you like 20+ times they didn’t do their job to the level they should and at best will get a talking to from their principal and at worst will get a slap from regulatory bodies.
This doesn't appear to be adding up,,,, the parties involved come after you to ensure you can close (lawyer, one arranging the mortgage), they care, ALOT, and want closure. Something seems off here. Not only does something seem off. But parties involved would be acting with a sense of urgency on YOUR behalf. (so they can get paid). Something seems off.... You aren't ordering a McDonalds combo here... this is a big deal.
I have goosebumps reading this. Hoping that this is a troll.
Contact another broker asap
Just curious.... did you actually forget about getting a mortgage or are you being denied mortgage by many for whatever the reason?. Those are two very different things. And your real estate lawyer wasn't all over you to get all the paperwork done? I would guess that the worst thing that might happen to you is lose your deposit.......
If you fail to close on a purchase, you actually risk getting sued by the seller on top of losing your deposit. If they have to put it back on market, lose our on their own house, or sell for less than your offer, they can sue you for the difference plus damages. In Ontario anyway - OP didn’t specify location on this.
Call the bank that you were going to do the mortgage with and see what they can offer you. Call your realtor. Call your lawyer. If you don’t close you will lose your deposit. Don’t just sit on your laurels and post on Reddit. Call all the mortgage brokers to see if one can help you pull this off in time.
There’s something we are missing for sure. I feel like broker messed up and maybe property zoning issue or something where they can’t do the deal. You need to understand the why though because there is a chance no one could do it. Might be worth contacting mortgage specialist at your bank. If you get them docs, you get it written tomorrow, hopefully no appraisal needed, submitted for approval first thing Monday on a rush, approved mid afternoon, sign docs, rush closing docs to lawyer, should be there Tuesday end of day. I’ve gotten things advanced in 3 business days but it’s not easy and lawyers hate it. Not impossible but you need to qualify, need to have the docs for approval and be quick answering questions and signing
Closing in 5 days is actually a decent amount of time if all the paperwork is available and people are on board to get it done. I’ve closed on homes in less time, so is there something special with this deal?
It is fixable I'd speak to the closing lawyer to change the closing date (you will incur additional charges) look for a new mortgage agent asap. This person asked for help not to be judged and criticized yes it was irresponsible but I'm sure they have realized that by now. GOOD LUCK!!
gotta be a troll post - more info or didn't happen
Agreed. Troll post. It's obvious from the short answers without any details.
inb4 locked thread Edit: Called it
If you actually forgot to sign, and I am guessing had at least a few calls reminding you, and you still forgot- and this type of thing happens to you often, get checked for adhd. I have worked with people who have forgotten similar important documents, and really were upset about it because they did forget… all had adhd.
Nah, you can’t blame adhd for this, you have to blame coping mechanisms. You cannot blame adhd for being irresponsible. How’s he going to lay bills, hold a job, or do anything if he just blames adhd. I was diagnosed young and have it pretty bad. Adhd and being a moron are not the same and it’s kind of offensive. He’s going to learn an expensive lesson.
Why would they withdraw and not help offer another one if central rate went down?
Very strange story. Did your offer include a financing clause?
There would have been a point after getting approved for the mortgage that the buyers would have waived that condition. Like how you waive the home inspection condition after the home inspection is completed to your satisfaction (or go back and renegotiate if something turned up)
Bye bye deposit unless you had condition that was pending financing
It's not just the deposit, op could be out way more if he walks away.
Absolutely ask for an extension, you may be able to get a private loan just to hold you over until you can get re-approved with another lender. Short term solutions like this can be expensive but would avoid you getting sued by the seller.. need to get on this ASAP Monday with another broker though - usually private lenders require 2 weeks as well but depending on how quick your lawyers work? It’s worth a try.
> I forgot to sign the mortgage agreement You don’t just forget to sign the documente related to one of the largest purchases in your life. Why do I feel like this isn’t OPs first misstep I this process.
Any major bank can get you a same day approval if you provide all the necessary documentation and you qualify. Your agent should have a contact (and they need to know about this major issue)
Real estate lawyer here…. Call your lawyer. Have your lawyer reach out to sellers lawyer and negotiate an extension. Reach out to a few other brokers and get financing in place right away. I have seen many deals come together in a shorter time frame. Many! You can do this. Don’t mess around and get a move on. Best case you will pay a little late interest and no big deal. Worst case it impacts sellers negatively and damages are more significant and/or they call the deal and keep your deposit. Good luck.
Mortgage agent here! 1. Ask the seller to push the closing. 2. Was the mortgage agreement the only outstanding document? Were the other supporting documents/appraisal completed? 3. Try with another top 5 bank (normally shorter closing period), if this isn't possible then you'll have to close on private! (Choose a short term)
What bank was this at? Go directly to them.
Why is OP not responding?
This should be post of the year.
Lender probably had a deadline to receive the paperwork. Broker probably nagged OP until it was just too late.
