Belleville Family Title Transfer Approved Despite Active Consumer Proposal
A mother in the Belleville area wanted to transfer a rural residential property to her son and daughter-in-law. The mother had an existing mortgage on the property, but it was very small at approximately 10% of the property value. The son and wife had both been living in the property for over 15 years and were working. The major challenge was that the son had an active consumer proposal. A-lender financing was not available, and many B lenders would only consider the file if the consumer proposal was paid before funding or through the mortgage proceeds. The rural location, well water, and septic system added another layer of lender concern. We found a B lender that accepted the structure and approved enough funds to pay out the mother’s mortgage and the son’s consumer proposal.
- Solution
- B-lender mortgage
- Purpose
- Family title transfer, existing mortgage payout, and consumer proposal payout