My lender, GMAC, sent me a letter saying they are not doing residential mortgages anymore. I never missed any payment and have at least 25% equity. I have good credit but have a few properties already. I need advice as to which lender would take such orphaned mortgage. I'm willing also to sell and do vendor take back if need be.
GMAC not renewing, need advice
- Thread starter Archie
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- Feb 18, 2008
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Give a good mortgage broker a call. I know of many people who have been caught out by lenders like this - fortunately you have some equity. If you're in Alberta I know folks who might help you out.
Chris - thanks for the reply. I am in Edmonton. Would you please recommend a broker who assisted
GMAC or Exceed clients who are in similar situation.
Kir - apparently, GMAC & Exceed don't do subprime or income property anymore that won't qualify for CMHC.
I am entertaining vendor take back if REIN members are interested. Loan balance at maturity is $117k, city assessed value is $163,500, currently renting at $995, 2 bedroom townhouse, condo fee at $201.
I am open to available options out there.
GMAC or Exceed clients who are in similar situation.
Kir - apparently, GMAC & Exceed don't do subprime or income property anymore that won't qualify for CMHC.
I am entertaining vendor take back if REIN members are interested. Loan balance at maturity is $117k, city assessed value is $163,500, currently renting at $995, 2 bedroom townhouse, condo fee at $201.
I am open to available options out there.
- Joined
- Aug 30, 2007
- Messages
- 13,879
Relax ! Many options are out there. Talk to an expert: a mortgage broker, such as Peter Kinch's PK approved mortgage brokers, or Randy Jamieson or several who blog here.
Get a current appraisal ASAP as you will need it for a refinance.
If you want you can increase the mortgage with this income of the property and still cash flow most likely. Many options available from many many banks. Take your pick !
Send us a postcard from Hawaii from the re-fi proceeds !
Aloha !
Get a current appraisal ASAP as you will need it for a refinance.
If you want you can increase the mortgage with this income of the property and still cash flow most likely. Many options available from many many banks. Take your pick !
Send us a postcard from Hawaii from the re-fi proceeds !
Aloha !
- Joined
- Feb 22, 2008
- Messages
- 467
This happened to me two years ago, but I didn't get a letter from GMAC. I found out by accident through an inquiry phone call to them. They told me they were getting out of the mortgage business.
A mortgage broker I called said they couldn't help me with an older five unit property spread between two buildings on one lot and recommended the Royal Bank who doesn't deal with brokers.
I got fantastic service from an RBC mortgage team who were extra "creative" with my property numbers and situation and got me a great mortgage quickly.
Margaret
Mama Margaret & Friends Cooking Adventures in Italy
www.italycookingschools.com
A mortgage broker I called said they couldn't help me with an older five unit property spread between two buildings on one lot and recommended the Royal Bank who doesn't deal with brokers.
I got fantastic service from an RBC mortgage team who were extra "creative" with my property numbers and situation and got me a great mortgage quickly.
Margaret
Mama Margaret & Friends Cooking Adventures in Italy
www.italycookingschools.com