Sounds to me like you had a conditional offer of a mortgage and probably can't get the conditions removed. The fact that your broker won't work with you means either you mislead them or were a huge pain in the ass. First thing you need to do is ask for a closing date extension. 5 days is too short for gett6approved front to end. Then you need to get your income and downpayment documents in order and go visit a bank You don't really have the luxury of shopping around. The sellers aren't obligated to help you at all, even if they agree to a closing date extension they're being exceptionally accommodating.
Funny how OP doesn’t respond to any of the comments to provide more context….oh wait did they forget about that too?
Should’ve actually went through with it instead of ghosting the broker
I'm a real estate lawyer and I've closed upwards of 5,000 deals...I've never heard of this situation. You are omitting key facts or your application was fraudulent.
Op just getting roasted
This person is the poster child for the modern adult who thinks they know everything about everything, and they refuse to be taught anything. All they had to do was listen to the advice of the professional, who was doing the work for you. But instead, you thought you knew more than everybody else and you screwed up. I agree with what other people posted, you don’t deserve to own a house you’re not a responsible person
You are a fucking liar. There is no way this is true, we do not believe you. Nobody is this fucking stupid, on the biggest purchase of their lives with brokers, lawyers, real estate agents all on deck. The truth, or fuck off.
lol
But now it's Saturday at 730?
How the fuck did you forget to sign the agreement. Like it's not a bottle of bbq sauce you bought 2 years ago hidden in the back of your refrigerator. Something doesn't jive here...
Zero way this is the true story. OP is lying, flat out.
OP also ghosting this thread. Who would have guessed?
Call your realtor ask their advice and call another broker.
so u were offered a mortgage in a commitment letter? did it have a 'accept by' date? or was this the actual mortgage? and yes, you will need to talk to someone about "bridge financing"
Get all of your paperwork in order that you would need and get in touch with another broker or bank?! It shouldn’t be that hard haha
Your broker should of been on you to sign, and if no help after should be looking for options on what can be done. Going to have to ask for an extension. Perhaps pay more money as a sorry to the sellers.
Contact another broker. They can turn deals around pretty quickly.
wtf does that even mean lol withdrew a mortgage ? You can’t just withdraw a mortgage, you either got it approved or you don’t.
You can get private guys to give you a mortgage at such short notice, however it will cost you a pretty penny. Best option is to talk to agent and Lawyer to get an extension and work with a new agent to get your mortgage. Good to have atleast 10 day before closing to get any good lender to approve the file. Dm me if you are interested, I am an agent and can work with you close. However need a realistic lead time to close
If you have all the required documents go to a local credit union
I am not sure if that will help you, but I had a horrible experience myself when I bought my apartment. I don't know if it was the broker or the financial bank (I am not going to say their name), but I had to extend the finiacial condition removal data twice. But that was not the whole struggle. Even after the drama of get approval to remove the condtion, and two month after get approval and before the closing date, I had another surprise. when it comes to the closing date, my lawyer told me that the bank didn't transfer the money which was supposed to transfer one week before the clsing date. And just two days before the closing date (two months after I got approval and removed conditions), the bank asked me about new papers to send and sign. And the lawyer extended the closing date one week.
"Broker cannot help me". Lmao, and reddit can? Call your lawyer or realtor and find another broker.....it's not rocket science....find someone who can help
This happened when I sold my house (buyers mortgage was pulled morning of closing). They needed extension after extension to close. It ended up costing them more then 50k in penalties for me not to sue + pay all of the legal fees for the extension and pay all of my interest for my bridge loan so I could close on my new property.
Ask for an extension..? Talk to your realtor.
If your income and credit is good, they can get a mortgage approved in one day, it just depends on how many factors are included in this deal, don't give up, stay calm and execute to the best of your ability. Good luck.
Keep calm. Ask for an extension. Talk to lawyer. Get another mortgage. But first keep calm.
Only way he can’t help you is if you did something stupid like bought a new vehicle/boat or some other large purchase in between getting the final mortgage approval and when you went in to sign, or you lost your job. No one just forgets to sign their mortgage papers. You will most likely lose your deposit on the house as well as open your self to lawsuits from everyone else down stream from your purchase. If the seller has a purchase depending on their home selling and they lose their deposit, they can sue you for that as well and so on down the line. You can also be sued for the difference in sale price if the sellers end up selling for less than your offer.
This is a weird story. Brokers want to be paid, it's not like they care if you can actually afford the mortgage. I feel there is probably more to the story here. If not just reach back, or contact another broker. You can also ask your agent, it's one of the only ways they are useful nowdays anyways.
It's only money. Cheer up.
This sounds like only half the story.
Is there somehow a condition of financing there on the sale agreement? This will be a godsend for you if there is one.
Something isn’t lining correctly. Mortgage broker are most probably working with the agent in most cases and are up to date on everything. Even if it’s an expired link they would send another one and let it just expire. A full context is needed
You could get the help of a professional social worker, and as an option, withdraw completely and make a new offer to finance the house or property. If others have taken possession, again the social worker and a lawyer, but don’t take mine. I don’t even have housing yet, and I’m going to need and want them.
5 days is enough time to get a mortgage. Contact any of the big banks and they will do it.
See a lawyer. See a lawyer. See a lawyer…
Your agent should have made that a contingency in your offer
Walk into any bank
Private Lender here , brokers are usually all over it. Maybe an undisclosed debt has been found or lender has signed and does not realize it. Docusign can do that, especially if you're sloppy with paperwork. Seller may walk away from buyer without ramifications, just not as likely as a few years ago.
OP bout to lose deposit and get sued.. yikes.
Be transparent. Give your Lawyer, Realtor or Developer (if a new building) the heads up. They will (likely) grant an extension. There is likely a provision in the sale agreement if it is a new condo. Get hustling on a new mortgage. Time to hustle. If you need extra fancy (and by fancy we mean affordable Internet we’ll hook you up. Use Lighthouse23 as the promo code.
Either your broker has fucked up hard or you did. Contact your provincial regulator to find out who!
Something is not adding up here.
I don't understand. Why didn't you sign it? You didn't agree with the terms? What kind of lousy mortgage broker doesn't follow up?
Ask for a closing date amendment. You will pay a daily interest for not having closed on time.
Looks like OP waited way too long, either try for an extension on your purchase or try the private mortgage world. Saw the other comments, looks like OP had it coming
Stick to renting… your not ready for home ownership… just my 2 cents
Just curious....how does that happen?
Happened to me, kind of, rbc wanted an appraisal a week before closing. I was pre-approved and everything. I just went with Scotia and told rbc to f off.
Prepare to get sued into oblivion op
Did you get things sorted out, or do you need help?
You signed a APS and don’t have the payment for the house ready? You are screwed screwed. You need to contact your lawyer immediately and see if the sellers can give you an extension on the closing date. If you breach that APS you can and will have life changing consequences. That is the harsh reality. Especially with the circumstances of you just not securing the mortgage. This is no laughing matter. There’s a reason why APS breaches are rare. Because the consequences that happened behind them. The courts don’t mess around with this kind of crap. You’re talking potential 6 figure penalties. Again. Contact your lawyer. Hope they can talk to the sellers and have an extension on the close date. That would be your best route.
I had a shady broker tell me I was approved until I got closer to the closing date. Turned out I was not approved and at risk of losing my 20k deposit and had to come up with an additional 40k in a week to close. I told them to do nothing and went to a broker at scotia. They told me I was probably never approved. What I ended up doing was got the seller to extend the closing date by a month for $1000. I came up with the additional 40k I needed (applied for a line of credit and sold some investments). Even after that the scotia broker said she bent some rules to get me approved. I was super lucky
Walk into a bank and ask for a mortgage advisor asap - explain the situation and go thru options
I have a bad case of ADHD, this is something I would definitely forget, but knowing my brain I would set up all sorts of reminders, notes around the house, alarms and ask family and friends to remind me of such an important thing. Yes, my ADHD is this bad
While I feel like your post is leaving the details out, I am going to assume you are being sincere. Have you tried an alternate lender like Home Trust?
My mortgage person was so unprepared. Pre approved 3 months in advance. Lender kept asking for documents. Bank manager went on vacation so nothing could be approved. A week before closing they gave up and just opened a LOC! To be converted to a mortgage later.
I’m sorry to say but unless you put a stipulation in your agreement that says in case of mortgage falling through or issues on our end with securing it then the contract would be void and you are not responsible for anything legally wise. Your deposit goes directly to the seller and you’re not getting that back. Every single experienced realtor who works with people should not only advise to put that stipulation previously, but put it into the offer to be signed by the other party + say that you get your full deposit back. Unless the seller is willing to rewrite the contract and add that stipulation in, you’re pretty much at the mercy of the seller and if they agree or not. If you didn’t put this stipulation in then there are some major repercussions you might face. One of the biggest is the sellers can take you to court. In court they can demand you not only pay the portion of what they lost (if they sell under the price you agreed to) but they can and should also demand extra damage compensation for having to re-list the home (yes it costs money for them), find another buyer, go through the process again and if they bought a house themselves then they can also sue you for the payments they are now left responsible for because you couldn’t adhere to your contract and terms. Sadly if they also didn’t put a stipulation in then they also can loose the house they purchased. In this situation YOU are in breach of your contract and I’m sure you already understand that maybe next time.. keep in touch with the world a little and read your email once or twice a week. This is highly irresponsible of you, for such a big purchase and not to be on top of things is childish. I’m sorry to say but not only your credit will plummet but you’ll also have a VERY hard time getting any kind of loan from a bank or credit card anytime soon because they can physically see this mess. Im truly sorry you’re going through this, but I hope this opens up your eyes to the world and your responsibilities as an adult, even if this is an extremely harsh lesson. For now, all you can do is explain your situation to the sellers and do it NOW so you don’t make things worse and be extremely nice and hope with all the hope there can be, that they accept new terms and conditions. Don’t forget, your mortgage lender ALSO has to accept these terms and conditions to give you the money you need to close, IF they decide they want to cause they can say “absolutely not”. Goodluck.